Herndon Trace Homeowners Association Inc

Key facts from Herndon Trace Homeowners Association Inc's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

planned community (residential subdivision of detached single-family homes) (Article I, Section 1 (defines Act as NC )

Developer / declarant

Herndon Partners, LLC, a North Carolina Limited Liability Company (Opening paragraph; signature page)

Governing law

Chapter 47F of the North Carolina General Statutes (North Carolina Planned Community Act) (Article I, Section 1)

Assessments & dues

Maximum Annual Assessment until Dec 31, 2016: $1,000 per Class A Lot. Thereafter, Board may set amount up to max (subject to increase limits). (Article V, Section 3 and 4)

Special assessments

For capital improvements: requires 2/3 vote of each class. Board may levy emergency Special Capital Assessment up to $500 per Lot, max once every 5 years, unless 90% reject. (Article V, Section 5)

Collections & liens

Unpaid assessments become a continuing lien on the Lot and may be foreclosed; personal obligation of owner at time assessment fell due but not successors unless assumed. (Article V, Sections 1 and 7)

Reserves & fees

Two separate funds for stormwater facilities: 'Inspection and Maintenance Fund' and 'Major Reconstruction Fund' (the latter in a separate account). Annual minimum contributions: $2,363.76 for Inspection/Maintenance and $566.17 for Major Rec (Article X, Section 3; inspection/mainten)

Leasing & rentals

Yes, with conditions (Article III, Section 3)

Fences

Fences require approval; sight distance easement prohibits obstructions between 2 and 8 feet above curb line. (Article VIII; Article VII, Section 7)

Architectural approval

Yes, for any building, fence, sign, wall, structure, exterior addition/alteration, major landscaping. Plans must be submitted to Declarant (or delegated body). (Article VIII)

Signs & flags

Signs require architectural approval; sign easement for subdivision entry signs. (Article VIII; Article VII, Section 9)

Maintenance

Owners: maintain Lots, pay taxes on their Lots (including easement areas). Association: maintain Common Area (fee or easement), pay taxes on Common Area owned in fee, maintain stormwater facilities. (Article IV, Section 4; Article V, Sectio)

Insurance

Association must maintain hazard insurance on insurable improvements on Common Area at 100% replacement cost. Liability insurance $1,000,000. Officers' and directors' liability insurance also required. (Article IX, Section 8; Article VI, Secti)

Use restrictions

Yes (implied – exclusive residential community of detached single-family homes) (WHEREAS clause)

Voting & meetings

Two classes: Class A (Lot Owners except Declarant) – one vote per Lot; Class B (Declarant) – ten votes per Lot owned/controlled during Declarant Control Period, then one vote per Lot after period. Leased/vacant Lots: vote weight limited to (Article III, Sections 2 and 3)

Amendments

During first 25 years: 80% of Lots; thereafter: 75% of Lots. Declarant may amend unilaterally during Declarant Control Period to conform to government law. Recorded instrument required. (Article IX, Section 3)

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