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Extracted directly from Documents and Governing Policies files
Article 13
NOW, THEREFORE, BE IT RESOLVED that in the interest of promoting development of the subdivision and thereby promoting protection of property values, the Association adopts the following policy regarding assessments applicable to owner/builders who wish to build a spec home:
A “spec home” is defined as a house built by a builder for the purpose of resale and not for their personal occupancy.
Owners/builders who wish to build a spec home must first apply for approval of the home construction plans by the ACC. The builder approved for a spec home must follow all current ACC Rules and Regulations, including no dirt work nor cutting of trees before ACC approval is received.
Once plans for said spec home are approved in accordance with all dedicatory instruments of the Association, the owner/builder may apply for a waiver of assessments for said lot(s) (a building site) for a period not to exceed twelve (12) months from the first of the month following approval. Assessments for an approved spec home must be paid during the construction process and will be refunded upon completion of the home not to exceed twelve (12) months, or sale of the home.
In order to qualify the owner/ builder must:
a. Sign a release acknowledging that should said spec home become occupied by the owner/builder or without a transfer of deed within five (5) years after completion of construction, any issued waiver will be rescinded, and all back assessments shall be due and payable immediately.
b. Be current and permanently remain current on all assessments, charges, fines, or fees commensurate with property ownership on all lots to which the owner/ builder is a party to ownership. Failure to remain current on all lots to which the owner/ builder is a party to ownership will result in the waiver being rescinded and all back assessments becoming due and payable immediately.
c. Have no outstanding deed restriction violations on any lot to which the owner/ builder is a party to ownership.
d. Have approval for all plans pertaining to the spec home from the ACC.
e. Be a foreclosed or delinquent lot at time of purchase.
f. Not have more than 4 approved spec home projects at one time.
If the owner/ builder meets all of the preceding criteria as verified by Management, the Board of Trustees authorizes a waiver of assessments for said lot(s) for a period not to exceed (12) months. An approval/denial letter will be issued by Management within 10 business days of application. If denied, said letter will state the specific qualification(s) which prohibited the owner/ builder from being approved. If approved the waiver of assessment reimbursement will be made when the home is complete, and the compliance deposit (if any remains) will be returned. Should construction fail to be completed by the end of the 12th month, the waiver will not be extended regardless of any extensions granted by ACC approval. Should the house fail to sell by the end of the 12th month, the waiver will not be extended. If the construction of approved Spec Home has not begun or arrangements made to do so by the end of the 12th month waiver period will result in the waiver being rescinded and all waived and current assessments become due and payable immediately.
EXCERPT: WESTWOOD SHORES PROPERTY OWNERS’ ASSOCIATION COMPLETE POA POLICY MANUAL
SIXTH EDITION
[Adopted 11/25/2024]
[ Modified: Thursday, 15 May 2025, 1:59 PM ]