Applewood Collection at Twelve Oaks Owners Associa

Key facts from Applewood Collection at Twelve Oaks Owners Associa's documents

Community type

Attached single-family townhomes (Preamble)

Legal name

APPLEWOOD COLLECTION AT TWELVE OAKS OWNERS ASSOCIATION, INC. (Preamble; Article I, Section 2)

Developer / declarant

157 AB, INC., a North Carolina corporation (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 $900.00 per Class A Lot until December 31, 2007 (Article V, Section 3)

Special assessments

Special assessments require approval by Declarant during Declarant Control Period and by not less than two-thirds of Class A Members present and voting at a meeting; quorum 60% of votes of each class (Article V, Section 5(a))

Collections & liens

Assessments unpaid for 30 days or longer become a lien on the Lot upon filing claim of lien; may be foreclosed; subordinate to first mortgages (Article V, Sections 6 and 7)

Reserves & fees

Board shall establish and maintain reserve funds for working capital, contingencies, and acquisition/replacement of Common Property, including separate reserve for private streets and alleys (Article V, Section 11)

Parking & vehicles

Developer, Declarant, or Board may assign parking spaces on equal, non-discriminatory basis; Board may adopt additional parking rules and enforce by fines and towing (Article X, Sections 2 and 3)

Signs & flags

Document prohibits or regulates display of political signs (as stated on cover page) (Cover page)

Maintenance

Association responsible for maintenance of Sub-Association Common Area, Yard Improvements installed by Declarant or approved, and exterior of Units (painting, roofs, gutters, downspouts, sidewalks, stoops, parking areas); Owner responsible (Article VI, Sections 1 and 2)

Use restrictions

Use Restrictions set forth in Article X of Master Declaration apply; more restrictive provision controls in case of inconsistency (Article X, Section 1)

Voting & meetings

Two classes: Class A Members (one vote per Lot owned); Class B Member (Declarant) entitled to nine votes per Lot owned and nine votes per Lot owned by Developer, subject to conditions (Article III, Section 2)

Amendments

May be amended by instrument signed by Owners of not less than 80% of Lots and, during Declarant Control Period, by Declarant; Declarant and Developer may amend during control period without consent if not prohibited by Act and does not adv (Article XII, Section 2)

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