Loxdale Farms

Key facts from Loxdale Farms's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

planned community governed by the North Carolina Planned Community Act (Chapter 47F) (Section 1.01 (Act definition) and Recita)

Developer / declarant

R. L. Rushing & Co., a North Carolina Corporation (Preamble of Declaration and Amendment)

Governing law

North Carolina Planned Community Act, Chapter 47F, North Carolina General Statutes (Section 1.01)

Assessments & dues

For first assessment year (June 30, 2001 – July 1, 2002): $200.00 per Lot owned by an Owner (not including Declarant). Declarant pays $50.00 per year per Lot owned. (Section 9.05)

Special assessments

Allowed for capital improvements to Common Area. Ratio 3:1 for Class A to Class B Lots. Special assessments exceeding 5% of budgeted gross expenses require 67% vote of each class (or 67% of total and non-Declarant Voting Power if no two-cla (Section 9.06)

Collections & liens

Assessments become a lien against the Lot when a notice of assessment is recorded. The lien is prior to all other liens recorded subsequent. The Association may foreclose in accordance with North Carolina law. (Section 9.01)

Reserves & fees

The Board may establish and maintain reserves for Common Area replacements and maintenance. The initial budget sets a level; subsequent budgets must provide at least that amount unless lower level approved by majority of each class (or majo (Section 9.04)

Pets

Yes, dogs, cats, or other household pets may be kept, but not for commercial purposes. (Section 7.09(A))

Leasing & rentals

Yes, Owners have the right to lease or rent their Lots, subject to restrictions. (Section 4.03(B))

Architectural approval

Yes, no building, pool, fence, wall, solar panel, antenna, deck, patio, or other structure or improvement on any Lot shall be erected, constructed, demolished, or altered without written approval from the Board or an architectural control c (Section 13.01)

Home business

Prohibited except by Declarant during development (Section 7.23). No other home business allowed. (Sections 7.01, 7.23)

Signs & flags

Generally prohibited except one professionally manufactured sign not exceeding 5 square feet advertising a Lot for sale or rent, placed on Owner's Lot. Declarant may erect signs to promote sale of Lots. (Section 7.05)

Use restrictions

Each Lot shall be used solely for construction and occupancy of a single-family residence. No business, commercial, manufacturing, or mercantile use. No group homes, halfway houses, etc. (Section 7.01)

Voting & meetings

Two classes: Class A (all Owners except Declarant) – 1 vote per Lot; Class B (Declarant) – 3 votes per Lot. Class B converts to Class A upon earlier of (a) conveyance of 75% of Lots to non-Declarant Owners for use as residence, or (b) 10 ye (Section 8.03)

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