517 South Fifth Avenue Condominiums

Key facts from 517 South Fifth Avenue Condominiums's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article II: Designation of Condominium)

Legal name

517 SOUTH FIFTH AVENUE CONDOMINIUMS

Developer / declarant

ALAN VOTTA CONSTRUCTION, INC. (Opening paragraph and signature block)

Governing law

North Carolina Condominium Act (N.C.G.S. 47C) (Recitals and Article I, Section 1)

Assessments & dues

By Executive Board, collected at least quarterly (Article X, Section 2)

Collections & liens

Unpaid assessments become a lien on the unit after 30 days, enforceable per N.C.G.S. 47C-3-116 (Article VIII, Section 2 and Article X, S)

Reserves & fees

Allocations to reserves are part of Common Expenses (definition in Article I, Section 6) (Article I, Section 6: 'together with any)

Architectural approval

Yes: structural additions, alterations, improvements require prior written consent of Executive Board; also for non-structural alterations, notification to Association required (Article IX, Section 6 and Article XII, S)

Signs & flags

No signs, flags or banners displayed to public view from any Unit or Common Elements (Article VI, Section 8)

Insurance

Property insurance on building and improvements at replacement value, at least 90% co-insurance, fire and extended coverage, standard condominium endorsement (Article XI, Section 1)

Use restrictions

Yes: 'All Units shall be used for residential purposes only' (Article VI, Section 1)

Voting & meetings

50% per unit (Exhibit A: each unit has 50% of votes in the Association) (Exhibit A and Article V, Section 3 (undi)

Amendments

Unanimous consent of all owners and their mortgagees required for amendments that alter allocated interests, increase units, change boundaries, create special declarant rights, or change use restrictions; other amendments require vote of ow (Article XIV)

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