Olive Grove Community Association Inc

Key facts from Olive Grove Community Association Inc's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Olive Grove Townhome Association, Inc. (Definitions - "Association")

Developer / declarant

KB HOME Raleigh-Durham Inc., a Delaware corporation (Preamble)

Governing law

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

Assessments & dues

Board prepares and approves budget at least 60 days before fiscal year; Base Assessments levied equally against all Lots; may consider income from additional Lots (Section 9.3)

Special assessments

May be levied for unbudgeted or excess expenses; requires majority Board vote and Declarant consent during Declarant Control Period; payable as Board determines (Section 9.4)

Collections & liens

Unpaid assessments for 30+ days secured by lien on Lot when Association files claim of lien (or automatically if filing not required); lien superior to all others except prior recorded liens and real estate taxes; does not affect mechanics' (Section 9.2)

Reserves & fees

Budget must include contributions to reserve fund for repair/replacement of capital assets, based on separate reserve budget considering number/nature of assets, expected life, and repair/replacement cost (Section 9.3)

Pets

Pet enclosures must not be visible from roadway or other Lot (Section 4.3.11); no other pet provisions in this document (Section 4.3.11)

Leasing & rentals

Leasing/transfer of Lot cannot be prohibited; Association may require minimum lease term of 6 months and regulate leasing, except for FHA/VA-insured mortgages or where prohibited by law (Section 4.5.3)

Parking & vehicles

Only licensed/operative passenger cars, station wagons, passenger pick-up trucks, passenger vans regularly parked in driveways; Owner must have 2+ vehicles with one in garage to park regularly in driveway; no regular parking on roadways; RV (Section 4.3.7)

Architectural approval

No structure or thing (including fences) placed, erected, or installed on any Lot; no improvements or work (staking, clearing, excavation, grading, exterior alterations, planting/removal of landscaping) without approval under Article V and (Section 5.1)

Solar & roof

Owner with solar roof panels must remove them upon 30 days written notice (or less for emergency) from Association for roof maintenance/repair/replacement, and replace after; Owner bears cost; Owner responsible for roof leaks/damage caused (Section 6.2)

Home business

Home business use ancillary to primary residential use permitted, subject to Rules and Regulations and applicable laws (Section 4.1)

Signs & flags

No signs displayed to public view except: Declarant's marketing/construction signs; professionally prepared sale/rent signs no larger than 18" x 24"; political signs/flags subject to Rules and Regulations (Section 4.3.3)

Insurance

Reasonable deductible allowed; treated as Common Expense unless Board determines loss from Owner negligence/misconduct, then may assess full deductible as Specific Assessment (Section 7.4)

Use restrictions

Lots and Common Area shall be used for residential and related purposes only; Declarant/builders may maintain business offices, information centers, model homes, sales offices (Section 4.1)

Voting & meetings

Two classes: Class A (all Owners except Declarant) - 1 vote per Lot; Class B (Declarant) - 3 votes per Lot owned plus 1 vote per Lot owned by others. Class B converts to Class A upon first of: (i) all Lots conveyed, (ii) surrender of appoin (Section 3.3)

Amendments

Not fully specified in this document; references to amendments exist but procedure not detailed (Various)

Amenities

No specific amenities listed in this document; Common Area may include recreational facilities (administrative rules mention setting hours of operation) (Section 4.6)

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