Colony Woods Townhouses

What Colony Woods Townhouses's governing documents say

Colony Woods Townhouses is a planned unit development of townhomes in Wilmington, NC. This declaration of covenants, conditions, and restrictions establishes a homeowners association (Colony Woods Homeowners Association, Inc.) that governs the properties, sets assessments, and outlines rules for owners and residents.

• Membership & voting: Every lot owner is a member of the association. Class A members (all owners except the developer) get one vote per lot owned; the developer (Declarant) holds Class B membership with three votes per lot until Class A total equals Class B total or March 31, 1988, whichever comes first.
• Assessments & fees: Lot owners must pay annual assessments (initially capped at $240 per lot per year, with 5% annual increases allowed without a vote) and special assessments for capital improvements if approved by two-thirds of each class. Assessments can be increased above 5% by the same two-thirds vote. The developer pays a reduced rate of 50% per lot until transfer to a Class A member.
• Leasing & rentals: Leases must acknowledge the association's rules and may be terminated for violations. The homeowner-landlord must provide lease notices as required by the bylaws, take action to remove violating tenants after continued violations, and pay all regular and special assessments on time.
• Parking & vehicles: Each lot is entitled to use up to two parking spaces, and the association will assign one space per dwelling.
• Architectural review: No building, fence, wall, or other structure may be built, nor exterior alterations made, until plans are approved in writing by the board or an architectural committee for harmony of design and location. If no decision is made within 30 days of submission, approval is deemed given.
• Party walls: Walls built on dividing lines between lots are party walls. Owners sharing a party wall pay proportionally for its repair and maintenance. If a party wall is destroyed, any user may restore it; other users then contribute proportionally. An owner whose negligent or willful act exposes the wall to the elements bears the whole cost of weatherproofing.
• Insurance & damage: Each owner must insure their townhouse unit (excluding personal property) for 100% replacement cost and provide proof to the board. The association also insures common areas. After damage or destruction, the owner must notify the association and insurer within 30 days, contract for restoration with board approval, and pay any deficit between insurance proceeds and repair costs.
• Common area & property rights: Every owner has an easement to use the common area (initially the described property excepting dedicated streets and Phase I lots). The association can charge fees for recreational facilities, suspend use rights for unpaid assessments or rule violations up to 60 days, and dedicate common area to a public agency with a two-thirds vote of each class.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.