Potterstonevillage

Key facts from Potterstonevillage's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Single-family detached dwellings and single-family patio homes (zero lot line) (Article I, definition of Residential Lot)

Units / lots

Maximum 139 lots for Class B vote calculation; total votes calculated by subtracting Class A votes from 192 and multiplying by 5 (Article III, Section 2, Class B)

Developer / declarant

Potterstone LLC (successor by assignment from G.P.G. Development, LLC) (Preamble)

Governing law

North Carolina Planned Community Act, Chapter 47F of the N.C. General Statutes (Article VIII, Section 8(c))

Assessments & dues

Maximum Annual Assessment $345.36 per Residential Lot until January 1, 2005 (Article V, Section 3(a))

Special assessments

Special Assessments require Declarant (while Class B) and 2/3 of Class A votes; Emergency Special Assessments may be levied by Board if potential danger (Article V, Section 4)

Collections & liens

Assessments are a continuing lien on the property and personal obligation of Owner; Association may foreclose; lien subordinate to first mortgages (Article V, Sections 1, 8, 9)

Reserves & fees

Association shall establish reserve funds from Annual Assessments for major repairs, emergencies, new services, and maintenance of Common Properties (Article V, Section 12)

Fences

Fences require prior written approval; no alteration without approval (Article VII, Section 2(a))

Architectural approval

No building, fence, or other structure erected, placed, or altered without written approval of Declarant/ARB; approval deemed waived if not granted/denied within 45 days of receipt (Article VII, Section 2(a))

Signs & flags

No sign erected or maintained on residential lots or common property without written approval of Declarant/ARB; Association may remove violating signs at Owner's expense (Article VII, Section 2(d))

Setbacks / home size

No construction within 10 feet of either side of walking trails (Article VII, Section 2(l))

Maintenance

Association maintains Common Properties and Restricted Common Properties; Lot Owners responsible for their Residential Lots and improvements, including driveway culverts (Article VI, Section 3(g); Article VIII, )

Insurance

Association must insure all buildings, facilities, improvements, and personal property on Common Areas at 100% insurable replacement value; public liability insurance minimum $1,000,000 per occurrence (Article VI, Section 3(h)(2)-(3))

Use restrictions

Residential Lots used as sites for single-family detached dwellings or single-family patio homes (Article I, definition of Residential Lot)

Voting & meetings

Class A: one vote per Residential Lot/Unit owned (excluding Declarant); Class B: Declarant has 5 votes per lot owned or shown on Master Plan, max 139 lots, calculated by subtracting Class A votes from 192 and multiplying by 5 (Article III, Section 2)

Amendments

Amendment requires affirmative vote of Members holding at least 67% of votes; notice at least 30 days prior; Declarant consent required while Declarant controls Board; Declarant/Board may amend without Owner consent for tax-exempt status, c (Article VIII, 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.