Somerset Farm Homeowners Association Inc

Key facts from Somerset Farm Homeowners Association Inc's documents

Community type

Homeowners Association (Preamble: 'SOMERSET FARM HOMEOWNERS ASSO)

Developer / declarant

SOUTH ATLANTIC RESIDENTIAL PROPERTIES, L.L.C., a North Carolina Limited Liability Company (Preamble: 'Declarant is the owner of tha)

Assessments & dues

Until January 1, 1996, Maximum Annual Assessment: $300 per Class A lot ($25/month) and $75 per Class B lot ($6.25/month). Thereafter board may increase up to 10% per year without vote; above 10% requires 2/3 vote of each class. (Article V Section 3: 'the Maximum Annual)

Special assessments

May levy for capital improvements, with same assent as provided in Article V Section 3(b) (2/3 of votes cast). (Article V Section 4: 'provided that any )

Collections & liens

Unpaid assessments become a continuing lien on the lot and personal obligation of the owner at time due. Association may foreclose the lien. Interest, late charges, costs and attorney's fees added. (Article V Sections 1 and 8: 'shall be a )

Reserves & fees

$10 or such other amount as Board may establish if assessment not paid within 10 days after due date. (Article V Section 8: 'Any assessment not)

Leasing & rentals

Owners may lease their lots/dwellings; if leased, the votes of all such owners are limited to 49% if voted in a block. (Article III Section 3: 'if any dwelling )

Architectural approval

After occupancy, no building, fence, wall, other structure, exterior addition, change, or major landscaping shall be made without prior written approval of Board of Directors or Architectural Committee. Declarant controls before occupancy. (Article VIII: 'no building, fence, wall )

Insurance

Association must maintain hazard insurance on insurable improvements on the Common Area on a current replacement cost basis in an amount not less than 100% of insurable value. (Article VI Section 3(c): 'Fail to mainta)

Use restrictions

The development is an exclusive residential community of single-family homes. (Preamble: 'Declarant desires to create o)

Voting & meetings

Class A Lots: one (1) vote per lot; Class B Lots (owned by Declarant): three (3) votes per lot. Vacant/leased units collectively limited to 49% if voted in a block. (Article III Sections 2(a), 2(b), and 3)

Amendments

First 25 years: amendment requires instrument signed by owners of 75% of lots. Thereafter: instrument signed by owners of 2/3 of lots. Must be approved by Town of Holly Springs and, if required, FHA/VA, and recorded. (Article IX Section 3: 'This Declaration )

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