Lynnwood City Homes Condominium

Key facts from Lynnwood City Homes Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title and Art. 1)

Legal name

Lynnwood City Homes Condominium Owners Association, Inc. (§2.3, §3.2)

Developer / declarant

Simonini Saratoga Lynnwood, LLC, a North Carolina limited liability company (Preamble)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Preamble, Article II §2.1)

Assessments & dues

determined by Board, not specified (Art. 7.1, page 20)

Special assessments

not explicitly defined, but common expenses can include special assessments (Art. 7.1, page 20)

Collections & liens

Assessments constitute a lien on each unit; may be foreclosed; subordinate to first mortgage recorded before docketing (Art. 7.1, page 20)

Reserves & fees

$25.00 or 10% of amount due, whichever is greater (Bylaws Art. VI Sec. 6.2, page 64)

Pets

Yes, household pets only (§6.3(f) (first sentence))

Parking & vehicles

parking only in garage appurtenant to unit and three unassigned surface spaces; no parking elsewhere; continuing occupants must park in garage (Art. 6.3(j), page 19)

Architectural approval

plans and specifications must be submitted; if not approved or disapproved within 30 days, approval not required (Art. 8.6, page 23)

Maintenance

Unit Owner pays costs to repair damage caused by own acts/omissions or those of Occupants; also damage to other units or common elements caused by them (Art. 8.3, page 22)

Insurance

fire and extended coverage on Building and improvements at 100% replacement cost; public liability (minimum $1,000,000 until first Board meeting); fidelity bonds (minimum 1.5x estimated annual operating expenses and reserves); officers/dire (Art. 9.3, pages 23-25)

Use restrictions

Property shall be used only for Residential Purposes and auxiliary common recreational purposes (§6.3(a))

Voting & meetings

One vote per Unit; all Units have equal votes (§3.10 ("each Unit Owner having one vote )

Amendments

Amendment only in compliance with Act (Sections 47C-2-105 and 47C-2-117); no amendment altering Special Declarant Rights without Declarant's written consent. (§11.3)

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