Metro

Key facts from Metro's documents

Community type

Fractional ownership club (equity shared ownership program) within a condominium (The Residences at 151) (Recital C, Page 6)

Governing law

North Carolina Time Share Act, Chapter 93A, Article 4 of the North Carolina General Statutes (Introductory paragraph, Page 6; also Sha)

Collections & liens

Creation of lien and personal obligation for unpaid assessments (Section 14.6); Remedies include foreclosure (Section 14.6, Page 29 (as shown in Table)

Reserves & fees

Club Expense Fund consists of one operating fund and one capital fund for reserve and replacement expenses (Section 1.13, Page 8)

Pets

Animals governed by Club Rules, which may include pet restrictions, no-pet policy, vicious dog prohibitions, but may not prohibit service animals. (Section 9.3, Page 20)

Maintenance

Club Association responsible for maintenance, repair, and refurbishment of Club Residences, Club Furnishings, and Club Facilities and Amenities. (Section 8.2.1, Page 17; Article 16 gener)

Voting & meetings

Each Club Interest is entitled to one (1) vote in the Club Association on all matters submitted to a vote of Club Owners (Section 11.1, Page 24 (as indicated in T)

Amendments

Amendment requires vote of Club Owners (percentage not specified in provided text), Developer's written consent during Developer Control Period, and Eligible Mortgagee vote if required. (Article 20, Pages 38-39; Section 20.5)

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