Lakes of Rolesville Homeowners Association Inc

Key facts from Lakes of Rolesville Homeowners Association Inc's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Exclusive residential community of detached single-family homes (Recitals)

Legal name

Lakes of Rolesville Homeowners Association, Inc. (Article I, Section 3)

Units / lots

40 (Lots 1-40, Phases 1 and 2) (Recitals)

Developer / declarant

The Weisgerber Group, Inc., a North Carolina Corporation (Preamble; Article I, Section 7)

Governing law

Chapter 47F of the North Carolina General Statutes (North Carolina Planned Community Act) (Article I, Section 1)

Assessments & dues

Maximum Annual Assessment until December 31, 2006: $1,000.00 per Class A Lot. Initial annual assessment shall be the Maximum Annual Assessment unless lower amount set by Board. (Article V, Sections 3 and 4)

Special assessments

May be levied for capital improvements, repayment of indebtedness, or any other purpose, with same assent as Section 3(b) (two-thirds of votes cast by Class A Members present). Uniform rate for all Lots within each Class. (Article V, Section 5)

Collections & liens

Unpaid assessments, interest, late charges, and costs of collection (including reasonable attorneys' fees) are a continuing lien upon the Lot and a personal obligation of the Owner at time assessment fell due. Association may foreclose lien (Article V, Sections 1, 7, and 8)

Reserves & fees

Working capital fund established to meet unforeseen expenditures or acquire additional equipment/services. (Article V, Section 10)

Leasing & rentals

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

Architectural approval

After occupancy, no building, fence, sign, wall, or other structure shall be commenced, constructed, erected, or maintained, nor exterior addition/change/alteration made, nor major landscaping commenced, until plans and specifications submi (Article VIII)

Maintenance

Association responsible for maintenance of Common Area, including storm water drainage facilities, earthen dams, lakes/ponds, and water/sewer lines serving more than one Lot. Owners responsible for their Lots and Common Area easements on th (Article I, Section 6; Article IV, Sectio)

Insurance

Association shall procure and maintain adequate liability insurance in amount not less than $1,000,000.00, full replacement value hazard insurance on real and personal property owned by Association, and officers', directors', and employees' (Article IX, Section 8)

Use restrictions

Exclusive residential community of detached single-family homes. (Recitals)

Voting & meetings

Class A Members (owners of all Lots except Class B): one vote per Lot. Class B Member (Declarant): three votes per Lot owned during Declarant Control Period; after that, one vote per Lot. (Article III, Section 2)

Amendments

During Declarant Control Period, Declarant may amend to conform to governmental law/regulation without consent. Otherwise, during first 25 years, amendment requires instrument signed by Owners of not less than 80% of Lots; thereafter, 75% o (Article IX, 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.