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131-468: Future: IMSA Ford Mustang Challenge (2025) Charlotte Motor Speedway (known as Lowe's Motor Speedway from 1999 to 2009 due to sponsorship reasons) is a 1.500-mile (2.414 km) quad-oval intermediate speedway in Concord, North Carolina . It has hosted various major races since its inaugural season of racing in 1960, including NASCAR , IndyCar , and IMSA SportsCar Championship races. The facility

262-514: A 1 ⁄ 5 mile (0.32 km) clay short track, a 2 ⁄ 5 mile (0.64 km) dirt track, and a 1 ⁄ 4 mile (0.40 km) long drag strip. The main track also features an infield road course that is used with the oval to make a " roval ". With the rise of popularity in stock car racing in the American Southeast that began in the late 1940s and stretched into the 1950s, racing promoter Bruton Smith sought to build

393-561: A strata , and in Quebec , where they are referred to as syndicates of co-ownership . The townhouse complex of Brentwood Village in Edmonton , Alberta , was the first condominium development in Canada (registered in 1967). With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in

524-404: A "wonderful" initial stockholder meeting on February 18, a last-ditch effort was scheduled to raise $ 50,000 six days later. On the day of the meeting, the committee was successful in raising the $ 300,000 needed. However, a loan offered by Cross to cover the remaining debts was rejected. By May, Craven ordered an investigation of CMS. By July, although Craven was convinced the facility could be saved,

655-488: A (single family) house. However, shares are not considered as real estate but as personal property and the co-op can take possession of the apartment for a term time and evict the tenant or owner because of disturbance or unpaid maintenance fees. Finnish housing cooperatives are incorporated as (non-profit) limited-liability companies ( Finnish : asunto- osakeyhtiö , Swedish : bostadsaktiebolag ), where one share usually represents one square meter (sometimes ten) of

786-554: A building to be classified as "Flats" is four, with a requirement for having at least one elevator or lift for buildings upwards of four floors. Almost all have a separate room called the "Drawing Room", used for guest entertainment purposes. However, its use as a TV room and dining room is common. Another unique feature is the balcony or "terrace", which is standard for all flats. In the Philippines, condominiums are classified into three types: low-rise, mid-rise, and high-rise. Condos have

917-488: A capacity of 30,000. However, Turner struggled to sell the 300,000 shares needed. Turner eventually agreed to partner with Smith, with Smith becoming the vice president of the project and selling 100,000 shares. Additional stocks to be sold were added in December 1959 and April 1960. Groundbreaking on the facility commenced on July 28, 1959. It was meant to start two months earlier, but was delayed due to legal issues relating to

1048-542: A complex of residences, such as an apartment building, and a condominium is purely legal. There is no way to differentiate a condominium from any other residential building simply by looking at it or visiting it. What defines a condominium is the form of ownership. A building developed as a condominium (and sold in individual units to different owners ) could actually be built at another location as (for example) an apartment building (the developers would retain ownership and rent individual units to different tenants ). Where

1179-489: A condominium is a collection of individual units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known in the United States as a Declaration, filed on record with the local governing authority. These boundaries may extend to

1310-401: A condominium is in essence an apartment building, as a practical matter, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets. They are typically slightly larger than apartments and are often constructed in a townhouse style in regions where single-family detached homes are common. Technically,

1441-437: A crash on the race's first lap. Under the leadership of Howard, CMS was able to pay off its mortgage three years early, finally ending the last of the track's financial woes. Throughout Howard's tenure, he was seen as a "good ol' country boy" who spent conservatively on the track; however, he was willing to renovate parts of the track and increase its capacity. In 1965, track officials opted to diversify their holdings, buying out

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1572-607: A drag strip on the complex. Although the plan initially faced heavy opposition from local politicians, the drag strip was eventually built after Smith threatened to close down the speedway, coercing the city to give him an incentive package of approximately $ 80 million by leveraging fears that a closure would cripple the Concord economy. The drag strip, which cost $ 60 million to build, held its first races in September 2008. Stock car racing , with its origins tracing back to moonshiners during

1703-470: A few censuses metropolitan areas according to Statistics Canada . Condominiums exist in most parts of Canada, though they are more common in larger cities. They are regulated under provincial or territorial legislation, and specific legal details vary from jurisdiction to jurisdiction. In most parts of Canada, they are referred to as condominiums, except in British Columbia , where they are referred to as

1834-400: A former public relations representative for various companies, was hired as the track's development director. With this, Howard felt his position was threatened, with local media predicting that Wheeler's hiring was the final piece needed for a total takeover by Smith. On October 5, The Atlanta Constitution reported that the 1975 National 500 was to be Howard's final race with any ties with

1965-410: A founding document, which may variously be called a "Master Deed", "Enabling Declaration", "Declaration of Conditions", "Conditions, Covenants, and Restrictions (CC&Rs)", "Deed of Mutual Covenant" or simply a "Condominium Document". Among other things, this document can provide for the creation of a governing body or corporation, for example, a Homeowner's Association in the United States. Rules for

2096-765: A freehold owned by a corporation, itself owned by individual leaseholders. This provides an opportunity for them to participate in the proper management of the block. Again, the quality of management is very variable. The statute creating commonholds was motivated by a desire to eliminate some of the problems and perceived injustices, such as the commercial exploitation of lessees by freeholders as their leases began to have too little time left to satisfy lenders. Since most leasehold developments are undertaken by commercial entities, commonholds did not become widespread. There are, however, other statutes in place that give some degree of protection for leaseholders. It is, nevertheless, essential to consider proper legal advice whenever engaged in

