§ 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-2-118 – Termination of planned community.
47F-2-118. Termination of planned community. (a) Except in the case of taking of all the lots by eminent domain (G.S. 47F-1-107), a planned community may be terminated only by agreement of lot owners of lots to which at least eighty percent (80%) of the votes in the association are allocated, or any larger percentage the […]
§ 47F-2-120 – Master associations.
47F-2-120. Master associations. If the declaration for a planned community provides that any of the powers described in G.S. 47F-3-102 are to be exercised by or may be delegated to a profit or nonprofit corporation which exercises those or other powers on behalf of one or more other planned communities or for the benefit of […]
§ 47F-2-121 – Merger or consolidation of planned communities.
47F-2-121. Merger or consolidation of planned communities. (a) Any two or more planned communities, by agreement of the lot owners as provided in subsection (b) of this section, may be merged or consolidated into a single planned community. In the event of a merger or consolidation, unless the agreement otherwise provides, the resultant planned community […]
§ 47F-3-101 – Organization of owners' association.
47F-3-101. Organization of owners’ association. A lot owners’ association shall be incorporated no later than the date the first lot in the planned community is conveyed. The membership of the association at all times shall consist exclusively of all the lot owners or, following termination of the planned community, of all persons entitled to distributions […]