Townes at Marketplace

What Townes at Marketplace's governing documents say

Townes at Marketplace is a planned community in Wilmington, NC, governed by the North Carolina Planned Community Act. You own your lot and townhome, and the association maintains common elements and limited common elements (like exteriors and yards). This declaration sets up the homeowners' association, defines property rights, and establishes assessment and insurance obligations.

• What you own & maintain: You own your lot and the townhome on it. The association maintains common elements (e.g., roads, ponds, open space) and limited common elements (exteriors of dwellings, roofs, driveways, yards, but not privacy fences).
• Assessments & fees: Each lot owner must pay annual assessments, special assessments, insurance assessments, ad valorem tax assessments, and working capital assessments. The annual budget is proposed by the board and ratified unless a majority of owners reject it. Delinquent assessments become a lien on the lot and a personal obligation of the owner.
• Insurance: The association must maintain casualty and liability insurance on common elements (at least 80% replacement cost and $1,000,000 liability). Policies must include waivers of subrogation, non-cancellation protections, and name each lot owner as an insured. Alternatively, with 67% owner approval, insurance can be shifted to individual lot policies.
• Developer rights & transition: The developer (Declarant) retains special rights, including control of the architectural committee, the ability to annex additional property, amend the declaration without owner approval in certain cases, and appoint the board during the Declarant Control Period (until Class B votes equal Class A, or December 31, 2013, or voluntary surrender).
• Property rights & easements: Owners have an easement to use common elements. The developer and association have easements for utilities, drainage, maintenance, and emergency access. Owners must not obstruct these easements.
• Architectural control: The Architectural Control Committee (appointed by the developer during the Declarant Control Period) oversees all architectural changes. Specific standards are not detailed in this excerpt.
• What this document doesn't cover: This excerpt does not include specific use restrictions (e.g., pets, leasing, parking, noise), architectural standards, or enforcement procedures. Those may be in other sections of the declaration or in separate rules.

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.