1005 Trout Lane Condominiums Unitowners Association, Inc.

Key facts from 1005 Trout Lane Condominiums Unitowners Association, Inc.'s documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Preamble and Section 1(k))

Units / lots

2 (Units A and B, each 50% allocated interests) (Exhibit C)

Developer / declarant

MYRTLE-TROUT GROUP, LLC (Preamble)

Governing law

North Carolina Condominium Act, Chapter 47C of the North Carolina General Statutes (Preamble and Section 1(a))

Assessments & dues

Board fixes annual assessment based on projected budget at least 3 months in advance; notice to members at least 30 days before due date (Bylaws Article II, Section 7(e)-(f))

Collections & liens

Association has lien for unpaid assessments; may foreclose or bring action at law against member personally (Bylaws Article II, Section 7(g))

Reserves & fees

Common expenses includes capital reserve for repair, maintenance, and replacement (Section 1(i)) (Section 1(i) definition of common expens)

Pets

Yes, but Association can require removal if pet is nuisance (Section 9(i))

Leasing & rentals

Yes, as part of residential use (rental and long term leases) (Section 9(a))

Parking & vehicles

Association has exclusive right to assign parking spaces and designate their use (Section 9(h))

Fences

No owner shall fix any object to common elements, including fences, without written consent of Board (Section 9(c)) (Section 9(c))

Architectural approval

No structural modification or alteration to unit without written consent of Board; no changes to exterior (painting, antennas, signs) without consent; no objects fixed to common elements or change to appearance without consent (Section 9(c); Bylaws Article II, Section)

Home business

Not explicitly prohibited, but use must be residential only; no immoral, improper, offensive, noxious or unlawful use allowed (Section 9(b)) (Section 9(b))

Signs & flags

No signs without written consent of Board of Directors (Section 9(c))

Maintenance

Roofs are part of common elements (Section 5(a)); Association responsible for maintenance and repair (Section 5(a); Bylaws Article II, Section)

Insurance

Board or manager shall obtain hazard insurance on property for benefit of unit owners and mortgagees, including fire and extended coverage, and may obtain 'all risk' coverage; also flood insurance if in special flood hazard area; liability (Section 14(a), (g), (h))

Use restrictions

Each unit shall be used for single-family residential purposes only, which shall include rental and long term leases (Section 9(a))

Voting & meetings

One vote per unit (Bylaws Article I, Section 7)

Amendments

Declaration may be amended by affirmative vote of or written agreement signed by unit owners to which 100% of votes are allocated (Section 21); Articles of Incorporation require 100% of voting members (Article XI); Bylaws may be amended by (Section 21; Articles Article XI; Bylaws )

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