Waterford Village Condominium

Key facts from Waterford Village Condominium's documents

Reflects the 1982 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title and throughout)

Legal name

Waterford Village Condominium Association, Inc. (Paragraph 1(b) (page 558) and Article 1 )

Governing law

North Carolina Unit Ownership Act (Chapter 47A, North Carolina General Statutes) (Recital WHEREAS, page 557)

Assessments & dues

Not fixed; determined annually by Board (Bylaws Article VI, Section 1 (page 597))

Special assessments

Permitted; Board may include amounts for working capital, operating reserve, reserve for replacements, deficit make-up, and other common expenses (Bylaws Article VI, Section 1 (page 597):)

Collections & liens

All Common Expenses, interest, and expenses (including attorney's fees if allowed by law) are a charge and continuing lien on the Unit, prior to all other liens except (i) tax liens, (ii) mortgages and encumbrances recorded before docketing (Bylaws Article VI, Sections 5 and 6 (pag)

Reserves & fees

Board may include amounts for a reserve fund for replacements. (Bylaws Article VI, Section 1 (page 597))

Pets

Only if Board adopts rules and regulations permitting dogs, cats, or other usual household pets, with restrictions to ensure no disturbance to other owners. (Declaration paragraph 22(e) (page 570))

Leasing & rentals

Impliedly permitted (voluntary transfer, lease, or mortgage mentioned in paragraph 18) but subject to right of first refusal for sales; lease is a voluntary transfer requiring compliance with Declaration and Bylaws. (Declaration paragraph 18 (pages 567-568))

Parking & vehicles

Parking spaces are Common areas; Board may assign specific spaces to Units subject to applicable municipal code provisions. (Declaration paragraph 14 (page 563-564))

Voting & meetings

Each Unit has one Voting Member; votes equal to percentage of undivided interest in Common areas and facilities (Exhibit C) (Bylaws Article II, Section 8 (page 587-5)

Amendments

Amendments require vote of at least 66-2/3% in Common Interest of all Unit Owners, with consent of their respective Mortgagees, and written approval of Declarant; amendments changing percentages or voting rights require written approval of (Declaration paragraph 20 (pages 568-569))

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