Cove Key

Key facts from Cove Key's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, 1.8 – name 'Gateway Corner Co)

Developer / declarant

JIMISH QUICKEL, LLC, a North Carolina limited liability company (Preamble)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Preamble & 1.1)

Assessments & dues

Board prepares budget and levies assessments proportionate to each Unit's Common Expense percentage (Exhibit B). Assessments must be reasonable and for Common Expenses. (6.1, Bylaws 8.3)

Special assessments

Allowed; Board may levy special assessments for Common Expenses not covered by regular assessments (Bylaws 8.7). (Bylaws 8.7)

Collections & liens

Assessments become a lien on the Unit if unpaid 30+ days. Association may foreclose lien and sell Unit or obtain money judgment, per N.C. Gen. Stat. §47C-3-115 and §47C-3-116. (6.1, 9.2, Bylaws 8.4, 8.11)

Reserves & fees

Common Expenses include allocations to reserves (1.7). Association shall maintain reserves for capital expenditures and deferred maintenance (Bylaws 8.6). Fidelity bond amount references reserves. (1.7, Bylaws 8.6, 8.3)

Pets

Generally not allowed except as provided by rules and regulations adopted by Board (Bylaws reference). (5.18, Bylaws 12.1)

Leasing & rentals

Yes, but only with prior Board consent, which shall not be unreasonably withheld. (5.6)

Parking & vehicles

Not explicitly; but parking not for storage/repair, likely prohibited. (5.8)

Architectural approval

Not a separate ARC; Board consent required for alterations to Common Elements (5.17). Unit alterations subject to Bylaws and minimum size (2.4). (2.4, 5.17)

Home business

Not explicitly addressed; commercial use is general, may encompass any commercial purpose. (5.3)

Setbacks / home size

650 square feet of floor space per Unit (after alteration). (2.4)

Maintenance

Roof is Common Element (1.6(c)) and also Limited Common Element for building (1.13). Association responsible for maintenance; costs for Limited Common Element allocated to Units in that building. (1.6(c), 1.13, 7.2)

Voting & meetings

One vote per Unit (equal allocation). Votes cast by Unit Owner. When multiple owners, they determine vote; if cannot agree, arbitration under AAA rules. No cumulative voting. Association cannot vote on Units it owns. (2.6 ('each Unit shall be entitled to one)

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