Bradbury Property Owners Association Inc

Key facts from Bradbury Property Owners Association Inc's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned Community (Article 2 Definitions - 'Planned Communi)

Units / lots

248 (Article 2 Definitions - Total Planned Un)

Developer / declarant

Centex Homes, a Nevada general partnership (Opening paragraph)

Governing law

North Carolina Planned Community Act (Chapter 47F of the North Carolina General Statutes) (Article 2 Definitions)

Assessments & dues

Not fixed; determined by Budget based on Operating Expenses (Article 6 C)

Special assessments

Allowed for capital improvements, reconstruction, replacement, or stormwater obligations. After Turnover Date requires 2/3 vote of each class; before Turnover Date, if exceeds 5% of budgeted Operating Expenses requires 2/3 vote, but stormwa (Article 6 D)

Collections & liens

Assessments are a continuing lien upon each Lot/Unit upon recording of written statement; can foreclose like a mortgage under NC law. (Article 6 B, Article 6 I.3)

Reserves & fees

Required: general Reserve for Association Property, and a separate Reserve for Ponds sufficient for at least 3-year reconstruction/replacement cost. (Article 6 R.12)

Fences

Fences are considered Improvements; subject to ARC approval, but specific standards not provided in available text. (Article 2 Definitions - Improvement incl)

Architectural approval

Yes, Architectural Control Committee approval required for any Improvement. (Article 10 D: Requirement Of Committee A)

Maintenance

Association responsible for Association Property (Entrance Facilities, Ponds, Open Space, Play Areas, Limited Association Property); Residential Owners responsible for their Lots and Living Units. (Article 4 and Article 9 (partially avail)

Insurance

Casualty insurance on Association Property at full replacement cost; public liability insurance ($1M per person, $1M per occurrence, $50K property damage); fidelity coverage; other insurance as determined. (Article 7 A, B, C, D)

Use restrictions

Implied but not explicitly stated in available text; Article 11 Use Restrictions is not provided. (Not extractable from provided text)

Voting & meetings

Class A Members (owners) 1 vote per Lot/Unit; Class B Member (Declarant) 2x total votes of Class A plus 1 until Turnover Date. (Article 5 B)

Amendments

Prior to Turnover Date: Declarant may amend unilaterally. After Turnover Date: amendment by vote of Members per Planned Community Act. Scrivener's errors may be corrected by Declarant. Amendments to satisfy lending requirements allowed. (Article 14)

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