Village Square at Amberly Homeowners Association I

What Village Square at Amberly Homeowners Association I's governing documents say

This is an amendment to the Declaration of Covenants, Conditions and Restrictions for Village Square at Amberly, a North Carolina homeowners association that includes both single-family detached homes and attached townhomes. It updates how assessments are set, capped, and voted on for each property type, and how special assessments and separate finances work. The document binds lot owners and the association, with separate rules for the two classes of members.

• Assessment increases (single-family detached lots): The board may increase the annual assessment up to 10% per year without member approval. Any increase beyond 10% requires a two-thirds vote of single-family detached owners present or proxy at a meeting with a quorum.
• Assessment increases (attached townhome lots): The board may increase the annual assessment up to 10% per year without member approval. Any increase beyond 10% requires a two-thirds vote of attached townhome owners present or proxy at a meeting with a quorum.
• Special assessments: A special assessment for capital improvements or extraordinary expenses requires approval by 67% of each class of members voting in person or by proxy. If the assessment is solely for exterior repair or improvement of townhome lots (e.g., roofs, exterior surfaces), only 67% of townhome owners must approve it.
• Notice & quorum for assessment votes: Notice of a meeting to vote on assessment increases or special assessments must be given 30–60 days in advance. For single-family or townhome matters, the initial quorum is 60% of the votes of that class; if that quorum is not met, a subsequent meeting may be held within 60 days with a quorum of half the previous requirement.
• Separate finances: The association may maintain separate books for the single-family and townhome sections, or keep one set that separates income and expenses for each. Separate budgets may be prepared for each section, but are not required.
• What this document doesn't cover: This amendment only addresses assessment caps, voting thresholds, and financial recordkeeping. It does not set any specific fee amounts, pet or rental rules, architectural restrictions, or use limitations — those would be in the full Declaration or other governing documents.

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.