Greenway Villas

Key facts from Greenway Villas's documents

Community type

Covenant / Planned Community

Legal name

Greenway Villas at Well-Spring

Developer / declarant

Well-Spring Retirement Community, Inc., a North Carolina non-profit corporation (Declaration preamble and Article I, Sect)

Governing law

North Carolina Planned Community Act (references Sections 47F-3-112, 47F-3-113, 47F-3-116) (Article I, Section 11; Article II, Secti)

Assessments & dues

Maximum annual assessment initially set by Association for first year; thereafter set by Executive Board not to exceed 20% increase over prior year without membership vote; can be increased without limit by 2/3 vote of each class plus Decla (Article IV, Section 3(b))

Special assessments

For capital improvements, requires assent of Members entitled to cast at least 2/3 of votes of each class at a meeting; during Declarant's Development Period, Declarant must also consent. (Article IV, Section 4)

Collections & liens

Assessments become a lien when claim of lien filed; can be foreclosed under power of sale (except for fines-only liens); attorneys' fees limited to $1,200 if uncontested after 15-day notice; judicial foreclosure available for fines. (Article IV, Sections 1, 9, 11)

Reserves & fees

Association shall establish and maintain adequate reserve fund for periodic maintenance, repair, replacement of improvements to Common Elements and other portions the Association must maintain. (Article IV, Section 2(b))

Leasing & rentals

Yes, leases permitted. (Article II, Section 6)

Parking & vehicles

Association may restrict or prohibit on-street parking through rules and regulations. (Article II, Section 4(f))

Architectural approval

Yes, for any improvement, alteration, repair, change in paint color, excavation, change in grade, planting, landscaping, modification of driveways, exterior decoration (including yard ornaments, figurines, statues, bird baths, houses and fe (Article V, Section 1)

Signs & flags

Association has perpetual easement for subdivision signs on Lots designated as sign easements; Declarant may erect additional signs during Declarant's Development Period; Owner signs likely subject to architectural approval. (Article IX, Section 2; Article V, Sectio)

Maintenance

Association (part of exterior maintenance) (Article VII, Section 1)

Voting & meetings

Class A (owners other than Declarant): one vote per Lot. Class B (Declarant): three votes per Lot not conveyed to Class A. Class B membership ends when Class A votes equal or exceed Class B votes, or 15 years after recording, whichever firs (Article III, Section 2)

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