Millrace Homeowners Association Inc

What Millrace Homeowners Association Inc's governing documents say

Millrace is a single-family home HOA in Youngsville, NC, governed by a declaration of covenants that runs with the land. It creates a homeowners association to maintain common areas and enforce rules, and it binds all lot owners automatically when they accept a deed.

• What you own & maintain: You own your detached single-family lot and home; the association maintains the common properties (shared land) and street lighting, funded by your assessments.
• Assessments & fees: Annual assessments are capped at $120 per lot for 1995, with automatic increases up to 5% per year without a vote; higher increases require a 2/3 vote. Special assessments for capital improvements also require a 2/3 vote. Unpaid assessments accrue 8% interest and become a lien on your property, subordinate to first mortgages.
• Architectural review: Any exterior addition, change, fence, pool, or landscaping on common properties must be approved in writing by the board or an architectural committee; if no decision within 30 days, approval is deemed given.
• Use of common areas: All owners have an easement to use the common properties, and can delegate that right to family, tenants, or contract purchasers. The association can suspend use for unpaid assessments or rule violations (up to 30 days), and can charge guests admission fees.
• Voting & membership: Each lot owner gets one vote; the developer holds 4 votes per lot until certain conditions are met. Amendments and many actions require a 2/3 vote of the membership.
• Duration & amendments: The covenants run for 30 years from recording, then auto-renew for 10-year periods. They can be amended by a 2/3 vote, with 20 days' notice and recording 60 days before effective.
• What this document doesn't cover: This excerpt does not include rules on pets, leasing, parking, or age restrictions; those may be in other documents or amendments.

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.