Finley Forest

Key facts from Finley Forest's documents

Community type

Condominium

Legal name

Finley Forest Condominium

Units / lots

initially 12, maximum 372 (Art. I, p.1)

Developer / declarant

Urban Associates of North Carolina, a Virginia general partnership (p.1)

Governing law

Chapter 47A of the General Statutes of North Carolina (Unit Ownership Act) (Art. I, p.1)

Assessments & dues

Maximum $576 per Unit until Dec 31 of year first Unit conveyed (Art. XXIV-F, p.20)

Collections & liens

Association assessments are a lien on the Unit; enforcement and foreclosure rights described in Article XXIV (Art. XXIV, p.18)

Reserves & fees

Capital Improvement Fund required; amount not less than 5% of annual assessment (Art. XXIV-G, p.20)

Pets

Domestic animals allowed, subject to Board regulation and leash on Common Property (By-Laws §9(e), p.66)

Leasing & rentals

Yes, with written lease of at least 6 months, subject to Declaration and Bylaws (Art. XI, p.8)

Parking & vehicles

Association has exclusive right to assign parking spaces and establish regulations (Art. VII, p.7)

Architectural approval

Written consent required for structural modifications, external alterations, antennas, and changes to Common Property appearance (Art. XVI, p.10-11)

Use restrictions

Each Condominium Unit is hereby restricted to residential use (Art. XI, p.8)

Amendments

Developer retains power to amend to add phases via recorded amendment; otherwise unanimous consent of all owners and institutional lenders to change common interest percentages (Art. IV and XXVII-B, p.5-6)

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