Corning Way Condominium

Key facts from Corning Way Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Corning Way Condominium

Developer / declarant

BC Building #1 LLC, a North Carolina limited liability company (Preamble)

Governing law

North Carolina Condominium Act, Chapter 47C, North Carolina General Statutes (Section 1.2)

Assessments & dues

set by Board based on ratified budget; not fixed amount (Section 7.2)

Special assessments

permitted for capital improvements (Section 7.1)

Collections & liens

lien on unit after 15 days delinquency upon filing claim; foreclosure permitted (Section 7.8)

Reserves & fees

Board may include reserves in budget, except if it would cause income tax (Section 7.6)

Leasing & rentals

not prohibited; Unit A Lease referenced (Section 10.7)

Parking & vehicles

Parking Facilities are Common Elements; no parking on other Common Elements (Sections 4.1.2 and 6.1)

Maintenance

Association maintains General Common Elements; Owner maintains Unit and Limited Common Elements (Sections 8.1 and 8.2)

Voting & meetings

each Member has one vote (Section 3.1)

Amendments

by agreement of all Owners (Section 13.1 (only amendment provision m)

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