Waves Village Unit Owners

Key facts from Waves Village Unit Owners's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title; Section 2.1)

Legal name

Waves Village Unit Owners' Association, Inc. (Section 1.6; 4.1)

Units / lots

10 (9 residential units in Building C, 1 commercial unit in Building B) subject to expansion (Section 3.4)

Developer / declarant

Waves Village, LLC, a North Carolina limited liability company (Background Statement; Section 1.25)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Section 1.2)

Assessments & dues

General Common Expenses allocated based on Common Element Interest (Exhibit B). Residential and Commercial Expenses set by respective executive committees. (Section 4.12(b)(1); 4.14; 4.15)

Special assessments

Special Assessment defined as levy on irregular basis (Section 1.66)

Collections & liens

Association may file lien for unpaid assessments; for Residential and Commercial, lien may be filed if delinquent more than 60 days. (Section 4.6; Section 4.14(b); Section 4.)

Reserves & fees

Replacement Reserve defined as Common Expense assessments collected as agent for Unit Owners for future replacement costs. (Section 1.54)

Voting & meetings

Vote in Association appertaining to each Condominium Unit; allocated based on interest; Majority Vote defined as simple majority of votes cast at a quorate meeting. (Section 1.42; Section 1.71)

Amenities

General Common Elements include pool, dock, boat ramp, steps. Residential Limited Common Elements include swimming pool. (Section 3.7(l); Section 3.10)

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