Silver Stock Wp

Key facts from Silver Stock Wp's documents

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

Community type

mixed use planned community (Whereas clause)

Units / lots

111 single family lots initially, expandable to 700 additional lots and living units (Whereas clause and Article III, Section )

Developer / declarant

Robert L. Thornton and Silverstock WP LLC (Opening paragraph)

Governing law

Delaware Uniform Common Interest Ownership Act (DUCIOA), 25 Del. C. §81-101 et seq. (Article I, Section N)

Assessments & dues

Set by Board annually; may differ for improved vs unimproved lots, commercial, assisted living (Article V, Section 3)

Special assessments

May be levied for capital improvements, operating reserves, etc., approved per DUCIOA §81-324; must be uniform per class (Article V, Section 6)

Collections & liens

Assessment lien may be foreclosed; personal obligation of owner but does not pass to successor unless assumed; lien subordinate to first mortgage except as provided by §81-316 DUCIOA (Article V, Sections 9 and 10)

Reserves & fees

Operating reserve and repair/replacement reserve funds mentioned (Article V, Section 2 and Section 6)

Leasing & rentals

Residential rentals permitted (single family only); commercial/assisted living rentals permitted per zoning (Article VI, Sections 6 and 8)

Parking & vehicles

Two-car garage required for each house (Design Guidelines B.1)

Fences

Fences allowed only with SWARC approval (Design Guidelines C.9)

Architectural approval

Yes, SWARC (3 members) or Developer during Developer Rights Period must approve all building, structures, improvements, landscaping (Article VI, Section 9)

Signs & flags

American flag display consistent with federal law and DUCIOA §81-320; no flag poles allowed (Design Guidelines A.7) (Article IV, Section 2(f); Design Guideli)

Setbacks / home size

1,200 sq ft for one-story, 1,400 sq ft for two-story of heated interior space, exclusive of porches, decks, garage; not applicable to Developer or Participating Builder (Design Guidelines B.1)

Maintenance

Association maintains Common Areas, yard areas, roads, stormwater, recreational facilities; owner maintains Lot and improvements on Lot (Article IV, Section 4; Article VI, Secti)

Use restrictions

All lots and living units used exclusively for residential purposes except as permitted by Special Declarant Rights (Article VI, Section 3)

Voting & meetings

Two classes: Class A (Lot/Living Unit owners) one vote per lot/unit; Class B (Commercial/Assisted Living owners) one vote per 1000 sq ft (Article II, Section 2)

Amendments

Amendments to Declaration require approval of Developer during Developer Rights Period; after, specific thresholds vary (e.g., 75% of commercial units for nonresidential rental restrictions; 2/3 of members for architectural guidelines after (Article VI, Section 8 (75%); Article VI,)

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