Fortune Ridge Townhomes Association Inc

Key facts from Fortune Ridge Townhomes Association Inc's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Townhome Owners Association (Section 1, Article I (Fortune Ridge Asso)

Legal name

Fortune Ridge Association

Developer / declarant

Hoying-Huff Investment Properties, Inc., a North Carolina corporation (Preamble)

Governing law

North Carolina law referenced for arbitration and standard insurance policies (Article VIII, Section 7; Article VII)

Assessments & dues

Initial annual assessment not to exceed $360 per Lot through December 31, 1986 (Article VI, Section 3(a))

Special assessments

Special assessments for capital improvements require 2/3 vote of each class; special assessments for purchase/reconstruction of destroyed townhomes require 66-2/3% of each class present and voting (Article VI, Sections 4-5)

Collections & liens

Assessments are a continuing lien on the Lot; Association may bring action against owner personally obligated; may file lien and foreclose if law permits; no owner may waive liability by nonuse or abandonment (Article VI, Section 9)

Reserves & fees

Association required to set annual assessments high enough to establish and maintain adequate reserve fund for periodic maintenance, repair, and replacement of Common Area improvements (Article VI, Section 3(d))

Parking & vehicles

Association may regulate all parking on Common Area; no boats, trailers, campers, motor homes, trucks, airplanes, or tractors owned by member/guests/family may be parked within right of way of public/private streets; not regularly parked on (Article V, Section 4)

Fences

Owner may fence/enclose/screen rear portion of lot with prior Association approval; owner maintains fenced area at own expense; Association may revoke maintenance rights for up to one year if not maintained; no vegetation in front without p (Article VII)

Architectural approval

No construction/erection/installation of improvements (including residences, outbuildings, fences, walls, screens) without written approval of Declarant or agent; alterations/modifications require prior review and written approval of Board (Article IX)

Home business

No industry, business, trade, occupation, or profession of any kind conducted on Property except as allowed in Section 2(a) (office with Board and City approval) (Article X, Section 2(e))

Signs & flags

No signs, placards, posters, billboards, identifying names/numbers displayed to public view except as allowed by Association bylaws or Durham City Code; Declarant may maintain sales office and display signs during development (Article X, Section 2(f))

Insurance

If Association owns buildings/improvements, Board obtains hazard insurance at maximum insurable replacement value; Board also procures public liability and property damage insurance with minimum $1 million per occurrence for Association and (Article XIII, Section 2)

Use restrictions

All buildings and common areas for residential and related common purposes; each townhome used as single-family residence only; Declarant may use townhomes for offices/models; resident may operate office with Board approval and City of Durh (Article X, Section 2(a))

Voting & meetings

Two classes: Class A (all Owners except Declarant) - one vote per Lot; Class B (Declarant) - three votes per Lot; Class B converts to Class A when Class A votes equal Class B votes or on December 31, 1992, whichever first; Class B may be re (Article IV, Section 1)

Amendments

Declaration runs with land for 30 years, then automatically extended for two 10-year periods; amendment during first 30 years requires 90% of Lots owners' signatures; thereafter 75%; amendments certified as official act and recorded in Durh (Article XIII, Section 5)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.