Madison Homeowners Association Inc

Key facts from Madison Homeowners Association Inc's documents

Community type

Subdivision (Recitals)

Legal name

Madison Homeowners Association Inc

Developer / declarant

WESTERN WAKE DEVELOPMENT, LLC (Preamble and §1.7)

Governing law

North Carolina Planned Community Act (N.C.G.S. Chapter 47F) (§7.9 (reference to N.C.G.S. 47F-3-116) a)

Assessments & dues

Maximum $1,000 per Lot in Use for first year (through Jan 1 of year following first conveyance) (§7.3(b)(i))

Special assessments

Allowed for capital improvements or unexpected expenses with 2/3 vote of each class voting in person or by proxy (§7.5)

Collections & liens

Assessment lien may be foreclosed in like manner as mortgage; power of sale granted (§7.9)

Reserves & fees

Association may maintain a reserve fund for periodic maintenance, repair, and replacement of Common Area (§7.2)

Pets

Reasonable number of domesticated household pets permitted (§8.5)

Use restrictions

Each Lot shall be used for single-family residential purposes only (§8.1)

Voting & meetings

Two classes: Class A (owners, one vote per Lot); Class B (Declarant, ten votes per Lot owned). Class B converts to Class A upon specified events. (Art. V)

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