University Terrace Condominiums

Key facts from University Terrace Condominiums's documents

Reflects the 1998 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article 2.2, Article 1.7)

Legal name

University Terrace Condominiums Homeowners Association, Inc. (Article 1.2, Exhibit D (Articles of Inco)

Units / lots

24 (Phase I), plus up to 24 additional units on Additional Real Estate (Article 2.3, Article 3.2)

Developer / declarant

P.P. Associates LLC, A North Carolina Limited Liability Company (Preamble, Article 1.8)

Governing law

North Carolina Condominium Act, Chapter 47C, North Carolina General Statutes (Preamble, Article 1.1)

Assessments & dues

Initial monthly assessment for first calendar year shall not exceed $60.00 per month (Article 6.4)

Special assessments

Permitted; Board may levy special assessments (Bylaws Article 6.4 Special Assessments ()

Collections & liens

Assessments are a lien on the Unit; may be foreclosed and Unit sold, or money judgment obtained (Article 6.1, Bylaws Article 6.6, 6.7, 6.)

Reserves & fees

Common Expenses include allocations to reserves (Article 1.6); also referenced in Bylaws (Article 6.1? Not explicit) (Article 1.6)

Pets

Yes, owners can have pets. Non-owner occupants cannot unless an owner is also a resident in the unit. (Article 5.7)

Leasing & rentals

Lease or rental of a unit for residential purposes shall not be considered a violation, so long as the lease complies with Declaration, Bylaws and Rules and Regulations (Article 5.3(a))

Parking & vehicles

Prohibited within any street right-of-way (Article 5.10 (first sentence))

Maintenance

Not explicitly stated; roofs likely Common Elements (exterior portions)

Insurance

Casualty insurance on Property at 100% of full insurable value on replacement cost basis; risks as determined by Board but must conform to Act. Public liability insurance at least $1,000,000 per occurrence for death, bodily injury, property (Article 8.1, 8.2)

Use restrictions

Each unit shall be used for residential purposes only (Article 5.3(a))

Voting & meetings

One vote per Unit; each Unit Owner has one vote for each Unit owned (Article 2.6, Bylaws Article 2.7)

Amendments

Amendment only in strict compliance with Act (Sections 47C-2-105 and 47C-2-117). No amendment altering Declarant Rights without Declarant's written consent. During Declarant Control Period, amendments subject to prior approval of all First (Article XII, Article XIII (13.1, 13.7, 1)

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