Peyton Hall Owners Association Inc

What Peyton Hall Owners Association Inc's governing documents say

This is a legal amendment to a stormwater replacement agreement between the developer, the homeowners association, and the City of Raleigh. It is not a community rulebook; it changes how stormwater facilities are funded and maintained, and it applies to the Peyton Hall subdivision in Raleigh, NC.

• What this document is: This is a first amendment to a stormwater replacement agreement, not a set of community rules. It updates the agreement to comply with new state and city laws and changes how stormwater control measures are funded.
• Stormwater funding changes: The old general replacement fund is eliminated. Instead, the association is urged to set up its own reserve fund for major repairs and replacements, and the City may assess lot owners if costs are not covered.
• City's right to perform work and recover costs: If the association defaults on maintaining stormwater controls, the City may do the work and recover costs from the property owner or from lot owners served by the facility, after giving notice and a chance to cure.
• Reserve fund schedules: The amendment includes proposed annual contribution amounts for each of five stormwater basins, ranging from about $415 to $953 per year over 30 years, to build reserves equal to the initial construction cost.
• Lots affected: Exhibit 2 lists the specific lots served by each stormwater basin, so homeowners can see if their property is tied to a particular facility and potentially subject to future assessments.
• What this document doesn't cover: This document does not contain typical HOA rules about pets, leasing, architectural review, or other day-to-day living restrictions. It only addresses stormwater maintenance and funding.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.