Towns at 506 Main Street

Key facts from Towns at 506 Main Street's documents

Community type

Planned Community under North Carolina Planned Community Act (Recital 3, Section 1.1)

Developer / declarant

Kinger Homes, LLC, a North Carolina limited liability company (Page 151)

Governing law

North Carolina Planned Community Act (N.C. Gen. Stat. Chap. 47F) (Section 1.1)

Assessments & dues

Board prepares budget, General Assessments levied equally against all Lots except Declarant during Development Period (Section 8.2)

Special assessments

Allowed for unbudgeted or excess expenses; requires disapproval by 67% Class A votes and Declarant (during Development Period) (Section 8.4)

Collections & liens

Assessment Lien on Lot for delinquent assessments; priority subject to tax liens and first mortgages; foreclosure allowed (Section 8.6)

Reserves & fees

Board may annually prepare reserve budgets for general purposes (Section 8.3)

Signs & flags

Document regulates or prohibits display of political signs (required statement) (Page 150)

Insurance

Reasonable deductible; may be specifically assessed to negligent Owners (Section 6.1(a)(v), 6.1(b))

Voting & meetings

Two classes: Class A (all Owners except Declarant) one vote per Lot; Class B (Declarant) appoints majority of Board during Control Period (Section 3.2)

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