Thefalls

Key facts from Thefalls's documents

Reflects the 1981 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

THE FALLS CONDOMINIUMS

Units / lots

175 condominium living units (Section 1)

Developer / declarant

THE LEXINGTON GROUP, INC., a North Carolina corporation (Preamble)

Governing law

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

Collections & liens

Association has lien on condominium unit for unpaid assessments, costs, attorney fees; may foreclose like real estate deeds of trust; lien subordinated to first mortgage; purchaser at foreclosure not liable for prior delinquent assessments (Section 23.I, J)

Reserves & fees

Capital Improvement Fund for replacement of common property structural elements, mechanical equipment, and personal property; interest may be used for current operations (Section 23.D)

Leasing & rentals

Yes, but no transient/hotel/commercial, must lease entire unit, written lease subject to Declaration (Section 11)

Parking & vehicles

Sufficient parking for at least one automobile per unit; each unit owner has right to use at least one space (Section 1)

Insurance

Comprehensive personal liability insurance with minimum $100,000 per occurrence (Section 20.F)

Use restrictions

Each Condominium Unit is hereby restricted to residential use (Section 11)

Voting & meetings

Each unit owner has one vote (per Articles of Incorporation, Article III not fully shown but typical; confirmed by implication from proxy rules) (Section 26 (proxy mention) and Articles )

Amenities

Clubhouse, fenced swimming pool, wading pool, one fenced tennis court, maintenance shop, auxiliary garage-type storage building (Section 1)

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