Pelican Watch Master Owners' Association

Key facts from Pelican Watch Master Owners' Association's documents

Reflects the 1991 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title: "DECLARATION PELICAN WATCH CONDOM)

Units / lots

1 (Lot 12) (Article Two, Section A: "Lot Numbered Tw)

Developer / declarant

George B. Kemp and wife, Gloria J. Kemp, and Carmine Pisapia, Jr. and wife, Patricia A. Pisapia (Opening paragraph)

Governing law

North Carolina Condominium Act, Chapter 47C of the General Statutes of North Carolina (Article One, second paragraph)

Assessments & dues

Board of Directors prepares at least annual budget, determines common charges, assesses pro rata according to percentage of votes (50% each), mails copies to unit owners and mortgagees at least 10 days before adoption (Bylaws Article IV, Section Three)

Collections & liens

Association has lien for unpaid assessments; must file claim of lien within 90 days of due date in Dare County Superior Court; lien is prior to all other liens except real estate tax liens and first mortgage sums (Article Four: "lien on every unit for un)

Reserves & fees

Two reserve funds: Reserve Fund for Replacements and General Operating Reserve Fund; monthly allocation of not less than 3% of monthly assessments (Bylaws Article III, Section Three)

Leasing & rentals

Yes, but not for transient/hotel purposes; minimum 7 consecutive days; no leasing of less than entire unit; leases must be in writing and subject to Declaration and Bylaws (Article Eight: "No unit owner shall be p)

Architectural approval

Yes, for changes to exterior appearance – approval by Unit Owners' Association (or its Board/Architectural Control Committee) (Bylaws Article III, Section One(3): "gra)

Maintenance

Association responsible for common elements; unit owner responsible for unit and limited common elements (Article Four: "All powers and responsibi)

Insurance

Property insurance on common elements and units for all risks (fire and extended coverage) at least 80% replacement cost; liability insurance on common elements; fidelity bond for directors/managers/employees handling funds (Article Seven)

Use restrictions

Yes (implicitly: units are single-family residences) (Article Three definition of "Unit": "sel)

Voting & meetings

Each unit owner has one vote per unit owned (50% each) (Article Three: "one vote each" and Bylaw)

Amendments

If any unit owner other than Declarant, amendment requires agreement of both unit owners and recordation; if no other unit owner, Declarant may amend unilaterally (Article Six: "If there is any unit owner)

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