Nantucket Village Association II, Inc.

Key facts from Nantucket Village Association II, Inc.'s documents

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

Community type

Condominium (Article II, Section 2.2: 'Nantucket Vill)

Units / lots

2 originally (801,802); after First Amendment, 4 (801,802,811,812); maximum possible 12 (Article II, Section 2.3: 'divide the Pro)

Governing law

North Carolina Condominium Act, Chapter 47C, General Statutes of North Carolina (Recital and Article I, Section 1.1)

Assessments & dues

Levy by Board for Common Expenses (expenditures and reserves); formula for undivided interest and common expense percentage: 1 divided by number of units (equal allocation). (Article I, Section 1.7; Article II, Sect)

Collections & liens

Unpaid assessments for 30+ days constitute a lien when filed with Clerk of Court of Dare County. Lien may be foreclosed like a mortgage under power of sale under Article 2A of Chapter 45 of NC General Statutes. Lien is prior to all other li (Article VI, Section 6.1)

Reserves & fees

Common Expenses include allocations to reserves (Article I, Section 1.7: 'Common Expenses)

Maintenance

Association responsible for management, maintenance, repair, replacement, alteration, improvement of Common Elements. Unit Owners responsible for maintenance and repair of their Units. Unit Owners pay costs for damage caused by intentional (Article VII, Sections 7.1, 7.2, 7.3)

Insurance

Unit Owners may obtain separate insurance for their Unit and personal property, but cannot decrease proceeds under master policy. Separate policies must contain waivers of subrogation. (Article VIII, Section 8.5)

Use restrictions

Units shall be occupied and used for residential purposes only. No 'For Sale' or 'For Rent' signs without Board consent. Declarant may maintain sales offices and signs until all units sold. No hazardous use or waste increasing insurance rat (Article V, Sections 5.3, 5.4, 5.5, 5.6)

Voting & meetings

Each Unit has one (1) vote in the Association (Article II, Section 2.6)

Amendments

This Declaration may be amended only in strict compliance with the Act (including §§47C-2-107 and 47C-2-117). No amendment altering Special Declarant Rights without Declarant's written consent. Mortgagee consent required for certain amendme (Article XII; Article XIII, Sections 13.7)

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