Parkway Community Association Inc

What Parkway Community Association Inc's governing documents say

This document is a partial amendment to the governing rules of the Parkway Community Association in Cary, NC — a planned-unit development (PUD) with a mix of residential types. It only affects two specific parcels, M-8 and MR-1, and only for the portion developed as "single family-apartment units" (rental apartments that are not for sale as individual units). The amendment sets special voting, assessment, and dues rules for those apartment units during an initial development period.

• What this document covers: This 1990 amendment applies only to parcels M-8 and MR-1 on the Master Plan, and only to the part of each parcel that contains single family-apartment units (rental apartments). The rules here expire once those units are no longer rented as apartments.
• Voting rights for apartment units: Owners of single family-apartment units get one-half vote per unit (instead of a full vote).
• Assessment rate for apartment units: Each single family-apartment unit is assessed at one-half the rate of other residential units (for regular assessments).
• Reduced dues during development: During the initial construction phase, apartment unit dues are one-fourth of the regular assessment. Full assessment begins on the first day of the month after either (i) six months after the last building gets a certificate of occupancy from the Town of Cary, or (ii) two years after the first building permit is issued — whichever comes first.
• Working capital fund contribution exemption: Single family-apartment units are not required to pay any working capital fund contribution.
• What this document doesn't cover: This amendment does not state general community rules on pets, leasing terms, architectural standards, parking, or other typical HOA restrictions. It only adjusts voting, assessments, dues, and working capital contributions for a specific apartment development within a larger planned community.

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.