1107 Bowfin Lane Condominium

Key facts from 1107 Bowfin Lane Condominium's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Preamble; N.C.G.S. Chapter 47C)

Legal name

1107 BOWFIN LANE UNIT OWNERS ASSOCIATION (Article I(b) definition)

Units / lots

2 (maximum; presently existing 2) (Article II(b): maximum number of units i)

Developer / declarant

BRC Kure Beach, LLC

Governing law

N.C.G.S. Chapter 47C (North Carolina Condominium Act) (Preamble (b))

Special assessments

May be charged for capital improvements; must be approved by affirmative vote of at least a majority of all units (Article V(b): "any such Special Assessme)

Collections & liens

Assessments become a lien; may be foreclosed like a mortgage under power of sale under Article 2A of Chapter 45 of NC General Statutes (Article V(h)(i) and (ii): "lien created )

Reserves & fees

Association shall establish an adequate reserve fund for periodic maintenance, repair, and replacement of Common Elements (Article V(a): "establish an adequate res)

Leasing & rentals

Yes, but whole unit only; no subdivision; lease must be in writing and require tenant to observe all governing documents (Article IV(e) and (f))

Architectural approval

Yes, any building, fence, wall, other structure or improvement, or exterior addition or change requires prior written approval of Board (Article XI(a))

Home business

Permitted only if home occupation does not involve physical access or visitation by general public and does not increase use of Common Elements or general services (Article IV(a): "except home occupations )

Insurance

Property insurance on all Common Elements (including Limited Common Elements) at 100% insurable replacement value; liability insurance at least $1,000,000 per occurrence (Article VII(a) and (b))

Use restrictions

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

Voting & meetings

Allocated equally on a per unit basis; each unit has one-half (1/2) vote (Article II(g): "allocated among all unit)

Amendments

Amendment requires written instrument executed by Association authorized by affirmative vote of all units; except Declarant may amend until it no longer holds title to either unit (Article XII(c))

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