Lago Vista First Troy

Key facts from Lago Vista First Troy's documents

Community type

planned_community (Article I Section 13 - Planned Community)

Legal name

Lago Vista

Developer / declarant

First Troy SPE, LLC (Preamble and Article I Section 5)

Governing law

North Carolina Planned Community Act (Chapter 47F of the General Statutes of North Carolina) (Article I Section 13)

Assessments & dues

Set annually by Executive Board; no fixed amount stated. (Article IV Section 3(b))

Special assessments

Allowed for capital improvements with 2/3 vote of each class and Declarant consent during Declarant's Development Period. (Article IV Section 4)

Collections & liens

Association may file claim of lien and foreclose; limitations on foreclosure for fines and attorneys' fees. (Article IV Sections 9, 10, 11)

Reserves & fees

Association shall establish and maintain adequate reserve fund for periodic maintenance, repair, replacement of improvements to Common Elements. (Article IV Section 2(b))

Leasing & rentals

1 month (Article II Section 6)

Parking & vehicles

Association has right to assign parking spaces, regulate on-street parking, and enforce by towing. (Article II Section 4(f))

Fences

Fences require architectural approval (included in improvements requiring approval). (Article V Section 1)

Signs & flags

Subject to restrictions; Article VII Section 7 and Article VIII Section 2. (Table of Contents and Article VIII Secti)

Maintenance

Association maintains Common Elements and certain infrastructure (private sewer, lake, etc.); Owners maintain their Lots and improvements. (Article II Sections 2 and 3, Article VI )

Insurance

Association shall maintain casualty insurance on Common Elements as required by Bylaws. (Article I Section 4 (reference to casual)

Voting & meetings

One vote per Lot for Class A members; three votes per Lot for Class B (Declarant) until conversion. (Article III Section 1 and 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.