Colgate Commons

Key facts from Colgate Commons's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

hoa (Article 1.5, Section 4.1)

Legal name

Colgate Commons Homeowners Association, Inc. (Section 1.5 (Page 69))

Developer / declarant

Colgate Circle, LLC, a North Carolina limited liability company (Page 68, opening paragraph)

Governing law

North Carolina Planned Community Act (NC Gen. Stat. Chap. 47F, as amended) (Recital 3 (Page 68) and Section 1.1 (Pag)

Assessments & dues

Board prepares budget; General Assessments levied equally on all Lots subject to assessment, with variations for Builder (50%), Declarant (exempt during Development Period), and Townhome Lots (potentially higher) (Section 8.2)

Special assessments

May be levied by Board for unbudgeted or excess expenses; effective unless disapproved by 67% of Class A votes and Declarant (during Development Period) (Section 8.4 (Page 86))

Collections & liens

Yes, after 30 days delinquency Association may file Claim of Lien and foreclose (Section 8.6(a)-(d))

Reserves & fees

Board may annually prepare reserve budget and include amounts in General Assessment; Townhome Lots may have higher reserves (Section 8.3 (Page 86))

Leasing & rentals

Yes, Owner may lease subject to Governing Documents (Section 2.1)

Fences

Require ARB approval (Section 9.5(a) includes fences)

Architectural approval

Yes, ARB approval for exterior structures and improvements (Section 9.1)

Signs & flags

Document regulates or prohibits display of US flag and NC flag (Page 1 (required statement))

Maintenance

Owner maintains Lot and improvements; Association maintains Common Area (Sections 5.1, 5.2)

Insurance

Blanket property insurance on Common Area, CGL min $1M per occurrence, D&O liability, fidelity bond (Section 6.1(a))

Voting & meetings

Two classes: Class A (all Owners except Class B Member) with one vote per Lot; Class B (Declarant) may appoint board members during Control Period (Section 3.2 (Pages 73-74))

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