2227-445: A group of people stealing $ 14 million from the facility. In 2018, Marcus stepped down from general manager responsibilities to focus on running SMI as its CEO, handing the position over to the speedway's executive vice president at the time, Greg Walter. In interviews, Walter expressed a desire for expanding the CMS's uses for endeavors other than racing, along with further renovations. In 2021,

2358-513: A lower tax liability in an office condominium than in an office rented from a taxable, for-profit company. However, the frequent turnover of commercial land uses in particular can make the inflexibility of condominium arrangements problematic. In Australia, condominiums are known as " strata title schemes " or "community title schemes". The 2011 National Household Survey (NHS) showed that one in eight Canadian households lived in condominium dwellings, colloquially known as "condos", mostly located in

2489-583: A major feat, as no oval track as large as the Charlotte Motor Speedway had ever implemented such a system. The lights were completed in April 1992. In 1994, the track renovated its garage area at a cost of around $ 1 million, drawing praise from driver Dale Jarrett . In 1999, the track partnered with hardware retail chain Lowe's , which bought naming rights, the first time a corporate sponsor ever had such rights for

2620-417: A non-profit corporation, in which the tenants own shares; each share carries the right and duty to lease an apartment from the cooperative. Shares can be bought and sold, but often the cooperative's rules strictly limit the price for which they may change hands. (In contrast, condominiums are traded on a free market). Because the official share prices are often lower than the market value and sellers often retain

2751-454: A period of stability under the ownership of Richard Howard from the mid-1960s to the mid-1970s, Smith and his new partner, racing promoter and eventual longtime track general manager Humpy Wheeler , completed a takeover of Charlotte Motor Speedway in 1976. Since then, the Smith family and their company, SMI, have directed the facility's expansion and growth into one of the largest sports facilities in

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2882-446: A practice session on June 15, 1960. Immediately, CMS saw issues. During the facility's first day, incomplete facilities were reported by The State . To further compound problems, the asphalt had several holes due to speeds of approximately 130 miles per hour (210 km/h) on the track's surface. The issue had gotten so prevalent that Charlotte Observer writer George Cunningham reported that "four gravel-deep fox holes grew... out of

3013-438: A professional football team. In March, Smith announced plans to build a stadium on the track's frontstretch, with a capacity of 76,000, temporary endzone grandstands, and retractable grandstand seating behind the track's pit road . Original plans for the track had included a football stadium, but this had been scrapped due to numerous construction issues. During the official announcement on March 13, Smith stated that he would build

3144-497: A racetrack. At the same time, driver and successful timber businessman Curtis Turner sought to do the same, collaborating with a group of businessmen. In 1958, Propst suffered a heart attack, backing out of the partnership due to health issues. Consequently, Smith sought to partner with Turner. After a few weeks of initial success, in a meeting at the Barringer Hotel , Turner declined the partnership. For numerous reasons, including

3275-470: A reorganization plan from December to January 3, 1963. Although the plan initially did not receive enough support from creditors, it was eventually approved, with Craven giving final approval for a stock sale in February. By April, the plan saw major success, with the owners repaying over $ 740,000 of debt. In mid-April, Craven allowed private ownership under an 11-person board of directors led by A. C. Goines. This

3406-553: A repave, using a process called levigation to smooth out bumps on the track's surface. This repave led to numerous problems for both of the facility's NASCAR race weekends in 2005, leading to another repave in 2006. In 2007, Smith announced plans to construct a drag strip. This plan was met with heavy criticism from the Concord City Council, which held a special legislative session to decide whether to block it. Smith, in turn, decided to start preliminary grading work regardless of

3537-473: A series of crashes at CMS. Three fatal crashes occurred within six years; David Gaines in 1990, Gary Batson in 1992, and Russell Phillips in 1995, with the third being decapitated when his head hit a caution light. In late 1995, Wheeler gave control of the series to NASCAR, who ended it quickly afterward in 1996. During the 1999 VisionAire 500K – an Indy Racing League race – an early accident involving Stan Wattles and John Paul Jr. occurred on

3668-635: A special type of ownership title called a CCT - condominium certificate of title. Condominiums usually have amenities, like swimming pools, owned parking, a clubhouse, and a building for administration. Initially, the concept of a condominium was introduced by the Federal Law "On the Fundamentals of the Federal Housing Policy" No. 4218-1 dated December 24, 1992: "Condominium is an association of owners of residential premises in apartment buildings with

3799-519: A state-of-the-art facility. At the same time, driver and businessman Curtis Turner sought to do the same. After initially refusing, Turner eventually partnered with Smith after they agreed to sell shares needed for the track's construction. Charlotte Motor Speedway was constructed in less than 11 months. The facility immediately faced a litany of issues, particularly financial woes. Within the facility's first decade of existence, ownership changed hands numerous times, with Smith and Turner both leaving. After

3930-419: A street named in his honor, and a tax break, along with letting him build the drag strip. On November 26, Smith stated his final decision in letting the track continue as is, stating, "We're here forever". Tensions between Smith and Wheeler had been documented since 1991, with the two being in "constant disagreement" over topics. By 2008, Wheeler grew angry at several new developments directed by Smith, including

