Lochridge Lakeside Condominium

Key facts from Lochridge Lakeside Condominium's documents

Reflects the 1990 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, III, IV)

Legal name

Lochridge Lakeside Condominium Association, Inc. (Article X)

Units / lots

12 in Phase I; up to 90 maximum if all phases built (Article I: 'twelve (12) condominium livi)

Governing law

Chapter 47C of the North Carolina General Statutes (North Carolina Condominium Act) (Article I)

Assessments & dues

Initially set by Board based on annual budget; maximum per Exhibit C; thereafter may increase up to 10% per year without vote. (Article XXIV-E, F)

Special assessments

Allowed with assent of Unit Owners owning 2/3 of Common Areas, voting in person or by proxy. (Article XXIV-C)

Collections & liens

Association has lien on unit for unpaid assessments, interest, costs, attorneys' fees; lien may be foreclosed like mortgages; subordinate to first mortgage; recorded after 30 days; extinguished if suit not brought within 3 years. (Article XXIV-L, M)

Reserves & fees

Capital Improvement Fund for replacement of Common Property; amount set by Board; interest may be used for operations. (Article XXIV-G)

Pets

Yes, dogs, cats or other household pets may be kept within a unit, not for commercial purposes. (Article XII-2)

Parking & vehicles

Parking in spaces assigned by Association; no boats or trailers except in designated area; garages and carports are Limited Common Elements assigned to specific units. (Article VII; Article IV-C)

Fences

Construction of fences requires written consent of Association. (Article XVI: 'including the location or )

Architectural approval

Yes, for structural modifications, exterior alterations, and changes to Common Property; plans and specifications must be submitted to Board. (Article XVI)

Home business

Prohibited; commercial purposes not allowed. (Article XI: 'No Owner ... shall permit t)

Signs & flags

Developer allowed sales signs until all units sold or Dec 31, 1994; otherwise, any exterior alteration (including signs) requires written consent. (Article XI; Article XVI)

Use restrictions

Each Condominium Unit restricted to residential use by owner, family, invitees, lessees; no transient hotel or commercial purposes. (Article XI)

Voting & meetings

Each Unit Owner becomes member automatically upon acquisition; voting rights may be suspended for non-payment or for infractions up to 60 days. (Article X; Article XII-3)

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