Funderburk Foundation

Key facts from Funderburk Foundation's documents

Reflects the 1995 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal Property Regime (Article 1.1: 'the name of the horizontal)

Legal name

Funderburk Foundation Horizontal Property Regime

Developer / declarant

Dwight E. Funderburk

Governing law

South Carolina Horizontal Property Act §27-31-10 et seq. (Article 1.1: 'pursuant to Section 27-31-)

Assessments & dues

Council adopts initial budget, then annual budgets; assessments payable monthly (Bylaws Section 8.3: 'the Council shall a)

Collections & liens

Unpaid assessments become a lien on the apartment, junior to mortgages recorded before due; may be foreclosed like real estate lien, including costs and attorneys fees (Section 6.6: 'Assessments ... shall beco)

Reserves & fees

Council shall establish and maintain a reserve fund from assessments for periodic maintenance, repair, and replacement of improvements to limited and general common areas (Bylaws Section 8.4: 'The Council shall e)

Maintenance

Council (general common element) (Section 2.5 includes roofs in general co)

Voting & meetings

Each apartment owner's vote equals his percentage interest (50% each). (Section 5.4: 'each Apartment owner shall)

Amendments

General amendments require 67% vote of percentage interests; amendments altering boundaries, common elements, percentage interests, or use restrictions require unanimous consent of affected owners and Declarant (Section 10.1: 'only by vote in agreement)

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