4061-469: A track. Throughout the 1990s and the early 2000s, numerous injuries and fatalities occurred at the track, involving both drivers and spectators. In 1989, Wheeler created the NASCAR Sportsman Division , a series that had the intended goal of giving short-track drivers experience on longer tracks. The track played host to numerous races. The series immediately gained a reputation for danger due to

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4192-414: A variety of purposes, are located in the complex. In 1983, to celebrate the facility's 25th anniversary, officials announced the construction of 36 condominiums that were built to overlook CMS's first turn. By the time the project was completed in mid-1984, the number of condos increased to 40, and all were sold by the end of 1983. At the end of 1984, officials announced the construction of a mall underneath

4323-645: Is a one-make racing series that takes place in North America featuring Ford Mustang Dark Horse R race cars. The series is sanctioned by the International Motor Sports Association . The unveiling of the seventh-generation Ford Mustang brought with it a slew of special editions and motorsport activations, including the introduction of the Dark Horse R track edition in July 2023. The car resembles

4454-459: Is assigned to specific apartments ( Finnish : hallinnanjakosopimus , Swedish : avtal om delning av besittningen ) is usually used only with detached or semi-detached houses. A housing cooperative is a common form of home ownership in Finland. Owning shares that correspond to one apartment in a housing company is generally considered as much owning your own home as actually directly owning

4585-461: Is currently owned by Speedway Motorsports, LLC (SMI), with Greg Walter serving as its general manager. Charlotte Motor Speedway is served by U.S. Route 29 . The speedway has a capacity of 95,000 as of 2021. The track features numerous amenities, including a Speedway Club, condos, and a seven-story tower located on the complex for office space and souvenirs. In addition, the Charlotte Motor Speedway complex features numerous adjacent tracks, including

4716-411: Is owned jointly by the apartment owners, who execute their joint ownership through an owner's association . The expenses of maintaining the joint property are shared pro rata among the owners. Another 5% of Danish homes are in housing cooperatives (Danish andelsbolig ), which occupy a legal position intermediate between condominiums and housing associations . The entire property is legally owned by

4847-489: Is the "time share", although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute . Among other things, the HOA assesses unit owners for the costs of maintaining the common areas, etc. That is, the HOA decides how much each owner should pay and has

4978-399: The 1971 World 600 race weekend. By August 1974, the track was reconfigured to a length of 2.25 miles (3.62 km). In 2018, the road course was modified to suit NASCAR racing, adding a backstretch chicane . this was modified the following year In 2019, one of the speedway's chicanes, located on the backstretch, was modified. In 2020, developers constructed a purpose-built go-kart track in

5109-423: The 1976 World 600 to attract female spectators. In 1977, to promote a rivalry between longtime driver Cale Yarborough and newcomer Darrell Waltrip , he created a contraption that poked fun at Waltrip's nickname, "Jaws", and Yarborough's sponsor, Holly Farms Poultry. Wheeler placed a dead chicken inside the mouth of a dead shark, attached it to a pickup truck's sling, and paraded it before first qualifying round of

5240-407: The 1977 NAPA National 500 . In 1980, officials announced further renovations worth $ 16 million, with a stated goal of bringing the speedway's capacity to 150,000. In 1983, Bruton and Wheeler announced the construction of 36 condominiums ; the number later increased for 40, and despite initial mockery all were sold by the dwellings' completion in 1984. In 1985, the city of Charlotte sought to attract

5371-673: The Cabarrus County area. In February 1961, track officials wished to host a National Football League (NFL) exhibition game between the Washington Redskins and the Philadelphia Eagles ; however, the deal fell through when Smith found terms from Redskins owner George Preston Marshall to be unreasonable. As of October 2024, the fastest official race lap records at the Charlotte Motor Speedway are listed as: IMSA Ford Mustang Challenge The IMSA Ford Mustang Challenge

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5502-522: The Federal Bureau of Investigation (FBI) was asked to assist with the investigation due to preliminary findings of mismanagement and potential fraud. Eventually, a reorganization plan hearing was set for November 5. In October, a new $ 345,000 loan from McIlvaine was guaranteed despite track officials owing McIlvaine over $ 300,000, relieving more financial pressure. The next month, Craven approved Robinson's proposal to let stockholders and creditors vote on

5633-499: The HVAC system and elevators. In other property regimes, such as those in Hong Kong and Finland , the entire buildings are owned in common with exclusive rights to occupy units assigned to the individual owners. The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association or its equivalent. Scholars have traced

5764-546: The NASCAR All-Star Race , which had been held at the track annually, with two exceptions in 1986 and 2020, was moved to the Texas Motor Speedway in an attempt to reverse sagging attendance at Texas. CMS has seen numerous renovations and additions since the 2010s. In 2011, Marcus directed the construction of a 200-by-800-foot (61 by 244 m) television screen on the track's backstretch, demolishing old seats in

5895-588: The Prohibition era , became increasingly popular within the American Southeast throughout the 1940s and 1950s. With this rise, new modern tracks, such as Darlington Raceway , were built across the Southeast. In the late 1950s, Bruton Smith , a promoter who had found major success promoting races across the Carolinas, sought to build his own racetrack. In 1956, he partnered with businessman John William Propst Jr. to build

