1215 Bowfin Lane Condominium

Key facts from 1215 Bowfin Lane Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration of 1215 Bowfin Lane Condomin)

Legal name

1215 Bowfin Lane Condominium

Developer / declarant

BRC Kure Beach, LLC

Governing law

N.C.G.S. Chapter 47C (Article I, Section (b) and (c))

Assessments & dues

Association adopts budget and charges each unit equally on a per unit basis (Article V(a) and (c))

Special assessments

May be charged upon affirmative vote of at least a majority of all units (Article V(b))

Collections & liens

Unpaid assessments become a lien after 30 days past due; may be foreclosed as a mortgage under NC law; subordinate to first mortgages (Article V(h) and (i))

Reserves & fees

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

Leasing & rentals

Leases must be in writing and require tenant to observe all rules (Article IV(f))

Home business

Permitted only if no physical access/visitation by public and no increased use of Common Elements (Article IV(a) – home occupations excepti)

Signs & flags

Only 'For Sale' signs permitted on or from any unit (Article IV(g))

Insurance

Association shall carry property insurance on Common Elements (including Limited Common Elements) at 100% replacement value, fire and extended coverage; liability insurance with limits of not less than $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

One-half (1/2) vote per unit; allocated equally on a per unit basis (Article II(g))

Amendments

Requires affirmative vote of all units then existing; Declarant may amend until it no longer holds title to either unit; amendment must be recorded (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.