78 South

Key facts from 78 South's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners association (Recitals and ARTICLE I definition of Ass)

Developer / declarant

Flagship Ventures, LLC, a North Carolina limited liability company (Recitals, page BK 1672 PG 0347)

Governing law

North Carolina Planned Community Act, N.C. Gen. Stat. §§ 47F-1-101, et seq. (Recitals, page BK 1672 PG 0347)

Assessments & dues

Determined annually by Board of Directors based on estimated Annual Expenses. (Section 6.03)

Special assessments

Board may levy special assessments for budget deficits or capital improvements. Each Improved Lot pays equal share. (Section 6.04)

Collections & liens

Unpaid assessments constitute a continuing lien on the Lot, prior and superior except for taxes, first mortgages, and purchase-money mortgages recorded before this declaration. Association may foreclose judicially or non-judicially (power o (Sections 6.01, 6.07)

Reserves & fees

Working capital reserve fund may be established (Section 6.06). Also budget may include reserves (Section 6.03). (Sections 6.03, 6.06)

Pets

Animals are regulated; Section 11.05. (Section 11.05 (table of contents))

Fences

Painting or staining of wooden fences prohibited unless approved in writing by ARC. Fences must be maintained. (Section 7.02(j))

Architectural approval

Architectural Review Committee (ARC) approval required for exterior changes, including paint color changes, fences, etc. (Section 8.01 and detailed provisions in )

Signs & flags

Regulated; document notes it regulates political signs and the flag of the United States and North Carolina. (Cover page statements; Section 11.08 (re)

Use restrictions

Lots are intended for detached single-family residences; Dwelling defined as residence. (Definition of Lot and Dwelling (Article )

Voting & meetings

Two classes: Class A (Owners – one vote per Lot when full voting privileges commence) and Class B (Declarant – full voting until Class A receives full privileges). Class B automatically terminates when Class A gets full privileges. (Section 4.03)

Amendments

Article XII (referenced in table of contents); amendments require certain approvals not fully quoted; during Development Period, Declarant may amend for annexation, withdrawal, merger (Sections 2.03, 2.04, 2.05). (Article XII (table of contents), Section)

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