Parkwood Square

Key facts from Parkwood Square's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

HOA (§1.20 (Community defined as planned comm)

Legal name

Parkwood Square Community Homeowners Association, Inc. (Recitals C)

Developer / declarant

Optimist Park Partners, LLC, a North Carolina limited liability company (Opening paragraph)

Governing law

North Carolina Planned Community Act (Chapter 47F of NC General Statutes) (§1.1)

Special assessments

Allowed for unbudgeted expenses, capital improvements, restoration, etc. (§1.4.4)

Collections & liens

Association has right to lien and foreclose for unpaid assessments (includes rent collection) (§11.16-11.19)

Pets

Yes, but subject to rules and regulations (§12.7)

Leasing & rentals

Yes, subject to restrictions (Article 16)

Parking & vehicles

Prohibited: Commercial trucks, trailers, campers, boats may not be parked or stored (§12.8)

Fences

Fences and walls subject to ARB approval and standards (§12.16)

Architectural approval

Yes, Architectural Review Board (ARB) approval required for exterior alterations (Article 14)

Signs & flags

Regulated; political signs and US/NC flags protected under NC law (header) (§12.6 and declaration header)

Maintenance

Association is responsible for repair/replacement of roof (shingles, flashing, gutters, etc.) (§1.27.1)

Insurance

Association to maintain property insurance on Common Areas and Attached Townhomes (building coverage) (§8.2, §8.3)

Use restrictions

Units shall be used only for residential purposes (§16.1)

Voting & meetings

Two classes: Class A (1 vote per Lot for non-Declarant Owners); Class B (10 votes per Lot for Declarant) (§4.2)

Amendments

Amendments are governed by Article 18; Declarant may amend unilaterally under certain conditions; limitations on amendments affecting Declarant rights; amendments required by secondary mortgage market. (Sections 18.1, 18.2, 18.4, 18.5)

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