Tobacco Road East Homeowners Association

Key facts from Tobacco Road East Homeowners Association's documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned Community (Recitals: 'This document establishes a m)

Developer / declarant

IOM Developers, Inc., a North Carolina corporation (Beginning of Declaration: 'THIS DECLARAT)

Governing law

North Carolina Planned Community Act, N.C. Gen. Stat. §§ 47F-1-101 et seq. (Recitals)

Assessments & dues

Set annually by Board of Directors based on adopted budget. (Section 6.03)

Special assessments

Allowed if budget inadequate or for capital improvements; each Improved Lot pays an equal share. (Section 6.04)

Collections & liens

Association has a continuing lien on each Lot for assessments; may foreclose judicially or non-judicially by power of sale (including expedited foreclosure). (Sections 6.01 and 6.07(d))

Reserves & fees

Board determines amount to deposit into reserve funds for capital repairs and improvements. (Section 6.03: 'the amount which will be )

Voting & meetings

Two classes: Class A (Owners of Lots) and Class B (Declarant). Class B has full voting until termination of Development Period. Class A gets full voting on earlier of Declarant's written designation or termination of Development Period. (Section 4.03)

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