Fountainhead Owners Association, Inc.

Key facts from Fountainhead Owners Association, Inc.'s documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Fountainhead Owners Association, Inc.

Developer / declarant

Elmwood Partners, LLC

Governing law

Chapter 47C of the General Statutes of North Carolina (Article I, A)

Assessments & dues

Maximum initial monthly assessment of $125.00 per Unit; additional $10.00 per Garage Unit (Article XXIV, I: "Until January 1 of the)

Special assessments

Allowed for construction, reconstruction, repair, or replacement of Common Areas, with assent of Unit Owners owning 2/3 of Common Areas and Facilities voting in person or by proxy (Article XXIV, D)

Collections & liens

Association has lien on each Unit for all assessments, interest, costs, attorney's fees; lien foreclosable like real estate deeds of trust; subordinate to first mortgage (Article XXIV, O and P)

Reserves & fees

Association shall maintain an adequate reserve fund out of monthly assessment fees for replacement or improvement of Common Areas and Limited Common Areas; also Capital Improvement Fund for structural elements and mechanical equipment (Article XIX ("adequate reserve fund"); A)

Pets

Yes, but regulated by Board of Directors regarding type, size, and number (Article XIII: "The Board of Directors ha)

Leasing & rentals

Yes, but lease must be subject to Declaration, Articles, and Bylaws; failure to comply by lessee is default under lease (Article XI: "Any leases shall provide th)

Architectural approval

Written consent of Association (through Board or architectural control committee) required for structural modifications, alterations to exterior (including painting, electrical wiring, antennas, window treatments), and any changes to Common (Article XVI)

Insurance

Deductible provisions apply; owner may be required to pay portion of costs if damage caused by owner or if deductibility exceeds insurance proceeds (Article XVIII and Article XIX: "except t)

Use restrictions

Each Condominium Unit is restricted to residential use; no transient hotel or commercial use (Article XI)

Voting & meetings

Each Unit has one vote in the Association; amendments require percentage of undivided interest in Common Areas and Facilities (90% for first 20 years, 75% thereafter); special assessments require 2/3 vote; termination requires unanimous agr (Article XXVII, A(1); Article XXIV, D; Ar)

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