6026-460: The R. J. Reynolds Tobacco Company and its subsidiary Winston introducing their sponsorship of the NASCAR Cup Series in 1970. By 1973, Smith bought almost 500,000 shares – a more than tenfold increase from his initial amount of 40,000 – stating that he did not know why he bought this many. In early 1974, despite an attempt to stop elections for the track's board of directors, Smith

6157-623: The homeowner association represents an entity with rights and duties that may include contracts. The right of ownership is divided in the first article of the WoEigG into homeownership, individual freehold ownership, part ownership, and commonhold ownership. In Greece, condominiums became very popular in the 1960s. It is a building one sees everywhere in Greece, since most of its population lives in big cities. They are known as πολυκατοικίες ( polykatoikíes ), literally "multi-residences". In Hong Kong

6288-632: The Connecticut General Life Insurance Co., $ 40,200 (adjusted for inflation, $ 414,028) to the Internal Revenue Service , $ 65,000 (adjusted for inflation, $ 669,449) to Propst and his construction company, and $ 204,000 (adjusted for inflation, $ 2,101,039) to McDevitt Street and Co. The facility also was found to have defaulted on its initial mortgage. By early August, only Propst had been paid off, with further repaves being scheduled to fix track surface issues. On November 22, CMS

6419-486: The Rightway Investment Corporation, an insurance finance company. In 1970, track management announced constructions of a new road course, along with new grandstands according to tax records. By 1972, CMS was increasing their profits year-by-year. In the mid-1970s, after a successful stint in the car dealership business, Smith began to believe that reacquiring CMS would be an highly profitable venture, with

6550-413: The United States. Charlotte Motor Speedway (CMS) in its current form is measured at 1.5 miles (2.4 km), with 24 degrees of banking in the turns and five degrees of banking on the track's frontstretch and backstretch. Within the main track's frontstretch, there is a 1 ⁄ 4 mile (0.40 km) oval that was built in 1991 and is primarily used for legends car racing . Numerous tracks exist in

6681-460: The Western District of North Carolina , ruled to let the district court take over and manage the track and let CMS enter Chapter 10 bankruptcy, with all officers and directors being removed from their positions. The facility was also protected from creditors by the court, essentially becoming a ward . After Craven's ruling, he appointed Robert Nelson Robinson, a local Charlotte lawyer, to run

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6812-566: The apartment. Membership in a condo is obtained by buying the shares on the open market, most often through a real estate agent. No board approval is needed to buy shares, but in some cases other stockholders or the housing cooperative itself has the right to claim the stocks being sold. There is usually no requirement for the owner(s) to live in the condo. Owning apartments for rent is a common form of saving and private investment in Finland. In Germany, condominiums are known as Eigentumswohnungen ( lit.   ' ownership dwellings ' ) and

6943-426: The association may be in the master deed, or could be a separate set of bylaws governing the internal affairs of the condominium. Matters addressed in the condominium bylaws may include the responsibilities of the owners' association, voting procedures to be used at association meetings , the qualifications, powers, and duties of the board of directors, and the powers and duties of the officers. The Bylaws may also cover

7074-429: The beginning of January 1962, however, no progress was made, leading to threats from Craven to liquidate the track by March if no plan was made. By the end of the month, a shareholder committee , headed by A. C. Goines, planned to ask the track's nearly 2,300 shareholders to buy trustee certificates, ranging in value from $ 100 to $ 1,000; this would raise $ 300,000, half of the $ 600,000 needed to start reorganization. After

7205-440: The board of directors despite threatening to resign. In early February, Howard stated that he was tired of the track being run from Illinois, where Smith lived. In response, Smith accused him of consolidating too much power along with financial irregularities. In July, Smith bought around 80,000 shares from Howard's relatives, which was considered a major turning point in their battle for control. On August 29, H. A. "Humpy" Wheeler ,

7336-408: The business entities that own the individual spaces. Unlike apartments, which are leased by their tenants , in most systems condominium units are owned outright, and the owners of the individual units also collectively own the common areas of the property, such as the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common utilities and amenities, such as

7467-457: The cars will have to be rebuilt... there's no doubt about it". In addition, the surface was reported to have come apart in numerous areas, with drivers having to avoid flying pieces of asphalt during the race. Max Muhlehurn, writer for The Charlotte News , stated that "The 600 will go down in history as the only race ever run in which drivers were forced to dodge track blemishes more often than other cars". On July 17, McIlvaine spread rumors that

7598-409: The case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities. The Canadian Condominium Institute is a non-profit association of condominium owners and corporations with chapters in each province and territory. The Condo Owners Association COA Ontario is a non-profit association representing condominium owners with divisions across

7729-567: The condominium ( "Condominio" ) is governed by law, last reformed in 2012. Co-ownership of the common parts of the buildings (such as the stairs, main walls, facades, roof, and courtyards) is mandatory: a landlord can not give up the right to common parts for not paying the costs. Each owner's quota in the condominium is expressed in thousandths ( "millesimi" ) of the whole; these are used to determine majorities in owners' assemblies ( "assemblee condominiali" ). See housing cooperative under owners association . Condominiums (Norwegian Eierseksjon )

