Terraces II at Breckenridge

Key facts from Terraces II at Breckenridge's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned community (Preamble: "develop the Breckenridge Prop)

Units / lots

125 (Existing Lots: Lot Nos. 1 through 125 of The Manors at Breckenridge) (Article I, "Existing Lots" definition)

Developer / declarant

Morrisville, LLC (a Georgia limited liability company) and Pulte Home Corporation (a Michigan corporation) (Preamble)

Governing law

North Carolina Planned Community Act, General Statutes of North Carolina Sections 47F-1-101 through 47F-3-120 (Article I, "Act" definition)

Assessments & dues

Executive Board estimates Annual Expenses, adopts budget, determines Annual Assessment; assessments allocated among Lots, with special assessments for expenses benefiting less than all Lots or Limited Common Elements. (Article V, Section 4)

Special assessments

Executive Board may levy special assessments if budget inadequate or for capital improvements/repairs. (Article V, Section 5)

Collections & liens

Unpaid assessments become a lien on the Lot after 30 days when claim of lien filed; lien is prior to all others except taxes, prior recorded liens, first mortgages, and certain purchase money mortgages. Association may foreclose. (Article V, Sections 1 and 7)

Reserves & fees

Maintenance of reserves for repair/replacement of Common Element improvements, amounts determined by Executive Board. (Article V, Section 3)

Pets

Reasonable number of household pets allowed, but not for breeding or commercial purposes, and not a source of annoyance. (Article VII, Section 5)

Parking & vehicles

No boat, trailer, boat trailer, camper, truck, or utility trailer stored/repaired on Lot unless entirely confined in garage with door closed. Automobiles must be parked on pavement, in operating condition, with current license tag. (Article VII, Section 11)

Fences

Fences must conform to Approved Fence Details maintained by Executive Board and location approved in writing. (Article VI, Section 4(d))

Architectural approval

No building, fence, wall, garage, patio, carport, playhouse, play equipment, exercise equipment, swimming pool, mailbox, or other structure, nor exterior addition/change/alteration, without written approval of Executive Board. (Article VI, Section 4(a))

Home business

Owner may use portion of building as office if no regular customer/client traffic and no sign identifying business. (Article VII, Section 1(b))

Signs & flags

No signs without Executive Board written consent; Board adopts specifications for sale/rent signs; each owner may post one such sign. (Article VII, Section 6)

Maintenance

Owners responsible for maintenance of their Lots and improvements; Association responsible for Common Elements. (Article VIII, Section 1; Article III, Se)

Insurance

Deductibles determined by Executive Board. (Article III, Section 4)

Use restrictions

All Lots restricted exclusively to single-family residential use; no commercial, business, or professional purpose. (Article VII, Section 1)

Voting & meetings

Two classes: Class A (all owners except Declarant) and Class B (Declarant). Class A gets one vote per Lot; Class B is full voting membership and elects all Executive Board members until termination. (Article IV, Section 3)

Amendments

Amendment requires approval of owners of at least 67% of Lots not owned by Declarant, plus Declarant (if owns any), plus HUD and VA if Class B membership not terminated; must be recorded. (Article IX)

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