Liberty Condo Rhw

Key facts from Liberty Condo Rhw's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title and throughout)

Legal name

Liberty Condominium Owners Association, Inc. (Section I (Definitions) and Article VI)

Developer / declarant

RHW Investments, LLC, a North Carolina limited liability company (Preamble and Section I)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Preamble and Section I)

Assessments & dues

Board prepares annual budget and makes assessments; assessments are Common Expenses allocated per Common Element Interest percentages in Exhibit D (Bylaws Article IV Section 4.12(a) and (b)

Special assessments

Board may borrow money; borrowing in excess of 10% of total annual assessment requires 51% vote of Members (except during Declarant Control Period); also, additions/alterations costing >5% of annual budget require Majority Vote (Bylaws Article IV Section 4.12(m); Decla)

Collections & liens

Board may file lien if owner delinquent more than 60 days; lien prior to all except real estate taxes and first mortgage; sale/transfer does not affect lien; purchaser at foreclosure not liable for pre-acquisition assessments (Article XII Sections 2, 3)

Reserves & fees

Replacement Reserves are collected as Common Expense assessments for future replacement costs of Common Elements; held by Association as agent for Unit Owners; can only be expended at direction of Association; returnable to Unit Owners upon (Section I (Definitions) and Article XII )

Leasing & rentals

Yes, but with restrictions: written lease required; initial term min 1 year; entire unit only; lessee bound but not liable for assessments; copy of lease provided to Association before execution (Article XII Section 9)

Architectural approval

Prior written consent of Board required for painting, decorating, landscaping, altering exterior of Building, Common Elements, Limited Common Elements, exterior of Unit (including doors, windows, glass); interior alterations that do not imp (Article XII Section 7(a) and (b))

Home business

Limited home office allowed, but 'shall not involve regular or frequent visits by clients, customers, associates, patients, or delivery personnel' (Article XII Section 8(a)(5))

Maintenance

Association (part of Common Elements structural elements) (Article V Section 1(b): 'roof structure')

Insurance

Property insurance on all insurable improvements (except improvements by Owners) for fire, extended coverage, vandalism, malicious mischief, debris removal, demolition, windstorm, water damage at full replacement value; fidelity coverage; c (Article XII Section 15)

Use restrictions

Yes; all Units are restricted to residential use only (Article IV Section 1: 'All of the Units )

Voting & meetings

One vote per Unit; votes allocated as per Exhibit D (one vote per unit); Majority Vote means more than 50% of votes cast at meeting with quorum; certain actions require 67% or unanimous (Article V Paragraph 3 and Bylaws Article)

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