§ 47F-3-116.1 – Validation of certain nonjudicial foreclosure proceedings and sales.
47F-3-116.1. Validation of certain nonjudicial foreclosure proceedings and sales. All nonjudicial foreclosure proceedings commenced by an association before October 1, 2013, and all sales and transfers of real property as part of those proceedings pursuant to the provisions of this Chapter or provisions contained in the declaration of the planned community, are declared to be […]
§ 47F-3-118 – Association records.
47F-3-118. Association records. (a) The association shall keep financial records sufficiently detailed to enable the association to comply with this Chapter. All financial and other records, including records of meetings of the association and executive board, shall be made reasonably available for examination by any lot owner and the lot owner’s authorized agents as required […]
§ 47F-3-119 – Association as trustee.
47F-3-119. Association as trustee. With respect to a third person dealing with the association in the association’s capacity as a trustee under G.S. 47F-2-118 following termination or G.S. 47F-3-113 for insurance proceeds, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound […]
§ 47F-3-120 – Declaration limits on attorneys' fees.
47F-3-120. Declaration limits on attorneys’ fees. Except as provided in G.S. 47F-3-116, in an action to enforce provisions of the articles of incorporation, the declaration, bylaws, or duly adopted rules or regulations, the court may award reasonable attorneys’ fees to the prevailing party if recovery of attorneys’ fees is allowed in the declaration. (1998-199, s. […]
§ 47F-3-121 – American and State flags and political sign displays.
47F-3-121. American and State flags and political sign displays. Notwithstanding any provision in any declaration of covenants, no restriction on the use of land shall be construed to: (1) Regulate or prohibit the display of the flag of the United States or North Carolina, of a size no greater than four feet by six feet, […]
§ 47F-3-122 – Irrigation of landscaping.
47F-3-122. Irrigation of landscaping. Notwithstanding any provision in any declaration of covenants, no requirement to irrigate landscaping shall be construed to: (1) Require the irrigation of landscaping, during any period in which the U.S. Drought Monitor, as defined in G.S. 143-350, or the Secretary of Environmental Quality has designated an area in which the association […]
§ 47F-3-113 – Insurance.
47F-3-113. Insurance. (a) Commencing not later than the time of the first conveyance of a lot to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements insuring against all risks of direct physical loss commonly insured against including fire and extended coverage […]
§ 47F-3-114 – Surplus funds.
47F-3-114. Surplus funds. Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses, the funding of a reasonable operating expense surplus, and any prepayment of reserves shall be paid to the lot owners in proportion to their common expense liabilities or credited to them […]
§ 47F-3-115 – Assessments for common expenses.
47F-3-115. Assessments for common expenses. (a) Except as otherwise provided in the declaration, until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, assessments thereafter shall be made at least annually. (b) Except for assessments under subsections (c), (d), and (e) […]
§ 47F-3-116 – Lien for sums due the association; enforcement.
47F-3-116. Lien for sums due the association; enforcement. (a) Any assessment attributable to a lot which remains unpaid for a period of 30 days or longer shall constitute a lien on that lot when a claim of lien is filed of record in the office of the clerk of superior court of the county in […]