Preston Woods Condominiums

Key facts from Preston Woods Condominiums's documents

Reflects the 1990 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condo ([[DOC 10028: ccr]] [[PAGE 1]])

Legal name

Preston Woods Association ([[DOC 10028: ccr]] [[PAGE 6]])

Units / lots

72 units (Phase I); up to 72 additional units in Phase II–VI; contradictory statement that total shall not exceed 72 (Article I: "72 condominium living units")

Developer / declarant

Biltwell Inc. ([[DOC 10028: ccr]] [[PAGE 1]])

Governing law

North Carolina Condominium Act, Chapter 47C of the General Statutes of North Carolina (Article I (establishment under Chapter 4)

Assessments & dues

$600.00 per Unit until December 31 of the year first Unit conveyed (Article XXIV-F: "maximum annual assessme)

Special assessments

May be levied for construction, reconstruction, repair, or replacement of Common Areas; requires assent of Unit Owners owning 2/3 of Common Areas and Facilities voting in person or by proxy (Article XXIV-C)

Collections & liens

Association has a lien on each Unit for unpaid assessments, interest, costs, and attorney's fees; may foreclose like real estate deeds of trust in North Carolina; lien subordinate to first mortgages (Article XXIV-L, M)

Reserves & fees

Capital Improvement Fund for replacement of structural elements and mechanical equipment of Common Property; Board designates amount in annual budget; each Owner has a proportionate interest but cannot withdraw (Article XXIV-G)

Pets

Pets allowed subject to sanitary regulations of Cumberland County. ([[DOC 10027: bylaws]] [[PAGE 12]])

Leasing & rentals

Yes, entire Unit may be leased; no lease of less than entire Unit (Article XI: "no Unit Owner may lease les)

Parking & vehicles

At least 24 parking spaces provided; Association may make temporary and permanent assignments, and establish regulations. ([[DOC 10028: ccr]] [[PAGE 1]] [[PAGE 5]])

Architectural approval

Written consent of Association (Board or Architectural Control Committee) required for any structural modification, exterior alteration, painting, installation of antennas, fences, planting, or any change to Common Property or Limited Commo ([[DOC 10028: ccr]] [[PAGE 9]] [[DOC 1002)

Signs & flags

Developer may maintain sales office, model units, and display advertising signs on Common Property during Unit sales period; right ends when all Units in all phases are sold (Article XI (last paragraph))

Use restrictions

Each Condominium Unit is restricted to residential use. ([[DOC 10028: ccr]] [[PAGE 7]])

Voting & meetings

Based on ownership interest in Common Property (percentage); majority defined by NC Condo Act; supermajorities required for amendments (90% first 20 years, 75% afterward) and special assessments (2/3); developer has sole amendment power unt (Article IV-B (developer consent power); )

Amendments

Proposed by Board or majority of Unit Owners; requires notice 10-30 days ahead; requires affirmative vote of 90% of owners (first 20 years), thereafter 75%; also requires consent of Institutional Lenders for material amendments; Developer m (Article XXVII-A, B, D)

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