Lafayette Homeowners Association Inc

Key facts from Lafayette Homeowners Association Inc's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (not condominium) (Title and preamble; references to 'Lot' )

Units / lots

22 building lots in initial phase (with potential for 64 additional lots upon rezoning of adjacent lands) (Article II, Section 4, BK010722PG02096-0)

Developer / declarant

PSW LLC, a North Carolina Limited Liability Company (Preamble, BK010722PG02092)

Governing law

Chapter 47F of the North Carolina General Statutes (North Carolina Planned Community Act) (Article I, Section 1, BK010722PG02093)

Assessments & dues

Maximum Annual Assessment initially $900 per Lot (Class A and Class B with CO). Board may increase annually up to 10% without member rejection threshold of 90% votes; unlimited increase upon majority vote of each class. (Article V, Sections 3 and 4, BK010722PG0)

Special assessments

For capital improvements or any purpose, requires same approval as max annual increase (majority of each class at meeting). Also a Replacement Contribution Agreement special assessment may be levied by Board without owner approval. (Article V, Section 5, BK010722PG02103-02)

Collections & liens

Unpaid assessments become a continuing lien on the Lot. Association may foreclose like a mortgage under NC law. Personal obligation of owner at time assessment fell due. Subordinated to first mortgage or deed of trust. Lien extinguished upo (Article V, Sections 1, 7, 8, 9, BK010722)

Reserves & fees

Working capital fund is not an advance payment of regular assessment; reserves for unforeseen expenditures. No separate reserve fund for capital replacements mentioned (other than Stormwater Replacement Contribution account). (Article V, Section 11, BK010722PG02105; )

Leasing & rentals

Yes. Minimum lease term of 6 months. Lease must be in writing and contain provision that tenant is bound by Declaration. If Owner fails to include, it is deemed included. Owner must furnish copy of lease to Association. (Article III, Section 3, BK010722PG02097-)

Architectural approval

Yes, for buildings, fences, signs, walls, mailboxes, additions, changes (including paint colors, roofing, siding), major landscaping, and lot subdivision. Plans and specs must be submitted to Declarant (or delegated committee) for approval. (Article VIII, BK010722PG02110-02111)

Use restrictions

General enforcement includes actions for nuisance; Association may evict tenants who create 'nuisance or an unreasonable and continuous source of annoyance'. (Article IX, Section 7, BK010722PG02114)

Voting & meetings

Class A Members (owners other than Declarant): 1 vote per Lot. Class B Member (Declarant): 3 votes per Lot owned until end of Declarant Control Period, then 1 vote per Lot. Vacant/leased dwellings: vote limited to 49% weight on any matter. (Article III, Sections 2 and 3, BK010722P)

Amendments

During first 25 years: by instrument signed by Owners of not less than 80% of Lots. Thereafter: 75%. Declarant may amend without member consent during Declarant Control Period to conform to governmental requirements. FHA/VA and City approva (Article X, Section 3, BK010722PG02115)

Amenities

Not specifically described; Common Area includes open space lots, private drainage easements, Stormwater Control Measures, and potentially water/sewer lines outside public rights-of-way. No specific recreational amenities mentioned. (Article I, Section 5, BK010722PG02093-02)

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