Ivy Glen Condominiums

Key facts from Ivy Glen Condominiums's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Ivy Glen Condominiums) within a master planned community governed by Master Declaration (Master Declaration states it is under NC)

Legal name

Ivy Glen Master Homeowners Association, Inc. (Article I, Section 4: 'Association shall)

Units / lots

12 condominium living units (one building, three stories) (Condo Declaration, Section I: 'one (1) t)

Governing law

North Carolina Planned Community Act (Chapter 47E) for Master Declaration; North Carolina Condominium Act (Chapter 47C) for Condominium Declaration (Master Declaration: 'conform and comply )

Assessments & dues

$396 per Lot per year (until December 31 of the year of first conveyance), payable $33 per month (Article IV, Section 3(b): 'maximum annua)

Special assessments

May be levied for capital improvements with assent of 2/3 of votes of each class; Declarant consent required during control period (Article IV, Section 4: 'special assessme)

Collections & liens

Assessments become a lien on the property when claim of lien filed; may be foreclosed like mortgage/deed of trust; personal obligation also (Article IV, Section 1: 'shall be a conti)

Reserves & fees

Association shall establish and maintain an adequate reserve fund for periodic maintenance, repair, replacement of improvements to Common Elements and other portions it must maintain, funded out of regular assessments (Article IV, Section 2(b): 'The Associati)

Leasing & rentals

Yes, leases allowed with term not less than one month, subject to covenants; must be in writing (Article II, Section 6: 'Leases of Lots .)

Use restrictions

Lots intended for single family residential purposes (Definition of 'Lot' in Article I, Sectio)

Voting & meetings

One vote per Lot for Class A Members; Declarant (Class B) gets 3 votes per Lot owned until Class B membership ceases (Article III, Sections 1-2: 'each Lot sha)

Amendments

Requires consent of Owners entitled to cast at least 80% of votes; during Declarant's Development Period, Declarant's consent also required; must be executed, attested, recorded (Article VIII, Section 3: 'amended with t)

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