Holt Lake South Homeowners Association

What Holt Lake South Homeowners Association's governing documents say

This is a joint venture agreement between two homeowners associations—Holt Lake South Homeowners Association (single-family homes) and Holt Lake South Townhomes Association—that jointly own and manage a marina property on Holt Lake in Four Oaks, NC. It governs the shared marina, boat ramp, and related recreational facilities, not the general rules of either community. It is an ancillary document that supplements the separate covenants and restrictions of each association.

• What this document covers: The agreement creates a joint venture to maintain and operate the marina property, including a boat ramp and recreational facilities, for the benefit of members of both associations and their invitees.
• Who it binds: It binds the two homeowners associations (Holt Lake South Homeowners Association and Holt Lake South Townhomes Association), not individual homeowners directly. Each association is responsible for collecting dues from its members to fund the joint venture.
• Costs & assessments: Each association contributes equally per lot/unit to fund the joint venture's annual budget and capital improvements. A sinking fund is required, starting with $2,000 per year ($1,000 from each association) until it reaches $25,000, then contributions may be adjusted. Disbursements from the fund are only for expenses of $500 or more.
• Boat slips & marina use: Boat slips are limited and rented only to homeowners, townhome owners, or renters within the subdivision. Renters must own a watercraft without a 90-day lapse and provide a copy of the Holt Lake permit. Current rates are $250/year, $25/month, or $75/quarter, subject to annual change. Two slips are kept for temporary loading/unloading; the rest are divided equally between the two associations. If demand exceeds supply, slips are allocated by lottery and waiting list.
• Parking & vehicles: Areas around the boat ramp entrance and near existing townhomes, including paved parking and grassy areas, are marked 'NO PARKING ANYTIME'—vehicles and boat trailers parked there will be towed at the owner's expense.
• What this document doesn't cover: This document does not contain the general rules for either community (e.g., architectural standards, pet restrictions, leasing rules, or maintenance obligations for individual homes). Those are found in the separate declarations and covenants for Holt Lake South and Holt Lake South Townhomes.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.