Madison Park Owners Association, Inc

Key facts from Madison Park Owners Association, Inc's documents

Community type

HOA (planned community) (Recital 4: "established a planned commun)

Legal name

Madison Park Owners Association, Inc. (Document title; Section 1.7: "'Associati)

Units / lots

Not explicitly stated in excerpt; some referenced

Governing law

North Carolina Planned Community Act (N.C. Gen. Stat. Chap. 47F) (Recital 4; Article 1 Section 1.1: "Act: )

Assessments & dues

Set by Board budget; not a fixed amount specified in document (Section 8.2: "General Assessments shall )

Special assessments

May be levied by Board for unbudgeted or excess expenses; allocated equally among all Lots; may become effective unless disapproved by Declarant during Development Period; meeting may be called on petition (Section 8.4)

Collections & liens

Assessment Lien created; filed in clerk of court; priority over later encumbrances except taxes, municipal assessments, and prior first mortgage; written demand required before lien filing; personal obligation of owner at time due; foreclos (Section 8.6(a)-(d); referencing §47F-3-1)

Reserves & fees

Board may annually prepare reserve budgets for replaceable assets; may include in general reserve amounts sufficient to meet projected needs (Section 8.3: "The Board may, in its sole)

Pets

Not explicitly stated; Board may have pet Rules (Section 4.3 references removal of pets violating pet Rules) (Section 4.3: "the removal of pets that a)

Leasing & rentals

Yes – Owner may lease Lot (implied by assignment of rights to lessee) (Section 2.1: "An Owner who leases his or)

Architectural approval

Yes – Architectural Review Board (ARB) as described in Article 9 (not fully excerpted); Design Guidelines apply (Section 1.3: "'ARB': The Architectural R)

Home business

Not explicitly addressed in excerpt

Signs & flags

Document regulates or prohibits display of political signs (stated in required notice); also regulates display of US and NC flags (Notice at beginning: "THIS DOCUMENT REGU)

Maintenance

Owner (Lot maintenance includes all structures) (Section 5.2: "maintain his or her Lot, a)

Insurance

May contain reasonable deductible; amount not subtracted from face amount; deductible may be specially assessed against responsible Owner(s) if due to their negligence or willful misconduct (Section 6.1(a)(v) and (b))

Use restrictions

Yes – each Lot intended for single-family detached residence (Section 1.21: "intended for development,)

Voting & meetings

Class A (owners except Declarant) – one vote per Lot; Class B (Declarant) – may appoint majority of Board during Control Period (Section 3.2: Class A and Class B members)

Amendments

Declarant may amend during Development Period without consent of others for withdrawal of property (Section 7.3); generally, amendment process likely in Article 15 (not fully excerpted, but reference to Section 15.2 and Declarant's rights) (Section 7.5: "this Article 7 shall not b)

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