Somerset Place Community Association Inc

Key facts from Somerset Place Community Association Inc's documents

Community type

Covenant / Planned Community

Legal name

Somerset Place Community Association, Inc.

Units / lots

Maximum 240 lots (6 units per acre under R-6 zoning) (Article II, Section 4)

Developer / declarant

South Atlantic Residential Properties, LLC, a North Carolina Limited Liability Company (Preamble)

Assessments & dues

Until January 1, 1998: $120.00 per Class A-1 Lot ($10/month), $456.00 per Class A-2 Lot ($38/month), $30.00 per Class B Single-Family Detached Lot ($2.50/month), $114.00 per Class B Townhome Lot ($9.50/month) (Article V, Section 3)

Special assessments

Allowed for capital improvements, debt repayment, or other purposes with same assent as annual assessment increases (Class B Member and 2/3 of Class A votes). Special assessments for Townhome Common Area or improvements benefiting only Town (Article V, Section 4)

Collections & liens

Unpaid assessments, interest, late charges, and collection costs including attorney's fees constitute a lien on the Lot and personal obligation of the owner at time assessment fell due. Association may foreclose lien. Lien subordinate to fi (Article V, Sections 1, 9, 10)

Reserves & fees

Pond maintenance: $1,800/year for annual maintenance, $400/year for sediment/silt removal (expected at 6-year intervals), $300/year for structural replacement/major repairs (expected at 75-year intervals) (Article V, Section 2)

Leasing & rentals

Yes, Owner may lease or sublet Unit (Article III, Section 3)

Fences

No fence shall be erected within area adjoining a Dwelling (within 5 feet of lot line) (Article VII, Section 3)

Architectural approval

Yes, for any building, fence, wall, structure, exterior addition/change/alteration, or major landscaping/relandscaping (Article VIII)

Maintenance

Association: Townhome Common Area, exterior of Townhome Units (including painting and roofing), Yard Improvements on Townhome Lots (with exceptions). Owner: all other maintenance on Lot and Unit, keeping Lot orderly and improvements in suit (Article IX, Sections 1 and 2)

Insurance

Full replacement value hazard insurance on real and personal property owned by Association and on any building containing a Townhome Unit (not interior/contents); liability insurance not less than $1,000,000; officers', directors', and empl (Article XI, Section 8; Article IV, Secti)

Voting & meetings

Class A-1 (Single-Family Detached Lots): 1 vote per lot; Class A-2 (Townhome Lots): 1 vote per lot; Class B (Declarant-owned lots): 3 votes per lot. Class B converts to Class A when Class A votes equal Class B votes or on December 31, 2004, (Article III, Section 2)

Amendments

First 25 years: instrument signed by Owners of not less than 75% of Lots; thereafter: 60% of Lots. Must be approved by Raleigh City Attorney and recorded in Wake County. FHA/VA approval required while Class B Lots exist if applicable. (Article XI, 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.