Pearlridge

Key facts from Pearlridge's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Pearl Ridge Homeowners Association, Inc. (Article II, Section 1)

Units / lots

Lots 1-33, 71-101, Pearl Ridge Subdivision, Phase I (63 lots) (Exhibit A)

Developer / declarant

Wilco Properties, Inc., a North Carolina corporation (Preamble)

Assessments & dues

Maximum annual assessment for detached single family Lots is $300.00 per Lot until January 1 of the year immediately following conveyance of first Lot to an Owner (Article V, Section 4)

Special assessments

Association may levy special assessment for capital improvements with assent of two-thirds (2/3) of votes of each class of Members voting in person or by proxy at a meeting duly called (Article V, Section 5)

Collections & liens

Association may bring action at law against Owner or foreclose lien; interest, costs, and reasonable attorney's fees added; foreclosure in same manner as Deeds of Trust under Chapter 45 of NC General Statutes; no Owner may waive liability b (Article V, Section 9)

Reserves & fees

Association shall establish and maintain an adequate reserve fund for periodic maintenance, repair and replacement of improvements to Common Area and other portions it is obligated to maintain (Article V, Section 3)

Pets

Dogs, cats or other household pets may be kept or maintained provided they are not kept or maintained for commercial purposes (Article VIII, Section 4)

Architectural approval

No dwelling, fence, wall or other structure shall be commenced, erected or maintained, nor exterior addition or change made, until plans and specifications submitted to and approved in writing by Board of Directors or architectural committe (Article VI(a))

Home business

No business activity or trade of any kind whatsoever, including but not limited to doctor's office, professional office, fraternity house, rooming house, boarding house, antique shop or gift shop, shall be carried on upon any Lot (Article VI(c))

Signs & flags

No billboards shall be erected or maintained except unit identification numbers required by City of Raleigh; no more than one sign not larger than five square feet, only for sale or for rent signs permitted (Article VI(c))

Insurance

Each Owner shall carry blanket all-risk casualty insurance on the Lot(s) and structures; in event of partial loss (cost of repair less than 50% of current tax value), Owner shall repair or reconstruct within 60 days; in event of total destr (Article VII, Section 1(e))

Use restrictions

No portion of Properties (except temporary office of Declarant and/or model) shall be used except for residential purposes and purposes incidental or accessory thereto (Article VIII, Section 2)

Amendments

Covenants run with land for 20 years from recording, then automatically extended for successive 10-year periods; amendment during first 20 years requires instrument signed by not less than 90% of Lot Owners; thereafter by not less than 75% (Article X, Section 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.