Tara Condominiums Homeowners' Association, Inc.

Key facts from Tara Condominiums Homeowners' Association, Inc.'s documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title and Article I, Section 1.9)

Units / lots

8 (maximum initially) (Article II, Section 2.3: 'divide the pro)

Governing law

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

Assessments & dues

Total estimated Common Expenses divided by total number of Units, one-twelfth due monthly (Exhibit C: 'Each Unit's liability for Co)

Collections & liens

Assessments are a lien on the Units; if delinquent, lien may be foreclosed and Unit sold (Article VI, Section 6.1)

Reserves & fees

Allocations to reserves are part of Common Expenses (Article I, Section 1.8)

Pets

Yes, subject to rules and restrictions (Article V, Section 5.9 and Exhibit E, Ru)

Leasing & rentals

Yes, with restrictions (Article V, Section 5.8)

Parking & vehicles

Resident vehicles in excess of assigned spaces should be parked on the street (Exhibit E, Rule 13)

Maintenance

Unit Owner pays costs to repair damage to another Unit caused by his or his Occupant's acts or omissions (Article VII, Section 7.3)

Insurance

Casualty insurance on Property at not less than full insurable value on replacement cost basis (Article VIII, Section 8.1)

Use restrictions

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

Voting & meetings

One vote per Unit (Exhibit C: 'Each Unit shall have one vot)

Amendments

Amendment in strict compliance with Act; no amendment altering Special Declarant Rights without Declarant consent; certain amendments require consent of First Mortgagees (Article XII and Article XIII, Section 13)

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