Terawood Farm

Key facts from Terawood Farm's documents

Community type

Subdivision / Planned Community (Title 'Subdivision Plat of Terawood Farm)

Units / lots

20 (Lots 1-17, 19, 20 listed in Exhibit A) (Exhibit 'A', pages 31-32)

Developer / declarant

Ron R. Lee

Governing law

North Carolina Planned Community Act (G.S. 47F) (Article I, Section 1(a))

Assessments & dues

Board adopts proposed budget; sends to members with meeting notice (10-60 days); budget ratified unless rejected by majority of entire membership (or 80% if within Maximum Annual Assessment). If rejected, prior budget continues. (Article II, Section 3)

Special assessments

Requires 2/3 vote of each class; Board may levy up to $500 per lot/unit if not rejected by 90% vote, no more than once every 5 years (Article II, Section 9)

Reserves & fees

Late charges as established by Board from time to time (Article II, Section 1(7))

Pets

Yes, usual and common household pets only; no livestock or poultry. (Article VIII, Section 13)

Fences

Must have written approval; no chain link except black chain link; max height 6 feet. (Article VIII, Section 11)

Architectural approval

If not granted or denied within 60 days of written demand, approval is deemed waived. (Article VII, Section 2(a))

Setbacks / home size

Building setback requirements per Johnston County Subdivision Regulations in effect at time of construction. (Article VIII, Section 5)

Insurance

Hazard insurance on Common Area; liability insurance of at least $1,000,000. (Article X, Section 1)

Use restrictions

Each Lot shall be used for single-family residential purposes only. Declarant may use owned Lot as temporary sales office/model. (Article VIII, Section 1)

Voting & meetings

Multiple owners of a lot: vote cast by majority in interest; only one vote per lot (Article III Section 3; Article VI Sectio)

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