Marthas Ridge Neighborhoods at Marthas

Key facts from Marthas Ridge Neighborhoods at Marthas's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article I, Section 1.8)

Legal name

Lakeside Executive Suites Condominium Owners Association, Inc

Developer / declarant

Carl B. Renfro, Jr. (Preamble)

Governing law

North Carolina Condominium Act, Chapter 47C, North Carolina Statutes (Preamble)

Assessments & dues

Levy of assessments by Board for Common Expenses (Article VI, Section 6.1)

Collections & liens

Assessments are a lien on Units; may be foreclosed and Unit sold (Article VI, Section 6.1)

Reserves & fees

Reserves mentioned in context of required consent for changes (Article XIII, Section 13.5(c)) (Article XIII, Section 13.5(c))

Leasing & rentals

Yes (Article V, Section 5.6)

Architectural approval

Board consent required for alterations of Common Elements; not specifically for Units (Article V, Section 5.5 and Article II, S)

Insurance

Casualty insurance on full insurable value replacement cost; public liability $1M per occurrence minimum; fidelity coverage (Article VIII, Sections 8.1, 8.2, 8.3)

Use restrictions

False (Commercial use only) (Article V, Section 5.3(a))

Amendments

In compliance with Act; no amendment impairing Special Declarant Rights without Declarant consent; certain changes require 67% Unit Owner and 51% Eligible Mortgage Holder consent (per Article 13.5) (Article XII and Article XIII, Section 13)

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