Gateway Terrace Land Condominium Association

Key facts from Gateway Terrace Land Condominium Association's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Land Condominium (Article 1, Section 1.1(c) ('land condomi)

Units / lots

5 (Land Units 1 through 5) (Recital E)

Developer / declarant

MIM Gateway Terrace RE, LLC and Gateway Terrace Partners, LLC (First page introductory paragraph)

Governing law

Chapter 47C of the General Statutes of North Carolina (North Carolina Condominium Act) (Article 1, Section 1.1(b))

Special assessments

Board may levy special assessments as provided in Bylaws. (Section 3.4)

Reserves & fees

Budget may include reserves for working capital, maintenance, and replacement. (Section 3.1)

Signs & flags

Three Master Signs in Common Elements; each Land Unit Owner has right to at least one panel sign; additional allocation by Board. Size, style at Board discretion in compliance with master sign plan. Maintenance cost of Master Signs is Commo (Section 5.1(l))

Voting & meetings

Each Land Unit has votes allocated according to Exhibit A (not provided in excerpt); percentage interest determines share of common expenses and profits, but votes are allocated separately per Exhibit A. (Section 2.2)

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