Ivy Commons

What Ivy Commons's governing documents say

Ivy Commons is a condominium community in Raleigh, NC, where you own your unit and share ownership of common areas. These documents are a mix of the association's bylaws and several amendments, so they cover governance, assessments, and rule enforcement, but they don't include the full declaration or all community rules.

• Who the rules bind: All unit owners, mortgagees, lessees, and occupants are subject to the bylaws and any rules adopted by the board. Accepting a deed or lease or moving in counts as agreeing to follow them.
• Board structure & elections: The board starts with 3 directors appointed by the developer, then grows to 5. The developer appoints 3 until 70% of units are sold or 5 years after the first sale, after which all directors are elected by owners. Directors serve 1-2 year terms.
• Assessments & common charges: The board sets annual assessments based on a budget, and each owner pays a share proportional to their interest in common areas. The board can raise assessments by the Consumer Price Index increase without a vote; larger increases need a two-thirds vote of owners.
• Late payments & liens: Unpaid common charges accrue interest up to 18% per year, plus collection costs and attorney fees. The association can foreclose on a unit to collect unpaid charges, and a purchaser at foreclosure is not liable for charges owed before the sale.
• Rule enforcement & fines: The board can fine up to $100 per violation, with additional daily fines (half the original) for continuing violations. It can also sue for damages, seek injunctions, and recover attorney fees.
• Meetings & voting: Annual meetings are held the fourth Thursday of January. Owners can vote in person or by proxy, and each unit has one vote weighted by its percentage of common interest. A majority of total votes is a quorum.
• Maintenance & reserves: The board maintains common areas and can enter units for repairs or emergencies. Unless owners and mortgagees vote otherwise, exterior stained or painted surfaces must be redone at least every 7 years and roofs replaced at least every 20 years.
• What this document doesn't cover: These are excerpts of the bylaws and amendments, not the full declaration. They don't include details on pet rules, leasing restrictions, or architectural guidelines, which may be in the declaration or separate rules.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.