Founders Row Condominium

Key facts from Founders Row Condominium's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Name of Condominium, Section 2)

Legal name

Founders Row Condominium Association, Inc. (Section 1(b); Section 7)

Developer / declarant

NCNB Community Development Corporation, a North Carolina corporation (Preamble)

Governing law

Chapter 47A of the North Carolina General Statutes (Unit Ownership Act) (Preamble; Section 1(a))

Assessments & dues

Each Unit Owner contributes pro rata in proportion to undivided interest as set forth in Exhibit C; due dates established by the Board of Directors; collected at least monthly (Section 11(b))

Special assessments

May be made upon affirmative vote of Unit Owners owning at least 51% of the Common Interest, to meet unexpected, extraordinary or nonrecurring expenses; each Unit Owner contributes pro rata per Exhibit C (Section 11(c))

Collections & liens

Unpaid assessments for Common Expenses or Special Assessments constitute a lien on the Unit prior to all other liens if unpaid for 30 days after due and lien properly recorded; may be foreclosed by suit by the Board of Directors; Unit Owner (Section 11(e))

Reserves & fees

Common Surplus may be set aside as a special fund for emergencies or capital improvements as the Board of Directors may determine (Section 11(d))

Pets

No animals (including household pets), livestock or poultry of any kind shall be raised, bred or kept in any Unit or Common areas except in accordance with promulgated rules of the Board of Directors (Section 23(e))

Leasing & rentals

Yes, but subject to restrictions (Section 23(a))

Parking & vehicles

Parking spaces assigned to each Unit are Limited common areas and facilities (Section 6)

Fences

No man-made structures in the form of fences permitted on or about Common areas without written consent of the Board of Directors, except as set forth on the Plans (Section 23(j))

Architectural approval

No structural addition, alteration or improvement to a Unit without prior written consent of the Board of Directors (Section 17)

Signs & flags

No sign of any kind displayed to public view from any Unit or Common areas without prior written consent of the Board of Directors (Section 23(d))

Maintenance

Roofs are part of Common areas and facilities (Section 5(c)); Board of Directors repairs Buildings after casualty (Section 5(c); Section 17)

Insurance

All Buildings and improvements and all personal property in Common areas insured at 100% of replacement value, covering fire and other hazards with standard extended coverage endorsement, and other risks customarily covered; public liabilit (Section 15(b))

Use restrictions

Each Unit shall be used for a single family residence and for no other purposes (Section 23(a))

Voting & meetings

Each Unit Owner entitled to one vote equal to his undivided interest in each Unit owned; only one vote per Unit (Bylaws, Section 2.3)

Amendments

Amendment by vote of Unit Owners owning at least 75% of the Common Interest, with prior written consent of their Mortgagees; certain amendments (changing percentage interests, voting rights, or leasing rights) require written approval of al (Section 21)

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