Central Park II Property Owners Association Inc

Key facts from Central Park II Property Owners Association Inc's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Governing law

Chapter 47C of the General Statutes of North Carolina (North Carolina Condominium Act) (Section 1.1)

Assessments & dues

Executive Board proposes a budget; then provides summary to Unit Owners and sets a meeting for ratification within 14-30 days; unless a Majority of all Unit Owners rejects the budget, it is ratified. (Section 15.4)

Reserves & fees

Association may establish reserves for repair, replacement, addition to Common Elements; unexpended reserves may be retained or returned. (Section 1.2(e)(iv))

Insurance

Each owner must maintain personal property insurance and comprehensive personal liability insurance with minimum $100,000 property damage and $1,000,000 personal injury per occurrence, with waiver of subrogation. (Section 18.5)

Amendments

Amendment requires vote or agreement of Unit owners of at least 67% of votes; unanimous consent required for changes to Special Declarant rights, increase number of Units, change boundaries, allocated interests, or use restrictions. (Section 12.1, 12.4)

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