Ocean Walk Townhomes

Key facts from Ocean Walk Townhomes's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Planned Community (Article I Section 14: "Planned Community)

Legal name

Ocean Walk Townhomes Owners' Association, Inc. (Article I Section 3: "Association shall )

Developer / declarant

Level 5 Development, LLC (Page 1: "LEVEL 5 DEVELOPMENT, LLC, a Nor)

Governing law

North Carolina General Statutes (Page 1: "subject to the North Carolina G)

Assessments & dues

Set by Executive Board based on annual budget; first Annual Assessment set by Declarant prior to first conveyance (Article VI Section 3)

Special assessments

May be levied for capital improvements with assent of two-thirds of Members voting at meeting; also without vote to reimburse Declarant as provided in Article IV Section 5 (Article VI Section 4)

Collections & liens

Association may file lien after 30 days unpaid; may foreclose like a mortgage under power of sale (Article 2A Chapter 45 GS); lien prior except prior recorded encumbrances and taxes; extinguished if not enforced within 3 years of docketing (Article VI Section 11)

Reserves & fees

Not explicitly required but working capital used for operating and capital expenses; fidelity bond must cover at least three months aggregate assessments plus reserve funds (implies reserves exist) (Article VI Section 7; Article V Section )

Fences

Fences not permitted unless design, placement, materials approved by Declarant, Board, or Architectural Control Committee (Article VII Section 2: "Fences shall not)

Signs & flags

Declarant may place 'For Sale' or 'For Rent' signs on any Lot it owns; no other sign restrictions mentioned (Article III Section 5)

Setbacks / home size

Minimum 1000 square feet of enclosed, heated dwelling area (excluding garages, decks, porches, etc.); waiver possible if no adverse impact on property values (Article VII Section 2: "Each dwelling sh)

Insurance

Association must maintain casualty and liability insurance on Common Elements in amount of $1,000,000 for bodily injury/death and property damage per occurrence (Article V Section 2)

Use restrictions

Yes, lots restricted to residential purposes; numbered lots for one single-family townhome dwelling (Article VII Section 3: "No Lot shall be )

Voting & meetings

Two classes: Class A (all Owners except Declarant, 1 vote per Lot); Class B (Declarant, 3 votes per Lot owned until conversion event) (Article IV Section 3)

Amendments

Declarant may amend without owner approval before first lot sale, to correct errors, to qualify for tax-exempt status, to reflect platting changes, to conform to law or governmental requirements, and during Declarant Control Period; after c (Article III Section 3)

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