Cornerstone Condominium

Key facts from Cornerstone Condominium's documents

Reflects the 1998 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Cornerstone Condominium

Units / lots

12 (six two-bedroom and six three-bedroom) in Section 1; Declarant may add up to 200 additional units via expansion (Section 3: 'six units with two bedroom u)

Developer / declarant

Eureka, Inc. (Preamble, Section 1.L)

Governing law

Chapter 47C of the North Carolina General Statutes (North Carolina Condominium Act) (Section 1, 1.A)

Assessments & dues

Maximum annual assessment initially $1,100 per unit until January 1 of year following first unit conveyance (Section 9.C)

Special assessments

Association may levy special assessment for capital improvements in any assessment year for construction, reconstruction, repair or replacement of capital improvements on roads, common area, water/sewer lines, etc. (Section 9.D)

Collections & liens

Assessments, interest, costs, and attorney's fees are a lien on the unit; Association may foreclose; lien subordinate to first mortgages; sale or transfer does not affect lien but foreclosure extinguishes past due assessments (Section 9.A, 9.K, 16.D)

Reserves & fees

Contingency Reserve Fund for unanticipated expenses and capital improvement or repair (Section 9.B.10)

Leasing & rentals

Yes, rental for residential purposes allowed pursuant to rules (Section 8.A: 'shall include the rental o)

Parking & vehicles

Two parking spaces per unit; all parking only in parking spaces, not in other parts of streets and common areas (Section 3: 'two (2) parking spaces per u)

Architectural approval

Not explicitly; but Association must approve any visible items on common/limited common areas; no tile/slate flooring in upper units without Association approval (Section 8.B.2.g and 8.B.2.h)

Home business

Not explicitly prohibited; uses reasonably incidental to residential use allowed (Section 8.A: 'other uses reasonably inci)

Signs & flags

Declarant may use signs for sales offices; no provision for owner signs (Section 1.T (special declarant rights in)

Maintenance

Not explicitly assigned to owner or Association; roof is listed as common element (Section 5.A.2 includes roofs in common areas), so Association maintains (Section 5.A.2: 'roofs' included in commo)

Insurance

Board obtains insurance on property (fire, other hazards) and liability insurance (minimum $1,000,000 per occurrence); coverage must include waiver of subrogation, 100% replacement value, and cannot be canceled without 30 days notice (Section 9.E)

Use restrictions

Yes, residential and lodging accommodation purposes including rental (Section 8.A: 'used for residential and l)

Voting & meetings

Class A (owners): one vote per unit; Class B (Declarant): three votes per constructed unit until termination (Section 7.B)

Amenities

Common areas include walkways, stairs, landscape areas, parking; no pool, clubhouse, etc. mentioned (Section 3: 'walkways, stairs, landscape )

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