Kress Condo Downtown Diversified

Key facts from Kress Condo Downtown Diversified's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Definition of Condominium, Article II)

Units / lots

22 (21 Residential Units and 1 Retail Unit) (Article IV-2: "There are presently a tot)

Developer / declarant

Downtown Diversified Investments, LLC

Governing law

Chapter 47C of the North Carolina General Statutes (North Carolina Condominium Act) (Preamble and Definitions (Act))

Assessments & dues

Board levies Assessments for Common Expenses in accordance with Declaration and Bylaws (Article VI-3: "to levy and collect Asses)

Collections & liens

If unpaid more than 60 days from due date, Board may file a lien against the Unit (Article XII-2: "If an Owner fails to pay)

Reserves & fees

Replacement Reserves collected as Common Expense Assessments for future replacement of Common Elements (Definition of Replacement Reserves: "Com)

Leasing & rentals

Leasing allowed for Residential Units with minimum term of 6 months; no commercial transient, hotel, or motel use; no more than two leases per year per Residential Unit (Article XII-7(a)(6): "no Residential Uni)

Architectural approval

Board approval required for alterations to Common Elements, exterior alterations, structural additions/alterations to Units; exceptions for Retail Units (Article XII-6(a) and (b))

Home business

Limited home office allowed in Residential Units, but no regular/frequent visits by clients/customers (Article XII-7(a)(5): "including the limi)

Signs & flags

No signs except by Retail Unit Owner in accord with Regulations, Declarant for marketing, or Association; otherwise prior Board approval required (Article XII-7(a)(7): "Except for such si)

Maintenance

Association responsible for maintenance, repair, and replacement of all Common Elements; Owner responsible for Unit and appurtenant Limited Common Elements (excluding structural repairs by Association) (Article XII-4(a) and (b))

Use restrictions

Residential Units: residential purposes and related incidental uses, including limited home office without frequent client visits; Retail Units: Retail Use only, but may also be used for residential purposes (Article XII-7(a)(5) and (7): "no Residen)

Voting & meetings

Allocated to Units per Exhibit C; each Unit has votes as set forth in Exhibit C (Article VI-2: "The total number of votes)

Amendments

Requires 90% vote of Owners and consent of 51% of Mortgagees who have requested notice; certain amendments (changing interests, boundaries, uses, etc.) require unanimous consent of Owners and Mortgagees (Article VIII)

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