Towne Woods

Key facts from Towne Woods's documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential subdivision with homeowners association (Towne Woods Property Owners Association, Inc.) (A. (6) Corporation definition; B. (1) pu)

Units / lots

42 (Lots 1 through 42 initially); additional may be annexed (Preamble (Page 1) and A. (11) (Page 2))

Developer / declarant

H.B.H. DEVELOPERS, L.L.C. (Preamble (Page 1); A. (7) (Page 2))

Governing law

North Carolina Nonprofit Corporation Act (Chapter 55A) (B. (1) (Page 3))

Assessments & dues

Initial monthly general assessment not to exceed $10.00 per Lot until 1999 fiscal year. (E. A. (2) (Page 5))

Collections & liens

Unpaid assessments (plus interest, costs, attorney's fees) constitute a continuing lien on the Lot, subordinate to first mortgage/trust deed. Corporation may record notice, file suit, foreclose lien. Personal obligation of owner at time ass (E. A. (1) (Pages 4-5); G. (Page 9); E. H)

Reserves & fees

Capital Improvement Fund must be established from monthly general assessments for periodic maintenance, repair, replacement of capital improvements to Community Use Areas; maintained in separate account; interest not used for daily operatio (E. B. (2) (Page 6))

Pets

Yes: dogs, cats, or other household pets may be kept, provided not for commercial purposes, reasonable in number, confined to Lot. (L. (11) (Page 17))

Leasing & rentals

Yes: an Owner may lease or sublease his Dwelling at any time, provided the lease agreement subjects lessee to Declaration, Bylaws, and rules. Lessee not directly liable for assessments. (L. (4) (Page 16-17))

Parking & vehicles

Not specifically addressed, but Corporation may regulate parking in Community Use Areas (which include streets). (I. (1)(C) (Page 11))

Architectural approval

Yes, for any lot clearing, grading, structure, fence, building, wall, walkway, mailbox, sign, trash can holder, improvement, replacement, or addition; also for alteration of exterior (excluding painting) and surface alteration. (J. (2) (Page 14))

Home business

Not explicitly prohibited, but "noxious or offensive activity" and nuisance prohibited; likely no commercial use allowed by residential-only and nuisance clauses. (L. (10) (Page 17))

Signs & flags

Generally no signs displayed to public view except: (a) Declarant's sales signs during construction; (b) one sign not over 4 sq ft advertising property for sale or rent; (c) subdivision entrance signs. Also subject to ARC approval under Art (L. (7) (Page 17); J. (2) (Page 14) requi)

Setbacks / home size

Setback lines as set forth on recorded plat; may be amended or variances granted. (L. (25) (Page 18))

Maintenance

Corporation responsible for maintenance, management, operation of Community Use Areas including entrance signs, etc. (C. Page 4). Owner responsible for maintenance and repair of Lots, Dwellings, and all improvements thereon (D. (b) Page 4). (Various as cited)

Insurance

Each Owner responsible for hazard insurance on their Dwelling, personal property, fixtures; and liability insurance covering Lot and Dwelling. (K. (5) (Page 16))

Use restrictions

Yes. "Lot shall be used except for single family residential purposes." (L. (1) (Page 16))

Voting & meetings

Class A (all owners except Declarant): 1 vote per Lot owned; Class B (Declarant): 3 votes per Lot owned. When multiple owners of a Lot, only one vote per Lot (as they determine). (B. (4) (Page 3))

Amendments

Until January 1, 2007: amendment requires instrument signed by not less than two-thirds (2/3) of each class of members. After January 1, 2007: requires three-fourths (3/4) of each class. Certain matters cannot be amended (tax obligations, s (P. (1) and (3) (Page 20))

Amenities

Community Use Areas include subdivision entrance signs, entrance islands, and other improvements and amenities owned by Corporation. Specific recreational areas not defined until conveyed to Corporation. (C. (Page 4); A. (14) Recreational Areas )

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