Waterstone Reserve Homeowners Association Inc

Key facts from Waterstone Reserve Homeowners Association Inc's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Waterstone Reserve Homeowners Association, Inc. (Recital C; Article I, Section 4)

Developer / declarant

Waterstone Partners, LLC, a North Carolina limited liability company (Preamble)

Governing law

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

Assessments & dues

$900.00 per Class A Lot until December 31, 2016. Class B and Class C Lots: $0, except any Lot with Dwelling occupied as residence assessed as Class A. (Article V, Section 3(a))

Special assessments

May be levied for capital improvements, debt repayment, or non-recurring expenses; requires approval by Declarant (during control period) and not less than 2/3 of Class A Members present and voting. Class C Lots pay one-half of Class A; Cla (Article V, Section 4)

Collections & liens

Assessments unpaid for 30+ days become lien on Lot upon filing claim of lien per §47F-3-116(g); may be foreclosed. Also personal obligation of Owner at time due; joint and several if multiple owners. Subsequent owner not personally liable u (Article V, Section 7)

Reserves & fees

Association may establish reserve account for major repairs/replacements of Common Area improvements. Annual budget must show reserve amounts. Budget must include two line items for Stormwater Control Measures: regular maintenance/inspectio (Article V, Section 12; Article V, Sectio)

Architectural approval

After occupancy, no building, fence, sign, wall, or other structure (including play equipment, patios, decks, tree houses, parking pads, sidewalks) shall be commenced, nor exterior addition/change made, nor major landscaping commenced, unti (Article IX)

Signs & flags

Document regulates display of political signs (per cover page). Article IX requires approval for signs (including unit identification signs) after occupancy. (Cover page; Article IX)

Use restrictions

Dwelling defined as building intended for use and occupancy as residence by single family. (Article I, Section 15)

Voting & meetings

Three classes: Class A (Owners other than Declarant/Builder) - 1 vote per Lot; Class B (Declarant) - 19 votes per Lot owned; Class C (Builder) - 1 vote per Lot owned. After Declarant Control Period, Declarant gets 1 vote per Lot. (Article III, Section 2)

Amendments

Article XI, Section 2 addresses term and amendment (specific text not provided in excerpt). (Article XI, Section 2 (table of contents)

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