§ 47F-3-111 – Tort and contract liability.
47F-3-111. Tort and contract liability. (a) Neither the association nor any lot owner except the declarant is liable for that declarant’s torts in connection with any part of the planned community which that declarant has the responsibility to maintain. (b) An action alleging a wrong done by the association shall be brought against the association […]
§ 47F-3-112 – Conveyance or encumbrance of common elements.
47F-3-112. Conveyance or encumbrance of common elements. (a) Portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least eighty percent (80%) of the votes in the association, or any larger percentage the declaration specifies, agree in writing to that action; provided […]
§ 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 […]
§ 47F-3-104 – Transfer of special declarant rights.
47F-3-104. Transfer of special declarant rights. (a) No special declarant right (G.S. 47F-1-103(28)) defined under this Chapter may be transferred except by an instrument evidencing the transfer recorded in every county in which any portion of the planned community is located. Except for the transfer of declarant rights pursuant to subsection (c) of this section, […]
§ 47F-3-105 – Termination of contracts and leases of declarant.
47F-3-105. Termination of contracts and leases of declarant. If entered into before the executive board elected by the lot owners pursuant to G.S. 47F-3-103(e) takes office, any contract or lease affecting or related to the planned community that is not bona fide or was unconscionable to the lot owners at the time entered into under […]
§ 47F-3-106 – Bylaws.
47F-3-106. Bylaws. (a) The bylaws of the association shall provide for: (1) The number of members of the executive board and the titles of the officers of the association; (2) Election by the executive board of officers of the association; (3) The qualifications, powers and duties, terms of office, and manner of electing and removing […]
§ 47F-3-107 – Upkeep of planned community; responsibility and assessments for damages.
47F-3-107. Upkeep of planned community; responsibility and assessments for damages. (a) Except as otherwise provided in the declaration, G.S. 47F-3-113(h) or subsection (b) of this section, the association is responsible for causing the common elements to be maintained, repaired, and replaced when necessary and to assess the lot owners as necessary to recover the costs […]