Valleycrest

Key facts from Valleycrest's documents

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

Community type

Covenant / Planned Community

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 General Statutes (references to G.S. 47F-2-118, 47F-3-103, 47F-3-107, 47F-3-107.1, 47F-3-115) (Article VI Section 1(g); Article IV Sect)

Assessments & dues

Initial maximum $1,500.00 per Lot until January 1st of year following first Lot conveyance (Article IV, Section 4(a))

Special assessments

Allowed for capital improvements, extraordinary maintenance, exterior maintenance; requires 2/3 vote of each class (Article IV, Section 5)

Collections & liens

Lien on Lot after 30 days unpaid; foreclosure like mortgage under power of sale (Article 2A, Chapter 45 NC GS); subordinate to institutional first mortgage and ad valorem taxes (Article IV, Sections 9, 10)

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 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/danger (Article IX, Section 4)

Parking & vehicles

Each Lot Owner entitled to at least one parking space for at least one automobile; parking subject to Rules and Regulations (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

Yes, for site preparation, initial construction, exterior additions/changes/alterations by Lot Owners (other than Declarant while Class B Member); plans must be approved in writing by Board or architectural committee (3+ representatives) (Article V)

Signs & flags

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

Maintenance

Association: exterior maintenance (paint, roofs, gutters, downspouts, exterior surfaces except windows/doors, trees, shrubs, grass, walks, certain fences); Owner: HVAC systems, glass surfaces, patio fences, awnings, other exterior appurtena (Article VIII, Section 1)

Insurance

Association maintains property insurance on Common Elements (at least 80% replacement cost) and liability insurance (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

Two classes: Class A (all Owners except Declarant) - one vote per Lot; Class B (Declarant) - four votes per Lot owned, converts to Class A upon 90% of 38 Lots deeded or December 31, 2015, whichever first (Article III, Section 2)

Amendments

Amendable by instrument signed by Lot Owners with at least 67% of votes; Declarant may amend before first Lot sale; Board may amend for obvious errors, annexation, additional Declarant rights; Declarant may amend while in control for govern (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.