Lake View at Mallard Pointe

Key facts from Lake View at Mallard Pointe's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Developer / declarant

BOST PROPERTIES, INC.

Governing law

North Carolina Nonprofit Corporation Act (Section 1.2: Association shall be create)

Assessments & dues

Set by Board based on annual budget; no fixed amount stated. (Section 5.4)

Special assessments

Board may levy special assessments if annual assessments insufficient, or for unanticipated expenses. (Section 5.6)

Collections & liens

Assessment becomes a lien on the Lot from due date; subordinate to first mortgage. Association may foreclose. Delinquency plus costs, attorneys' fees, interest, late fees. (Section 5.2 and 5.9)

Reserves & fees

Annual budget includes a reasonable allowance for reserves. Fidelity bond must cover at least one year's assessments plus reserve funds. (Section 5.4 and Section 4.4)

Pets

Yes, but restrictions apply. (Section 7.5)

Parking & vehicles

Commercial vehicles defined as weighing more than one ton and having more than two axles. Must be parked only in enclosed garages or areas designated by Board. (Section 7.4(b))

Fences

Fencing must be approved by Committee. Allowed materials: white vinyl, white picket style, black wrought iron, or wood. Picket style: 3' to 6' in height with 2-3 inches between vertical slats. Committee may restrict types on perimeter and h (Section 7.23)

Architectural approval

Yes, for any construction, improvement, or exterior alteration (excluding vegetative landscaping) including sidewalks, driveways, mailboxes, decks, patios, pools, fences, walls, exterior lights, etc. Also for material modifications to gradi (Section 6.4 and 6.5)

Signs & flags

US and North Carolina flag allowed up to 4x6 ft, displayed consistent with 4 U.S.C. 5-10. (Section 7.3)

Maintenance

Association maintains Common Areas. Owner maintains interior and exterior of Lot and Dwelling Unit, including structures, parking areas, lawns, landscaping, grounds. (Section 4.3(a) and (b))

Insurance

Association shall maintain public liability insurance, and may maintain fire and extended coverage insurance on Common Areas. Fidelity bond recommended covering maximum funds in custody, at least one year's assessments plus reserves. (Section 4.4)

Use restrictions

Each Lot shall be used for residential purposes only, except as permitted by Sections 7.26 and 7.31 (home business allowed subject to those sections). No trade or business of any kind may be carried on. (Section 7.1)

Voting & meetings

Class A: one vote per Lot per Owner; Class B (Developer and Builder): three votes per Lot owned. Class B ends when Class A votes equal Class B votes or resignation. During Development Period, all actions require prior written approval of De (Section 4.2(a) and (b))

Amendments

By Supplemental Declaration executed by Developer (or Association after Development Period). For annexation by Association after Development Period, requires affirmative vote of at least two-thirds of Members. (Section 2.4, Section 2.3)

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