AG 2000 11 20 - Laserfiche WebLink

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16. Any approvals required by Developer shall be obtained from the Property Owners Association after the developer has sold ninety (90%) percent of the lots in the subdivision. Developer may, at its option, transfer this authority after fifty (50%) percent of the lots have been sold. 17. PROPERTY OWNERS ASSOCIATION: The Developer has formed a Property Owners Association. The property owners assdciation shall have the right to enforce the restrictions and conditions contained in this declaration, and further shal[ have the right m impose an equal assessment on an annual basis against each and every lot within the subdivision for the purposes of enforcing these restrictions md maintaining the open and/or common areas located within the . subdivision. The property owners association was organized under the laWs of the State of North Carolina on and each property owner shall an~omatically become a member of the association with full voting rights after the Developer tums the association over to the property owners. a. The officers and directors of the association shall be the property o'~aers, and all fees set by the association shall be set by the directors of the association. Each lot owaaer shall be obligated to pay said assessment to fine association within thirty (30) days after receipt of notice of any assessment and failure after notice to make payments within the time specified shall cause the assessment to become a lien against the lot. The lien ~nay be enforced as provided by law. The property owners shall have the ri~t to promulgate rules and regulations concerning the use of the open space or eohamon areas within the subdivision. Each person.acquiring, by deed or contract of saie, a lo't-'lo~ted within the subdivision which is subject to these restrictions and Conditions, binds himself.