Valley Crest Townhome Owners Association Inc

Key facts from Valley Crest Townhome Owners Association Inc's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Townhouse development (Recitals)

Legal name

Valley Crest Townhome Owners Association, Inc. (Article I, Section 1)

Developer / declarant

Willwood, LLC, a North Carolina Limited Liability Company (Preamble)

Governing law

North Carolina Planned Community Act (G.S. 47F) (Article IV, Section 9; Article IX, Secti)

Assessments & dues

Initial maximum $1,500.00 per Lot until January 1st of the year following first Lot conveyance to non-Declarant owner. (Article IV, Section 4(a))

Special assessments

Special assessments for capital improvements require 2/3 vote of each class. (Article IV, Section 5)

Collections & liens

Unpaid assessments become lien on Lot after 30 days; claim of lien filed with clerk of superior court; foreclosure like mortgage under Article 2A of Chapter 45 of NC General Statutes. (Article IV, Section 9)

Reserves & fees

Board shall create and maintain reserve fund for periodic maintenance, repair, replacement of Common Elements and Limited Common Elements. Must maintain $3,000 in reserve for Buffer Easement with Chowings Place Townhome Association. (Article IV, Section 3)

Pets

Dogs, cats, or other household pets allowed, not for commercial purposes, controlled per ordinances, not a nuisance or danger. (Article IX, Section 4)

Parking & vehicles

Parking subject to Association rules; each Lot Owner entitled to at least one parking space for at least one automobile. (Article II, Section 3)

Fences

Lot Owner may erect privacy fence in rear yard with Architectural Control approval; installation relieves Association from rear yard maintenance responsibility. (Article VIII, Section 1)

Architectural approval

No site preparation, construction, exterior addition, change, or alteration by Lot Owner (other than Declarant while Class B Member) without written approval of Board or architectural committee as to harmony of external design and location. (Article V)

Signs & flags

No signs, placards, posters, billboards, or identifying names/numbers displayed to public view except as allowed by Association or required by local government. Declarant and mortgagees may place For Sale/For Rent signs on unsold/unoccupied (Article IX, Section 10)

Maintenance

Association: exterior maintenance of roofs, gutters, downspouts, exterior Building surfaces (except window/door repair), trees, shrubs, grass, walks, certain fences, other exterior improvements by Declarant/Association. Owner: HVAC systems, (Article VIII, Section 1)

Insurance

Association maintains property insurance on Common Elements (at least 80% replacement cost) and liability insurance for Common Elements. (Article VI, Section 1(a))

Use restrictions

No portion of Property except temporary Declarant offices/models shall be used except for single family residential purposes and incidental/accessory purposes. (Article IX, Section 2)

Voting & meetings

Class A: one vote per Lot owned by Owners other than Declarant. Class B: Declarant has four votes per Lot owned, until 90% of 38 Lots deeded to non-Declarant owners or December 31, 2015, whichever first occurs. (Article III, Section 2)

Amendments

Amendment requires instrument signed by Lot Owners with at least 67% of votes; Declarant may amend before first Lot sale; Board may amend for errors, annexation, additional Declarant rights, or other reasons in Section 4; Declarant may amen (Article XI, Sections 3, 4, 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.