Ivy Creek Townhomes Association, Inc.

Key facts from Ivy Creek Townhomes Association, Inc.'s documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association for a residential townhouse community (WHEREAS clauses (page 1 of 29, BK7455PG0)

Developer / declarant

James M. Matheny and Karen H. Matheny (Opening paragraph of Declaration)

Governing law

North Carolina Non-Profit Corporation Act (Chapter 55A) (Articles of Incorporation, compliance st)

Assessments & dues

Maximum annual assessment until Jan 1, 1998: $540 per Class A Lot ($45/month); $335 per Class B Lot (stated $11.25/month, but note inconsistency). (Article V, Section 3 (page 10 of 29, BK7)

Special assessments

Requires assent of Class B member and not less than two-thirds of votes cast by Class A Members. (Article V, Section 4 (page 11 of 29, BK7)

Collections & liens

Unpaid assessments become a lien on the lot; Association may foreclose; personal obligation of owner when due. Lien subordinate to first mortgages. (Article V, Sections 1 and 9 (pages 9 and)

Reserves & fees

Late charge as Board establishes if not paid within 10 days after due date. (Article V, Section 8 (page 11 of 29, BK7)

Pets

Yes – dogs, cats, or other household pets may be kept, provided not for commercial purposes. (Article X, Section 5 (page 19 of 29, BK7)

Leasing & rentals

Yes, but lease must be at least 6 months, in writing, and include a provision binding tenant to the Declaration. Owner must furnish copy to Association. (Article X, Section 9 (page 19 of 29, BK7)

Parking & vehicles

Association provides minimum required by Town; each lot at least 2 assigned spaces; no street parking except designated paved spaces; no abandoned, inoperable, boat, trailer, motor home, camper, truck over 1 ton, commercial vehicle; Board m (Article X, Section 10)

Architectural approval

Yes – for any building, fence, wall, other structure, exterior addition or change, major landscaping, etc. Requires written approval of Declarant (or delegate). (Article VIII (page 16 of 29, BK7455PG050)

Signs & flags

Generally prohibited except: (1) Declarant/builder sales signs during construction; (2) one sign not exceeding 6 sq ft advertising sale or rent; (3) political signs not exceeding 6 sq ft, placed no earlier than 60 days before election, remo (Article X, Section 4 (page 18-19 of 29, )

Maintenance

Association: Common Area, yard improvements as described; Owner: Lot and Unit exterior except as assumed by Association (Article IX, Sections 1 and 2)

Voting & meetings

Class A Lots: 1 vote per lot; Class B Lots (Declarant/builders): 3 votes per lot. Vacant/leased residence votes limited to 49% weight. (Article III, Section 2 and Section 3 (pa)

Amendments

First 25 years: signed by Owners of not less than 75% of Lots; thereafter: not less than 50% of Lots. Must be recorded. FHA/VA approval if required. (Article XI, Section 3 (page 21 of 29, BK)

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