7860-418: The condos. Three years later, officials announced the construction of a members-only private club and restaurant named The Speedway Club, with annual membership starting at $ 6,500 (adjusted for inflation, $ 17,432). The Charlotte Motor Speedway complex has two adjacent tracks and a drag strip near the main speedway. By July 1993, construction started on a 1 ⁄ 5 mile (0.32 km) clay short track that

7991-478: The controversial drag strip. On May 21, 2008, Wheeler announced his retirement, effective after the 2008 Coca-Cola 600 , ending a tenure that had lasted since 1975. Although Smith claimed that he offered Wheeler a consulting job and that Wheeler himself hoped for a part-time position, Wheeler ultimately left all track duties related to CMS. Wheeler was replaced by Marcus Smith , one of Smith's sons. In 2009, corporate sponsor Lowe's ended its eleven-year partnership with

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8122-454: The council's decision. On October 2, the council voted unanimously to block Smith's plans. In response, Smith threatened to shut down the track or relegate it to a testing facility unless the decision was reversed, which would have significant financial repercussions for the Concord economy. The council quickly backtracked, and tried to convince Smith to stay by offering him an incentive package of $ 80 million (adjusted for inflation, $ 117,554,165),

8253-449: The development is built on leased land. As condominium unit owners may wish to rent their home to tenants , similar to renting out single-owner real estate, but leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law. A homeowners association (HOA), whose members are

8384-611: The earliest known use of the condominium form of tenure to a document from first-century Babylon . The word condominium originated in Latin . Condominium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'. Condominia (the Latin plural of condominium ) originally referred to territories over which two or more sovereign powers shared joint sovereignty. This technique

8515-567: The equivalent legal structures of a condominium is commonhold , a form of ownership introduced in September 2004. As of 3 June 2009, there were 12 commonhold residential developments comprising 97 units in England and one commonhold residential development, comprising 30 units, in Wales. "Condominium" is not a term that is widely used in England and Wales. Commonhold is a creature of statute and comparatively rare, and condominiums are more likely to be found in

8646-411: The equivalent to a condominium is a "multi-owner building" or "building in multiple ownership". These are sometimes part of a private housing estate comprising multiple buildings but often consist of a single building owned in common. The relationships among the parties, including rights of exclusive occupation of flats and parking spaces, are defined by the deed of mutual covenant ("DMC", analogous to

8777-465: The establishment of conditions for joint ownership and use of inter-apartment stairs, elevators, corridors, roofs, technical basements, non-apartment engineering equipment, adjacent territory, and other common areas. In Singapore and Malaysia , "Condo" or "Condominium" are terms used for housing buildings with some special luxury features like security guards, swimming pools, or tennis courts. In Singapore, most houses without such features are built by

8908-602: The event annually, with various changes to its format and eligibility rules over time. The race was moved in 2020 to the Bristol Motor Speedway due to COVID-19 restrictions . In 2021, the race officially moved to the Texas Motor Speedway to reverse declining attendance at Texas. In late 1979, the United States Auto Club (USAC) announced plans to run a 500 kilometres (310 mi) race in October 1980. However,

9039-481: The expenditure of money to perform. This did not create a significant problem until the 1950s when flats (where ownership is divided horizontally) first began to appear on the market as more affordable, particularly for first-time buyers. Until then flats had been confined to short-term unsaleable tenancies, with varying degrees of statutory rent protection and security of tenure. It was soon learned that freehold flats were an unsatisfactory form of ownership because it

9170-526: The exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record, via a condominium or homeowners association website, or through public files, depending on the state and its applicable laws. Condominiums are usually owned in fee simple title , but can be owned in ways that other real estate can be owned, such as title held in trust . In some jurisdictions, such as Ontario , Canada, or Hawaii US, there are "leasehold condominiums" where

9301-404: The exteriors of the dwellings or yards, and "site condominiums", where the owner has more control and possibly ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities . The description of the condominium units and the common areas and any restrictions on their use are established in

9432-587: The facility held a one-off Grand Prix of Charlotte that was sanctioned by the American Le Mans Series . The race was last run in 2020 by the IMSA SportsCar Championship . On August 10, 1974, CMS hosted the August Jam . Regarded as "Carolina's Woodstock", the festival drew over 200,000 people, more than double than what was expected due to a security breach. The festival unintentionally became

9563-428: The facility's board of directors would appoint new management, under either NASCAR president Bill France Sr. or Darlington Raceway president Bob Colvin. The rumor was repudiated by both Smith and Turner, with the latter threatening legal action. Within the next couple months, numerous claims of Smith and Turner owing money to various groups and companies were made, including $ 90,000 (adjusted for inflation, $ 926,929) to

9694-413: The facility, with Wheeler filling in as president. Under the leadership of Wheeler and Smith, CMS was extensively promoted and rapidly expanded and modernized. In Wheeler's first year as president, he announced a $ 3–5 million renovation that was to be completed in 1981. Wheeler became known in the following years for pulling off elaborate and unique promotions. In 1976, he convinced Janet Guthrie to enter

9825-428: The facility, with a final decision to come on January 30, 1976, the day of the annual stockholders' meeting. Although Howard initially denied these claims and later professed interest in taking a consultant job with Smith, on October 23 Howard stated that he was "99% certain" of leaving. On the day of the stockholders' meeting, a tearful Howard officially announced his resignation, essentially giving Smith full control over

