Litigation regarding past assessment payments has been settled and this means Ocean Ridge developer Mark Saunders can continue with meaningful real estate contributions to North Carolina. The amicable settlement was focused on assessment payments made on exempt properties. According to Saunders, who is manager of the Ocean Ridge development companies, the erroneous payments addressed by the Ocean Ridge Master Association was essentially a mix-up and “a simple carryover from prior years.” Saunders, the Ocean Ridge developer, has a long history of real estate projects in North Carolina and is excited to continue adding to that portfolio. The terms of the agreement can be found in the copy of the agreement below.
Ocean Ridge Developer and Association Reach Settlement
Mark Saunders and Association Reach Amicable Settlement
“Mark Saunders, manager of the Ocean Ridge® development companies, and the Ocean Ridge Master Association, the property owners’ association for the Ocean Ridge Community, announced that they have reached an amicable settlement to resolve the litigation between them pertaining to past assessments.
The issue began in 2010, when the governance of the association was turned over to board members elected by the property owners. The community’s protective covenants called for the developer to be exempt from assessments and its funding obligations ended at the time of turnover. Unfortunately, the exemption provision was apparently overlooked, and the developer paid assessments on exempt home sites for several years until the error was discovered. “We’re confident that the payment of assessments for exempt home sites was an innocent mistake – most likely a simple carryover from prior years. We are pleased that the lawsuit is resolved and extend our gratitude to the association’s board of directors for working with us to settle the issue amicably,” said Saunders. The lawsuit was filed in Superior Court of Brunswick County, NC, last year (16 CVS 2340).
While the terms of the settlement, including the total sum paid, are confidential, the association did refund a portion of the assessments, and contributions also were received from insurance companies who were representing the parties involved. The association’s current and future budgets account for the developer’s recognized dues-exempt status.
“We have always had a cordial and productive working relationship with the association members, who are an important reason that Ocean Ridge Plantation® has thrived,” Saunders said, “and, while the lawsuit was unfortunate, it is good to get the issue resolved. We look forward to continuing to work with the association’s board of directors.”
Ocean Ridge Plantation is a residential beach and golf club community in coastal North Carolina featuring exquisitely designed homes, four championship golf courses and world-class amenities. The moderate North Carolina coastal climate and abundance of coastal activities, including an oceanfront beach club, contribute to Ocean Ridge being a perennial award-winning community. Visit www.oceanridge.com for more information.”
Ocean Ridge Plantation