Georgetown North Condominiums

Key facts from Georgetown North Condominiums's documents

Community type

Condominium

Legal name

GEORGETOWN NORTH CONDOMINIUMS

Units / lots

108

Developer / declarant

GEORGETOWN VENTURE, a Tennessee joint Venture

Governing law

North Carolina Unit Ownership Act (Chapter 47A) (Article 1)

Special assessments

Alterations or improvements exclusively or substantially for the benefit of certain Units may be charged solely to those Units. General special assessments not separately defined. (Article 16)

Collections & liens

The Association is hereby granted a lien upon each Condominium Unit and its appurtenant undivided interest in Common Property, which lien shall secure the funds due for all assessments now or hereafter levied against the Owner of each such (Article 23.I)

Reserves & fees

The Board of Directors shall designate a sum to be collected and maintained as a reserve fund for replacement of and capital improvements to the Common Property (Capital Improvement Fund). (Article 23.D)

Leasing & rentals

With the exception of a Lender in possession, no Unit Owner shall lease his Unit for transient, hotel or commercial purposes. No Unit Owner may lease less than the entire Unit. Any lease agreement must provide that it shall be subject to th (Article 11)

Parking & vehicles

The property contains sufficient parking space to accommodate at least one automobile for each Condominium Unit. Each Unit Owner has the right to the use, for at least one automobile, of such space. (Article 1)

Insurance

Casualty insurance covering the buildings and all improvements upon the land and all personal property described in Exhibit 'A', except such personal property as may be owned by the Condominium Unit Owners, shall be procured in an amount eq (Article 20.A(1))

Use restrictions

Each Condominium Unit is hereby restricted to residential use by its Owner, his immediate family, guests, invitees and lessees. (Article 11)

Amendments

Amendment to this Declaration of Condominium may be proposed by the Board of Directors of the Association acting upon a vote of a majority of the Directors, or by the members of the Association owning a majority of the Condominium Units... (Article 26.A)

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