9956-435: The feeling of betrayal, the fact that Turner did not have enough funds to start his own track, and knowing that the city of Charlotte could only support one track, Smith announced his intention to build his own speedway to bluff Turner's plans on April 22, 1959, the same day Turner announced his track. On May 8, Turner announced the track would be built bordering U.S. Route 29 , inside of Cabarrus County, North Carolina , with

10087-438: The foreclosure and subsequent auction of CMS, Turner and Smith resigned from the board of directors, with Smith staying as a promotional director. Board of directors member Duke Ellington replaced Turner as the track's general manager. Turner later accused Smith and Ellington on conspiring to oust him, along with stating inflated profits. In July, Turner and his investor group announced plans to regain control of CMS by either buying

10218-519: The form of leaseholds because of long-standing legal differences between leasehold and freehold tenure. By virtue of the landmark case of Tulk v Moxhay , in English law only restrictive covenants can be enforced against freehold land. This means it is not possible to enforce a positive covenant on successive owners of freehold land, other than to maintain a boundary fence, without creating an elaborate trust. A positive covenant is, broadly, one that involves

10349-615: The former's inaugural iteration, it became one of the longest, largest, and highest-paying motor races in the world, becoming a staple on the NASCAR schedule and one of its " crown jewel " events. The Bank of America Roval 400, meanwhile, was formerly a 500-mile (800 km) race commonly known as the National 500 , which was run in October and first run in 1960. In 1966, the race distance increased to 501 miles (806 km), which remained until 2018. In 2018, in attempts to reverse declining attendance,

10480-436: The freedom to select whom to sell to, under-the-table payments are common. Current public policy favors condominiums over housing cooperatives, and recent legislation has aimed at making the latter more condominium-like. For example, since 2005, cooperative shares may be used to secure bank loans. (However, Danish mortgage banks still may not mortgage individual housing cooperative apartments.) In England and Wales , one of

10611-547: The interior side of the walls surrounding a condo, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium's creation. The corporation holds this property in trust on behalf of the homeowners as a group—it may not have ownership itself. Some condominium complexes consist of single-family dwellings. There are also "detached condominiums" where homeowners do not maintain

10742-442: The land's purchase. The project was immediately plagued with construction issues. The crew who worked on the track discovered large veins of granite underneath the soil shortly after groundbreaking. To remove it, grading contractor W. Owen Flowe decided to blast it with dynamite, causing delays. In addition, aggressive hornets led to multiple workers quitting. In March 1960, three snowstorms delayed construction even further; although,

10873-577: The largest music festival in North Carolina history. It soon gained a reputation for violence; Richard Howard, president of CMS, compared the actions of spectators to Japanese Army suicide attacks at the Battle of Okinawa , with damages totaling $ 50,000. From 2013 to 2018, the facility held the Carolina Rebellion festival. Since 2021, CMS has hosted a branch of the touring Breakaway Festival. In 2024,

11004-541: The launch of a new spec racing series, dubbed the Mustang Challenge, which was initially set to support six IMSA race weekends in 2024. The series would be managed by the Ford Performance Racing School and officially sanctioned by IMSA. Entries would additionally race on bespoke Michelin tires, and top finishers would receive contingency payouts at each race event as well as at the conclusion of

11135-416: The legal power to collect that. Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, private airports, marinas, group housing facilities (retirement homes or dormitories), bare land (in British Columbia ) and storage . The legal structure is the same, and many of the benefits are similar; for instance, a nonprofit corporation may face

11266-419: The mandatory one-year period, with his position being filled by leading stockholder Richard Howard, a furniture store owner. The track later oversaw numerous driver fatalities in the mid-1960s; longtime driver Fireball Roberts died on July 2, 1964, due to complications from a fiery crash at the 1964 World 600 , and Harold Kite , a World War II veteran, died on October 17, 1965, during the 1965 National 400 in

11397-587: The master deed described above) and the Building Management Ordinance Cap. 344. Condominiums are a very common form of real estate ownership in contemporary Hungary, as most state- or municipality-owned apartments were privatized following the end of socialism in Hungary in 1989. Historically, condominiums ( Hungarian : társasház ) were formalized as a legal ownership structure as early as 1924. Condominiums in Hungary are traded and mortgaged on

11528-475: The most important law considering condominiums is the Wohnungseigentumsgesetz (abbreviated WoEigG). It is the basis for all legal regulations involving individual freehold ownership, the rights, and duties of homeowner associations, and the management of condominiums. The WoEigG dates back to 1951, but it was re-enacted in 2007. Now, homeowners are invested with partial legal capacity, which means that

11659-535: The obligations of the owners with regard to assessments, maintenance, and use of the units and common areas, although those obligations are often found in the condominium's founding documents. Finally, they may set limits on the conduct of unit owners and residents. These are more readily amendable than the declaration or association bylaws, typically requiring only a vote of the governing body. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from

11790-595: The organizers of the Breakaway Festival also planned a second show at the facility, tailored for EDM . That same year, CMS officials also announced that the speedway would host the inaugural edition of the Lovin' Life Music Fest. CMS hosts an annual Christmas-themed drive-thru lights show, a tradition that started in 2010. In the wake of the COVID-19 pandemic , the track hosted high school graduations for 10 high schools within

