1309 Bowfin Lane Condominium

Key facts from 1309 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 (b): submits Property to condom)

Legal name

1309 BOWFIN LANE UNIT OWNERS ASSOCIATION (Article I(b) Definition of Association)

Developer / declarant

BRC Kure Beach, LLC

Governing law

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

Assessments & dues

Association adopts budgets and collects assessments; Regular Assessments determined by Board of Directors; Special Assessments require majority vote of units (Article V(a) and (b))

Special assessments

allowed for capital improvements; requires affirmative vote of at least a majority of all units; may be paid in monthly or quarterly installments as determined by Board (Article V(b))

Reserves & fees

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

Leasing & rentals

Leasing allowed; every lease must be in writing and must obligate tenant to observe all Declaration, Bylaws, Rules; no portion may be rented separately from whole unit. (Article IV(e) and (f))

Home business

Allowed only if no physical access or visitation to the unit by the general public and no increased use of Common Elements (Article IV(a))

Insurance

Association shall maintain property insurance on all Common Elements (including Limited Common Elements) except land, excavations, foundations, etc., at 100% insurable replacement value, covering fire and extended coverage hazards. (Article VII(a))

Use restrictions

Each unit shall be used for residential purposes only. No commercial activities conducted in or from any unit, except home occupations that do not involve physical access/visitation and no increased use of Common Elements. (Article IV(a))

Voting & meetings

allocated equally on a per unit basis; each unit has one-half (1/2) of the votes (Article II(g) Allocated Interests: equal)

Amendments

Except as provided, Declaration may be amended or rescinded only by written instrument executed by Association and authorized by affirmative vote of all units at a meeting with proxy allowed; Declarant may amend until it no longer holds tit (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.