Concord Lakes

Key facts from Concord Lakes's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Concord Lakes

Developer / declarant

True SFR Gamma, LLC and Carolina Development Services, LLC (Effective date paragraph and signature p)

Governing law

North Carolina General Statutes (implicitly referenced for recordation and non-profit corporation) (NCGS 47-14(a1)(5); Association organized)

Assessments & dues

Board determines amount of annual and special assessments; for Townhomes, Board determines Townhome Assessment proportionately to size. (Section 5.2: Board shall determine amoun)

Special assessments

Association may levy special assessments (implied by definition of Assessment in Section 1.1) (Section 1.1: “Assessment” shall mean the)

Collections & liens

Cost of maintenance performed by Association for Owner's failure becomes a lien against the Lot. (Section 4.3(c): said cost shall become a)

Reserves & fees

Townhome Capital Contribution allocated to a reserve fund for repair, maintenance, upkeep of private roads and parking areas. (Section 5.3: The HOA shall allocate the )

Leasing & rentals

Yes, but subject to restrictions. Leasing restrictions do not apply to Developer/Builder. (Section 1.21 definition of Residential L)

Architectural approval

Yes, Architectural Control Committee appointed by Board (Article VI, but committee defined in Section 1.6). (Section 1.6: “Committee” shall mean the )

Maintenance

Association responsible for roofs on Townhome Lots (exterior of buildings, including roof). (Section 5.1(a): maintain all buildings a)

Insurance

Association shall maintain fire and extended coverage insurance on Common Areas and on Townhome buildings (excluding interior from studs inward). Liability insurance minimum $1,000,000 per occurrence. (Section 4.4 (general); Section 5.4(d) li)

Voting & meetings

Two classes: Class A (Owners) 1 vote per Lot; Class B (Developer/Builder) 9 votes per Lot. Class B terminates when Class A votes equal Class B. (Section 4.2 (a) and (b))

Amendments

Not fully extracted; Article X is referenced but not provided. Developer right to amend (Section 10.11 suggests requirements). (Section 10.11 (partial): Owners have rig)

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