11921-539: The other being a Co-operative Housing Society (CHS) or Co-operative Group Housing Society (CGHS), which needs to be registered with the municipal authorities. Iranian government has begun supporting villas and opposing apartment building concerned by people's manner. In Israel, condominiums (known "בתים משותפים" , "shared houses" or "cooperative houses") are a common form of home ownership. Public housing has historically been organized as subsidized purchases and mortgages in government-constructed condominiums. In Italy,

12052-792: The owners themselves; in the 21st century, however, the owners' convention typically hires a professional building manager who does not personally live in the building. Decisions that involve changes to the terms and conditions, or larger common expenses, still need to be approved by the convention, however. Voting power is based on the percentage of property owned. In India, condominiums are known as "Apartments" or "Apartment Buildings/Complexes" or "Societies" or "Flats". Each building consists of multiple floors and flats/living units with different configurations. The most common configurations are "1-BHK", "2-BHK" and "3-BHK" (BHK stands for bedroom-hall-kitchen). The association of homeowners has many names - two common names are Resident Welfare Association (RWA) and

12183-410: The ownership of Bruton Smith, the facility oversaw capacity growth, seeing a peak of over 170,000 by the end of the 1980s. However, since the 2000s, capacity has seen a decrease, with multiple grandstands being demolished in the 2010s; as of 2021, the track is reported to have a capacity of 95,000. The complex has also expanded to around 2,000 acres (810 ha) as of 2020. Numerous buildings, used for

12314-637: The process. In 2015, the track's barriers were renovated in response to Kyle Busch 's injury at the Daytona International Speedway in February. In 2023, officials announced plans to build a dedicated road course. Since 1960, Charlotte Motor Speedway has held two annual NASCAR Cup Series races per year: the World 600 (known as the Coca-Cola 600 for sponsorship reasons) and the Bank of America Roval 400 . Upon

12445-412: The province and districts within the various municipalities. Apartments (Danish ejerlejlighed , literally "owner-apartment") comprise some 5% of Danish homes. They are traded and mortgaged on the same markets as freestanding houses, and are treated legally much like other forms of real estate. Each owner-tenant directly owns their own apartment; the rest of the building and the ground on which it stands

12576-473: The provisions to create enforceable positive covenants in freehold blocks of flats were occasionally mooted but never gained currency. On 21 July 2020 the UK Law Commission reported on the existing difficulties and made proposals to improve the law and encourage the acceptance of commonhold as the preferred form of tenure. In Finland, a condominium-like arrangement where the ownership of the real estate

12707-413: The purchase of a flat, for the requirements for a fully marketable flat remain complex. The Law of Property Act 1925 , s. 153, contains provisions for the "enlargement" of leases into freeholds, one of the effects of which is to preserve the enforceability of positive covenants contained in the lease against the resulting freehold. There are clear, but stringent, requirements. Artificial schemes using

12838-503: The race both decreased to 400 kilometres (250 miles) and was run on a specialized "roval" course. Along with its Cup Series races, CMS also hosts lower-tier NASCAR Xfinity Series and NASCAR Truck Series races. In 1985, Wheeler and the R. J. Reynolds Tobacco Company directed the creation of The Winston (now called the NASCAR All-Star Race), a race that featured race winners of the previous season. From 1987 until 2020, CMS ran

12969-486: The race was canceled in April due to an agreement with USAC and Championship Auto Racing Teams (CART). In December 1996, IndyCar announced plans for a race to be held in July 1997. The race ran for three years; the last race was canceled after an accident caused flying debris that killed three spectators. Numerous runnings of the Grand Prix of Charlotte , a sports car event, have been run by various organizations. In 2000,

13100-401: The same market as any free-standing single-family home ( Hungarian : kertesház ; "garden-house"), and are treated much like other forms of real estate. The condominium acts as a non-profit legal entity maintaining the common areas of the property, and is managed by a representative ( Hungarian : közös képviselő ) elected by the owners' convention. Historically, this representative was one of

13231-425: The season. The champion, for instance, received a cash prize of $ 40,000 or a $ 100,000 scholarship towards a seat in a Ford Mustang GT3 or GT4 entry. This allowed the series to operate as the first step of an internal ladder for Ford Performance's GT-racing efforts, in which drivers could begin competing in Mustang Challenge races before progressing to a GT3 seat through exceptional performance. The 2024 calendar

13362-559: The second turn. And practically the entire surface on the third and fourth turns resembled an old lady's wrinkled face". However, some hoped that the surface would cure at faster speeds, including driver Glenn "Fireball" Roberts . Track leaders ordered a hasty repave of the track, and by the next day, most of the track's surface held up. On June 18, more financial problems ensued; track officials were sued by Roy E. Thomas, who sold advertising space in souvenir programs, for $ 10,000 (adjusted for inflation, $ 102,992) for breach of contract because he

13493-427: The security of flats unless certain basic provisions were included. This benefited owners whether or not they borrowed money since the purchase was invariably conducted through a solicitor or licensed conveyancer trained to reject leases failing to meet the necessary standards. Despite these standards, the actual form of leasehold systems is variable. Highly favoured are arrangements where the leases are granted out of

13624-440: The series' inaugural round, an invitational round supporting the 2025 24 Hours of Le Mans was announced. Condominium Residential condominiums are frequently constructed as apartment buildings, referred as well as Horizontal Property. There are also rowhouse style condominiums, in which the units open directly to the outside and are not stacked. Alternatively, detached condominiums look like single-family homes , but

