Critical

Key facts from Critical's documents

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

Community type

condominium (Art. 1.8)

Legal name

Gateway Corner Condominium Owners’ Association, Inc. (1.3; 9.1)

Units / lots

3 (Building 1: 1 Unit; Building 2: 2 Units) (2.3)

Developer / declarant

JIMISH QUICKEL, LLC, a North Carolina limited liability company (Preamble)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Preamble; 1.1)

Assessments & dues

Board prepares and adopts budget, then levies assessment against each Unit (Bylaws 8.3)

Special assessments

Allowed (Bylaws 8.7)

Collections & liens

Unpaid assessment lien may be foreclosed (Art. 6.1, 9.2, Bylaws 8.4)

Reserves & fees

Board may establish reserve accounts and must report status annually (Bylaws 4.13(a)(ii) and 8.6)

Leasing & rentals

Yes, for non-declarant owners with prior Board consent (not unreasonably withheld) (Art. 5.6)

Parking & vehicles

Common Element parking areas for temporary parking only; no storage, repair, or sales (Art. 5.8)

Signs & flags

Limited: one name plate not exceeding 24 sq in on main door; one exterior sign in signage cabinet; no for sale/rent signs without consent; Declarant may maintain advertising signs during control period (Art. 5.5 and Bylaws 12.1(d)(i))

Maintenance

Association (roof is Common Element) (Art. 1.6(c))

Insurance

Casualty insurance on Property at least 80% replacement cost; public liability at least $2M per occurrence (Art. 8.1 and 8.2)

Use restrictions

Prohibited: no noxious, offensive activity; nothing despoiling appearance (Art. 5.7)

Voting & meetings

One vote per Unit; votes allocated equally to all Units (2.6; Bylaws 3.6)

Amendments

Requires not less than 67% of Unit Owners; amendments affecting Common Elements Interest, number of units, boundaries, or use restrictions require consent of affected owners and their mortgagees; no amendment without Declarant joinder durin (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.