Elizabeth Springs Property Owners Association Inc

What Elizabeth Springs Property Owners Association Inc's governing documents say

This is a first amendment to the covenants for Elizabeth Springs, a single-family home subdivision in Rolesville, NC, governed by a property owners association. It updates specific financial rules for homeowners, including the maximum annual assessment, late fees, a working capital fund, and the developer's obligation to fund deficits during the development period.

• Annual assessments: The maximum regular annual assessment for each residential unit is $720, payable quarterly, and may increase automatically as allowed by the declaration. Units owned by the developer (Class B members) have a zero assessment, but the developer must fund any budget deficit during the development period.
• Late fees & liens: If an assessment is not paid within 5 days of the due date, it becomes delinquent and incurs a $20 per month delinquency charge, and the association has a lien on the property.
• Working capital fund: At the first closing of each new home after a certificate of occupancy, the purchaser must pay $700 into a working capital fund to cover unforeseen expenses or equipment; this is not an advance on regular assessments.
• Developer's obligations: During the development period (until December 31, 2040), the developer must fund any budget deficit, either in cash or in-kind services, and this obligation is secured by a lien on the developer's lots if unpaid for 30+ days.
• What this document doesn't cover: This is only an amendment to the original declaration; it does not include the full rules on property use, architectural control, or other covenants. Refer to the original declaration for those.

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.