Pennmark Place Townhome Homeowners Association, Inc.

Key facts from Pennmark Place Townhome Homeowners Association, Inc.'s documents

Community type

Covenant / Planned Community

Legal name

Pennmark Place Townhome Homeowners Association, Inc.

Developer / declarant

300 BLOCK INVESTORS LLC (Introductory paragraph)

Governing law

Chapter 47F of the General Statutes of North Carolina (Planned Community Act) (Article I, Section 16)

Assessments & dues

Set by budget based on square footage; maximum rate for 2008: $0.87 per sq ft (Article IV, Section 3(c))

Special assessments

Allowed with 2/3 vote of each class and Declarant consent during development period (Article IV, Section 4)

Collections & liens

Assessment constitutes a lien, foreclosable like mortgage/deed of trust (Article IV, Sections 1 and 9)

Reserves & fees

Association shall establish adequate reserve fund for periodic maintenance, repair, replacement of Common Elements (Article IV, Section 2(b))

Pets

Allowed, subject to Association rules that may limit number, size, type (Article II, Section 2(e))

Leasing & rentals

Allowed (Article II, Section 4)

Architectural approval

Yes, for any exterior alteration, including paint, plantings, etc. (Article V, Section 1)

Signs & flags

Document regulates or prohibits display of political signs and US/North Carolina flags (First page notice)

Maintenance

Association maintains roof (paint, repair, replace) (Article VI, Section 1(c))

Voting & meetings

First meeting: 60% of votes of each class; subsequent meeting: half of that (Article IV, Section 5)

Amendments

Articles of Incorporation may be amended by 2/3 vote of members, with Declarant consent during development period (Articles of Incorporation, Article 11)

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