Vision Drive Associates Condominium

Key facts from Vision Drive Associates Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article II)

Legal name

Vision Drive Condominium Association, Inc. (Section 1.3; Section 8.1)

Developer / declarant

Vision Drive Associate LLC, a North Carolina limited liability company (Preamble; Section 1.15)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Preamble; Section 1.1)

Special assessments

May levy special assessment with majority vote of Owners (and Declarant during Declarant Control Period); capital improvements exceeding 10% of annual budget (Improvement Cap) require unanimous Owner approval (Section 10.6)

Collections & liens

Unpaid assessments for 30+ days constitute a lien on the Unit upon filing per §47C-3-116; Board may file lien if delinquent more than 60 days (Section 8.3(a); Section 10.8)

Reserves & fees

Board may include reasonable reserve amount in budget, but not if it would cause assessments to be taxed as income to Association (Section 10.4)

Leasing & rentals

Not specifically addressed in this Declaration (no explicit leasing provision found) (N/A)

Parking & vehicles

Parking areas are Common Elements, accessible to each Unit Owner on non-exclusive, non-reserved basis; allocation of parking spaces by percentage ownership requires unanimous consent (Section 8.2(c)(b))

Architectural approval

No separate Architectural Review Committee; Unit Owner may make alterations per §47C-2-111; structural alterations require prior written consent of Association (Section 9.12; Section 12.2)

Signs & flags

No signs/posters displayed on Units or Common Elements except identification/life safety/street address/operational signage required by law; Declarant may install Project Signs; Commercial Unit Owners may install Commercial Signs with Assoc (Section 7.2(l))

Maintenance

Association responsible for maintenance/repair/replacement of all Common Elements; Owner responsible for Unit maintenance and Limited Common Elements allocated exclusively to that Unit; Association coordinates maintenance of Limited Common (Section 5.4; Section 7.2(m))

Insurance

Commercially reasonable deductible not in excess of $10,000.00 (Section 11.1)

Use restrictions

No - Commercial Units only; each Unit may be used only for commercial or business purposes (Section 7.1(a))

Voting & meetings

Voting interests allocated to each Unit equal to the percentage interest in Common Elements based on square footage ratio (Exhibit B) (Section 8.2(a))

Amendments

Declaration may be amended only in strict compliance with Act (§47C-2-105, -109, -110, -117), requiring unanimous vote of Owners and Mortgagees; amendments affecting Common Elements Interests, number of Units, boundaries, use restrictions, (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.