Jacobs Cove

Key facts from Jacobs Cove's documents

Reflects the 2013 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

Jacobs Cove Property Owners' Association, Inc. (Preamble)

Developer / declarant

Lennar Carolinas, LLC, a Delaware limited liability company (Preamble)

Governing law

South Carolina Uniform Arbitration Act, S.C. Code Ann. §§15-48-10 et seq. (Header above Declaration)

Special assessments

May be levied by Board for unbudgeted expenses, capital improvements, replacement, debt repayment, or any Common Expense; during control period requires Declarant written approval (Section 5.4)

Collections & liens

Unpaid assessments become a continuing lien on the Unit; Association may foreclose the lien; personal obligation also exists against owner at time assessment fell due (Section 5.1, 5.10)

Reserves & fees

Imposed if Assessment not paid within 10 days after due date, amount established by Board (Section 5.10)

Use restrictions

All Units are restricted exclusively to residential use (Section 2.1)

Amendments

Declarant may unilaterally amend Declaration by Supplemental Declaration during Declarant Control Period; after control period, amendment process not fully specified in this excerpt but apparently requires member vote (implied by mortgagee (Section 1.1.31, Section 2.3, 2.4)

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