Locksley Woods Condominium Association

Key facts from Locksley Woods Condominium Association's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title and whole document)

Units / lots

Approximately 234 units (Article III, Section 3.2 (Page 5))

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Page 1, recital and Article I, Section 1)

Assessments & dues

Maximum annual basic assessment initially $80.00 per unit, not including insurance; insurance cost added and varies by unit size (Article VI, Section 6.2 (Page 9))

Collections & liens

Assessments are a lien on the unit; may be foreclosed or money judgment obtained if delinquent (Article VI, Section 6.1 (Page 9))

Reserves & fees

Budgets include amounts for reserves for future maintenance and repairs (Section 6.2(a)); working capital fund for unforeseen expenditures (Article VI, Sections 6.2(a) and 6.3 (Pag)

Pets

Yes, dogs, cats, or other household pets allowed subject to rules and regulations; not for commercial purposes; Board may exclude pet it deems a nuisance (Article V, Section 5.10 (Page 8))

Leasing & rentals

Yes, unit owner may lease his unit subject to restrictions (Article V, Section 5.8 (Page 8))

Insurance

Association shall maintain hazard and flood insurance (if available) on property in amount not less than 50% of replacement cost, on a replacement cost basis (Article VIII, Section 8.1 (Page 12))

Use restrictions

Units shall be occupied and used for residential purposes only (Article V, Section 5.3(a) (Page 7))

Voting & meetings

Each unit has one vote in the Association (Exhibit C (Page 25))

Amendments

Declaration may be amended only in compliance with Act (Sections 2-108 and 2-117); no amendment altering or impairing special declarant rights without Declarant's written consent (Article XII (Page 14))

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