Ivy Commons

Key facts from Ivy Commons's documents

Community type

Condominium (Declaration and Bylaws title)

Legal name

Ivy Commons Condominium Owners Association, Inc. (Bylaws Article II, Section 1)

Units / lots

273 (based on parking requirement and two-bedroom count; one-bedroom units also exist but total likely 273) (Staking plan page 7: "TWO BEDROOM 273" a)

Developer / declarant

Ivy Commons, a North Carolina general partnership (Bylaws Article I, Section 1; Declaration)

Governing law

North Carolina Unit Ownership Act (Chapter 47h of North Carolina General Statutes) (Bylaws Article I, Section 1)

Assessments & dues

Board prepares annual budget, determines common charges, allocates per common interest (Bylaws Article VII, Section 1)

Collections & liens

Association has lien for unpaid common charges; may foreclose; may purchase unit at foreclosure sale; purchaser at foreclosure sale of first lien not liable for prior assessments (Bylaws Article VII, Sections 3, 6)

Reserves & fees

Adequate reserve fund required for periodic maintenance, repair, replacement of improvements to common areas (Bylaws Article VII, Section 1)

Setbacks / home size

Typical setbacks: front 30', side 30', rear not specified but based on zoning R-20, R-30 (from staking plan) (Staking plan page 1 and 7)

Use restrictions

Each unit shall be occupied only as a residence and for no other purpose (Bylaws Article VII, Section 12(a))

Voting & meetings

One voting member per unit; vote percentage equal to percentage of undivided interest in common areas; cumulative voting not permitted (Bylaws Article III, Sections 8 and 9)

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