Corvid Technologies

Key facts from Corvid Technologies's documents

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

Community type

Condominium (Article I, Section 1.8)

Units / lots

3 (Three Units: Building 1 has 1 Unit, Building 2 has 2 Units) (Article II, Section 2.3 and Exhibit B)

Governing law

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

Assessments & dues

Board levies assessments for Common Expenses; budget prepared and assessment levied; share based on percentage allocated per Exhibit B. (Article VI; Bylaws Art. VIII Sections 8.)

Special assessments

Permitted; not further detailed. (Bylaws Art. VIII Section 8.7)

Collections & liens

Assessments are a lien on the Unit; may be foreclosed in accordance with N.C. Gen. Stat. §47C-3-115 and §47C-3-116. Lien also for unpaid sums over 30 days. (Article VI, Section 6.1; Article IX, Sec)

Reserves & fees

Association may allocate funds to reserves as part of Common Expenses; Bylaws mention reserves for capital expenditures. (Article I, Section 1.7 (definition inclu)

Leasing & rentals

Yes, but only with prior consent of Board (not to be unreasonably withheld) for Owners other than Declarant. Declarant may lease without restriction? Not stated; but Declarant may have special rights. (Article V, Section 5.6)

Parking & vehicles

Not specifically addressed; parking areas for temporary parking in ordinary course of business. (Article V, Section 5.8)

Architectural approval

Bylaws Art. IX: consent of Board; appeal to Association if Board rejects; Association decides within 60 days of meeting. Not all alterations require approval? (Bylaws Art. IX Sections 9.2-9.4)

Home business

Not explicitly allowed except as commercial use; see commercial use terms. No further home business restrictions. (Article V, Section 5.3)

Setbacks / home size

Units may not be altered to less than 650 square feet of floor space. (Article II, Section 2.4)

Maintenance

Roof is part of Common Elements (or Limited Common Elements if serving one building); Association responsible for roof maintenance. (Article I, Sections 1.6(c) and 1.13)

Insurance

Association shall maintain casualty insurance on Property at not less than 80% replacement cost, insuring against risks determined by Board, conforming to N.C.G.S. §47C-3-113. Public liability insurance of at least $2,000,000 per occurrence (Article VIII, Sections 8.1, 8.2)

Voting & meetings

Each Unit shall be entitled to one vote per Unit; votes are equally allocated to all Units. (Article II, Section 2.6; Bylaws Art. III)

Amendments

Declaration may be amended by written joinder of not less than 67% of Unit Owners, except certain amendments (changing Common Elements interest, increasing Units, changing boundaries or use) require written consent of all affected Owners an (Article XIII)

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