Bay Club Sea Lofts Condominium Association

Key facts from Bay Club Sea Lofts Condominium Association's documents

Units / lots

Not more than 160 separate Residential Units (Article 4.1)

Developer / declarant

Bay Club Homes, LLC (Opening paragraph)

Governing law

South Carolina Horizontal Property Act, S.C. Code §27-31-10 et seq., as amended (Article 2.1)

Special assessments

Board may levy special assessment; while Declarant owns any portion, Special Assessments require Declarant consent. (Article 10.5)

Collections & liens

Assessments are a continuing lien on the Unit, superior to all liens except taxes and first mortgages. Foreclosure is permitted like mortgage foreclosures. (Article 10.2)

Reserves & fees

Greater of $25 or 10% of unpaid amount, plus interest at highest rate permitted by law. (Article 10.3(a))

Leasing & rentals

Leasing is permitted under Article 15 (provisions not fully excerpted). (Article 15 (table of contents))

Insurance

Deductible per occurrence as determined by Board; deductible is a maintenance expense apportioned among affected parties. (Article 11.1(i))

Voting & meetings

Each Owner has one weighted vote per Unit, weighted by percentage of undivided interest in Common Elements. Total votes equal 100%. (Article 8.2(a))

Amendments

Amendment requires recording; certain provisions (e.g., Article 10.12) require 75% approval. (Article 10.12 last sentence; Article 7.1)

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