Elkridge at Southview

Key facts from Elkridge at Southview's documents

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

Community type

condominium (Title and Article I)

Legal name

Elk Ridge at Southview Homeowners' Association, Inc. (Article X: 'Elk Ridge at Southview Homeo)

Governing law

North Carolina Condominium Act (Chapter 47C of the General Statutes of North Carolina) (Article I A; Article III (definition of )

Assessments & dues

Board of Directors adopts annual budget; assessments based on budget and allocated per unit's percentage interest in common property (Exhibit C). (Article XXIV A, E)

Collections & liens

Association has lien on each unit for unpaid assessments, interest, costs, attorney's fees. Lien may be foreclosed like real estate deeds of trust. Subordinate to first mortgage. Claim of lien recorded in public records. (Article XXIV M, N)

Reserves & fees

Association must maintain adequate reserve fund out of monthly assessments for replacement or improvement of common areas and limited common areas. Also Capital Improvement Fund required. (Article XIX; Article XXIV G)

Pets

Yes, but Board of Directors regulates type, size, and number of domestic animals. (Article XIII: 'The Board of Directors ha)

Leasing & rentals

Yes, but minimum lease term 30 days, in writing, subject to Declaration. No transient hotel use. Less than entire unit prohibited. (Article XI: 'No Unit Owner may lease les)

Architectural approval

Yes, written consent of Association (Board or Architectural Control Committee) required for structural modifications, exterior changes, window treatments, antennas, improvements to common property, etc. (Article XVI)

Home business

Prohibited: 'No Owner ... shall permit the use of his Unit for transient hotel or for commercial purposes.' (Article XI)

Signs & flags

Developer may display advertising signs on Common Property during sales period; otherwise no mention of owner signs. (Article XI: 'to display advertising sign)

Insurance

Casualty insurance at 100% replacement cost covering buildings and improvements, including original fixtures within units (as defined by standard allowance). Also comprehensive public liability insurance of at least $1,000,000 per occurrenc (Article XXI A(1) and A(2))

Use restrictions

Each unit restricted to residential use only. (Article XI: 'Each Condominium Unit is he)

Voting & meetings

One vote per unit (Article XXVII B(1): 'each Unit added wil)

Amendments

During first 20 years: affirmative vote of 90% of undivided interest in common areas. After 20 years: 75%. Certain material amendments require approval of 51% of first mortgage holders. Amendments proposed by Board or majority of members, t (Article XXVII A, A(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.