Karen Lake Townhomes

Key facts from Karen Lake Townhomes's documents

Community type

Covenant / Planned Community

Legal name

KAREN LAKE TOWNHOMES, INC.

Units / lots

120 maximum lots (Phase 1: 20; Phase 2: 24; Phase 3: 24; Phase 4: 18; Phase 5: 16; Phase 6: 18) (Art. I Sec. 11 ('total number of lots to)

Developer / declarant

PRESTIGE HOMES, OF FAYETTEVILLE, INC.

Governing law

North Carolina Non-Profit Corporation Act (Chapter 55A of the General Statutes of North Carolina) (Articles of Incorporation, preamble)

Assessments & dues

Maximum $600 per Lot until first Lot conveyance (then adjustable); after that, initial max was $600 (but can be increased up to 5% annually without vote) (Art. V Sec. 3 (Declaration))

Special assessments

For capital improvements, requires 2/3 vote of each class (voting in person or by proxy) (Art. V Sec. 4 (Declaration))

Reserves & fees

Not explicitly addressed; working capital fund may be used for initial operating and capital expenses; fidelity bond requirement references reserve funds (three months aggregate assessments plus reserve funds) (Art. VI Sec. 2 (Declaration) ('reserve f)

Voting & meetings

Two classes: Class A (all Owners except Declarant) – one vote per Lot; Class B (Declarant) – three votes per Lot. Multiple owners of a Lot cast only one vote as they determine. Class B ceases when Class A votes equal Class B or June 1, 1990 (Art. IV Sec. 2 (Declaration) and Article)

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