Lyons Farm Homeowners Association Inc

Key facts from Lyons Farm Homeowners Association Inc's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Exclusive residential community of detached single-family homes (WHEREAS clauses)

Legal name

The Oaks at Lyon's Farm

Developer / declarant

The Oaks at Lyon’s Farm, L.L.C., a North Carolina Limited Liability Company (Preamble)

Governing law

North Carolina Planned Community Act (Chapter 47F of the North Carolina General Statutes) (Article I, Section 1)

Assessments & dues

Maximum Annual Assessment until December 31, 2015: $1,056.00 per Class A Lot (Article V, Section 3)

Special assessments

Special assessments for capital improvements require assent of two-thirds of votes of each class of Members. Special Capital Assessment up to $500 per Lot may be levied by Board in emergencies, no more than once every five years, unless 90% (Article V, Section 5)

Collections & liens

Unpaid assessments are a continuing lien upon the Lot and may be foreclosed. Personal obligation of owner at time assessment fell due, but not successors unless expressly assumed. Lien subordinate to first mortgages. (Article V, Sections 1, 7, 8)

Reserves & fees

Major Reconstruction Fund for stormwater facilities, separate from general account, funded annually with minimum amounts (Article X, Sections 3 and 6)

Leasing & rentals

Yes, Owner may lease or sublet dwelling (Article III, Section 3)

Fences

Fences require approval; no obstruction between 2 and 8 feet tall above curb line within sight distance easement (Article VIII; Article VII, Section 7)

Architectural approval

Yes, for buildings, fences, signs, walls, exterior additions, changes, major landscaping (Article VIII)

Solar & roof

Subject to architectural approval (Article VIII)

Signs & flags

No building, fence, sign (including unit identification signs) or other structure shall be commenced without approval (Article VIII)

Maintenance

Association responsible for Common Area maintenance; Owners responsible for their Lots and Common Area easements on their Lots (Article IV, Section 4)

Insurance

Association shall procure and maintain full replacement value hazard insurance on real and personal property owned by Association, and liability insurance of at least $1,000,000 (Article IX, Section 8)

Use restrictions

Exclusive residential community of detached single-family homes (WHEREAS clauses)

Voting & meetings

Class A Members: one vote per Lot owned. Class B Member (Declarant): three votes per Lot owned or controlled. After Declarant Control Period, Declarant has one vote per Lot. (Article III, Section 2)

Amendments

During first 25 years: instrument signed by Owners of not less than 80% of Lots. Thereafter: 75% of Lots. Declarant may amend during Declarant Control Period to conform to governmental law. Requires recording. (Article IX, Section 3)

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