Royall Townes by Meeting Street

Key facts from Royall Townes by Meeting Street's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

HOA (Planned Community under N.C.G.S. 47F) (Statement of Declaration, B38425 P 895)

Legal name

Royall Townes by Meeting Street Townhome Owners Association, Inc. (Article I, B38425 P 895)

Developer / declarant

Meeting Street Towns IV LLC, a North Carolina limited liability company (Declarant, Article I, B38425 P 894, 896)

Governing law

North Carolina Planned Community Act (N.C.G.S. Chapter 47F) (Background Statement and Statement of De)

Assessments & dues

Set by Board; during Declarant Control Period no maximum; after control period, maximum base is previous year's actual assessment plus 10%, and may be increased by Board up to 10% each year without member vote; higher increases require majo (Section 5.3, B38425 P 906-908)

Special assessments

Association may levy Special Assessment for construction or reconstruction of Common Elements. During Declarant Control Period, only Declarant approval needed. After control period, 67% member vote required. Declarant not obligated to pay S (Section 5.4, B38425 P 908)

Collections & liens

Unpaid assessments become a continuing lien on the Lot, superior to all except ad valorem taxes, first mortgages, and deeds of trust to Declarant. Association may foreclose via judicial action or power of sale under Chapter 45 of NCGS. Also (Section 5.7, B38425 P 909-910)

Reserves & fees

Association may establish and maintain reserve funds for periodic maintenance, repair, replacement of Common Elements, unanticipated expenses, and equipment. Collected from assessments. (Section 3.4, B38425 P 901)

Leasing & rentals

Owner may delegate use rights to tenants as per Section 3.1(y). Leasing not prohibited; but no specific lease terms are given. (Section 3.1(y), B38425 P 899)

Architectural approval

Community Wide Standard (CWS) may include architectural standards; Board may set and amend CWS without member vote. During Declarant Control Period, Declarant must approve CWS. (Article I (CWS definition), Article VIII)

Home business

Not specifically addressed in this declaration. (N/A)

Signs & flags

Document title states: 'THIS DOCUMENT REGULATES OR PROHIBITS THE DISPLAY OF POLITICAL SIGNS AND THE DISPLAY OF THE FLAG OF THE UNITED STATES OF AMERICA OR STATE OF NORTH CAROLINA'. Specific provisions not in this excerpt; likely in later se (Title, B38425 P 894)

Maintenance

Not explicitly stated; exterior surfaces include roof? Association maintains exterior surfaces per Section 5.2(ii) and Section 8.1 (referenced). (Section 5.2(ii), B38425 P 906)

Insurance

Deductible may be up to $10,000.00 or other commercially reasonable amount. Deductible costs from negligent or intentional act of Owner may be charged as Special Individual Assessment. (Section 7.1(a) and Section 7.2, B38425 P)

Use restrictions

Property developed as a residential community of Townhomes; no specific use restrictions beyond typical residential use; further rules may be in Community Wide Standard. (Background Statement, B38425 P 894; Arti)

Voting & meetings

Two classes: Class A (non-Declarant owners) - 1 vote per Lot; Class B (Declarant) - 1 vote per Lot owned plus 4 votes per each Class A Member's Lot at time of vote. Class B ends upon recorded instrument, Declarant no longer owns Property, o (Section 4.2, B38425 P 901-902)

Amendments

Not fully detailed in excerpt; reference to 'subject to certain rights of amendment as hereinafter described' but not in provided text. Declaration may be amended per Act and its own provisions. (Statement of Declaration, B38425 P 894-8)

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