Falconbridge Offices Owners Association Inc

Key facts from Falconbridge Offices Owners Association Inc's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1.1)

Legal name

Falconbridge Offices Owners' Association, Inc. (Section 1.2(b); Exhibit D, Article I)

Units / lots

4 (upon creation); up to 10 total (Section 2.1)

Developer / declarant

Isenhour Enterprises, Inc. (Section 1.1)

Governing law

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

Assessments & dues

Common Expenses assessed against all Units in accordance with percentage interest in Common Expenses as shown on Exhibit B; budget adopted by Executive Board and ratified by Unit Owners (Section 16.1(a); Section 16.4)

Special assessments

Non-budgeted Common Expense assessment greater than 15% of current annual operating budget must be ratified by Unit Owners in same manner as budget (Section 16.5)

Collections & liens

Association has a lien on a Unit for unpaid assessments after 30 days; lien is prior to all other liens except first mortgages/deeds of trust recorded before docketing and real estate taxes; foreclosure as a mortgage under power of sale und (Section 16.3)

Reserves & fees

Reasonable reserves may be established by the Association for repair, replacement or addition to Common Elements (Section 1.2(e)(iv))

Leasing & rentals

Yes, leases must be in writing and subject to Condominium Documents and Association (Section 8.2)

Parking & vehicles

Parking spaces may be allocated as Limited Common Elements; no assurance given that spaces will be allocated (Section 6.1(c); Article 5)

Architectural approval

Yes, for structural additions, alterations, or improvements; also for changes to exterior appearance of Unit or Common Elements (Section 11.1(a); Section 11.1(b)(ii))

Signs & flags

Declarant reserves right to post signs in Common Elements to promote sales; Declarant reserves right of approval over all nameplates and signage attached to exterior of Condominium (Section 6.7; Section 11.1(f))

Maintenance

Association maintains, repairs, replaces Common Elements; Unit Owner maintains, repairs, replaces own Unit (Section 4.1; Section 4.2)

Insurance

Property insurance covering Common Elements, all structural portions of Condominium, HVAC, electrical and plumbing facilities, and personal property owned by Association; amount at least 80% of replacement cost (Section 19.2)

Use restrictions

No; each Unit is restricted to medical/professional/office uses (Section 8.1(a))

Voting & meetings

Votes allocated to each Unit based on relative floor area; shown on Exhibit B (Section 7.2(c))

Amendments

Declaration may be amended by vote or agreement of Unit Owners to which at least 67% of votes are allocated; unanimous consent required to create or increase Special Declarant Rights, increase number of Units, change boundaries of a Unit, A (Section 13.1; Section 13.4)

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