Hope Valley Ridge Owners Association Inc

Key facts from Hope Valley Ridge Owners Association Inc's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Subdivision with single-family and townhome lots (HOA) (Statement of Purpose: exclusive resident)

Developer / declarant

JLA 2, LLC, a North Carolina limited liability company (Opening paragraph)

Governing law

North Carolina Planned Community Act (NCGS Chapter 47F) (Article XI Section 8)

Assessments & dues

Maximum annual assessment: Class S $1,500; Class T $3,500 (until first year after first lot conveyance). Thereafter can increase up to 15% per year without vote, or unlimited with 2/3 vote. (Article IV Section 3)

Special assessments

Allowed for capital improvements with same 2/3 vote as annual assessment; special assessment for Class T only to be paid by Class T (Article IV Section 4)

Collections & liens

Assessments are a continuing lien on the lot; Association may bring action or foreclose; lien subordinate to first mortgage (Article IV Sections 1, 10, 11)

Reserves & fees

Association shall establish and maintain adequate reserve fund for periodic maintenance, repair, and replacement of common amenities (Article III Section 4)

Pets

Customary household pets allowed, not for commercial purposes, not a nuisance (Article VIII Section 10)

Leasing & rentals

Implied allowed (tenants referred to in delegation of use) (Article X Section 4)

Architectural approval

All improvements require approval of Architectural Committee (initially Declarant); plans must be submitted and approved or disapproved within 30 days or deemed approved (Article V Sections 1, 4)

Signs & flags

Limited: model home sign (max 4x8 ft), for sale/rent sign (max 2x3 ft), resident name/address sign (design subject to approval); all other signs prohibited (Article VIII Section 12)

Setbacks / home size

As shown on Map; Declarant reserves right to select precise site location (Article VIII Sections 7, 8)

Maintenance

Association maintains common elements; Owner maintains own lot. For Class T lots, Association provides exterior maintenance (paint, roofs, etc.) as specified. (Article III Section 3; Article VI Sectio)

Insurance

Association pays premiums for hazard and liability insurance on common elements (Article IV Section 2(f))

Use restrictions

All lots shall be used for residential purposes only; one single-family dwelling per lot; no garage apartments; model home permitted for builder owning another lot (Article VIII Section 5)

Voting & meetings

Three classes: Class S (single-family, 1 vote per lot), Class T (townhome, 1 vote per lot), Class D (Declarant, 5 votes per lot until conversion). Declarant may amend Bylaws without vote while owning >=25% of lots. (Article III Sections 5, 6)

Amendments

Declarant may amend without permission while owning at least 25% of lots; thereafter requires 75% of owners. Amendments regarding wet detention ponds require governmental approval. Certain actions require FHA/VA approval during Class D memb (Article XI Sections 3, 4, 7)

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