13755-540: The speedway's front stretch, resulting in heavy debris. Wattles' right rear wheel and tire assembly flew into the grandstands at high speeds, killing three people and injuring eight more, resulting in the cancellation of the race. After the 2000 The Winston , a pedestrian bridge collapsed, injuring 107 people, which was later blamed on the bridge's manufacturer using an improper additive. In the next two years, two ARCA drivers died in accidents; Blaise Alexander in 2001, and Eric Martin in 2002. In 2005, officials announced

13886-475: The stadium if either the local government or investors gave him $ 10 million. Competition for this bid came from fellow Charlotte businessman George Shinn , who wanted either a team for the National Football League (NFL) or the fledgling United States Football League (USFL); Smith, conversely, only wanted an NFL team. The city refused to assist with construction costs, and all plans died by the end of

14017-467: The track and stopped construction, with Flowe threatening to sue CMS officials. Disputing accounts exist of what happened to suppress this action; according to Flowe, numerous people, including Smith and Turner, threatened to shoot him and his workers if they did not continue working. According to Smith, only Turner showed up with a shotgun and proceeded to "[act] like he was somebody" before a guard took away his gun. Eventually, construction resumed, though it

14148-469: The track being planned to be sold at auction on October 30. In attempts to stop this, numerous solutions were brought up, including plans to seek a "miracle" loan and another separate plan that involved Smith partnering with investors to raise $ 600,000 to save the facility. After the auction was delayed, on November 3, James Braxton Craven Jr. , a judge for the United States District Court for

14279-501: The track day-focused Dark Horse S , but features unique wheels and a racing fuel cell on top of the FIA roll cage, tow hooks, upgraded brakes, rear wing, and re-designed exhaust system featured on the Dark Horse S. The Dark Horse R additionally features a six-speed manual gearbox and an anti-lock braking system, with a base price of approximately $ 150,000. Alongside the car's announcement came

14410-419: The track in a public sale or accumulating enough stock. In August, even though CMS experienced an "unusually successful" 1961 World 600 , they warned stockholders that the facility was in "serious trouble and can only gain financial stability through the arrangement of long-term financing immediately". In the beginning of October, with the facility still having $ 500,000 in debt, foreclosure proceedings began, with

14541-421: The track's infield. Further modifications to two of the road course's chicanes were announced in 2024. CMS is located in Concord, North Carolina , directly next to U.S. Route 29 . At the time of CMS's initial construction, the complex covered 551 acres (223 ha) and had a capacity of around 30,000. Over the span of several decades, CMS and its complex have been expanded and improved numerous times. Throughout

14672-620: The track's infield. In 1970, track officials announced plans for an infield road course that was connected to the speedway's backstretch. According to then-general manager Richard Howard, original plans for the speedway included a road course, but this was cut due to budget issues. The original road course's length has varied in reports, from as short as 1.75 miles (2.82 km) according to the Salisbury Post to as long 1.9 miles (3.1 km) long according to The Charlotte Observer . The road course held its first races on May 22, 1971, as part of

14803-513: The track's publicity director insisted that its construction was "still ahead of schedule". By the end of March, developers considered scrapping plans for grandstands to save time. The issues caused the track's first major race, the NASCAR -sanctioned 1960 World 600 , to be delayed from its original date on May 29 to June 19. Longtime NASCAR mechanic Smokey Yunick called the construction location "a giant mistake. If they'd have searched North Carolina for

14934-404: The track, which reverted back to the "Charlotte Motor Speedway" name. Throughout the 2010s, CMS oversaw steady attendance declines that correlated with overall reduced attendance within NASCAR. As a result, officials ordered the removal of 41,000 seats in 2014 and an unspecified amount of seats in 2017. In 2017, the track was used for the filming of the movie Logan Lucky , a fictional tale about

15065-432: The track. Numerous loan offers to pull the facility out of its financial woes, including separate offers from businessmen Roger D. Edwards and Dwight Cross, were made. On December 9, Craven ruled to let the track's management find loans without the pressure of creditors demanding money, with Robinson being ordered to come up with a plan to ensure the $ 900,000 (adjusted for inflation, $ 9,176,392) payment to various creditors. By

15196-399: The unit owners, manages the condominium through a board of directors elected by the membership. This exists under various names depending on the jurisdiction, such as "unit title", "sectional title", " commonhold ", "strata council", or " tenant-owner's association ", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association". Another variation of this concept

15327-413: The worst possible place to build a racetrack, that's where they built it." Smith blames Turner for the delays; according to Smith, Turner would commonly hire people while under the influence of alcohol, with Smith having to turn them away. Despite these issues, the project saw additional funding and a $ 300,000 (adjusted for inflation, $ 3,089,764) loan from Washington D.C. businessman James L. McIlvaine, who

15458-430: The yards (gardens), building exteriors, and streets, as well as any recreational facilities (such as a pool, bowling alley, tennis courts, and golf course), are jointly owned and maintained by a community association . Many shopping malls are commercial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them, while the common areas of the mall are collectively owned by all

15589-409: The year; however, Smith did state renewed interest of hosting an NFL team at the track two years later. In 1987, construction began on a membership-exclusive club and restaurant named The Speedway Club. By the end of the 1980s, CMS had a maximum capacity of 170,922. In 1991, Smith directed the installation of lights at the track with the help of Iowa-based Musco Lighting . At the time, it was viewed as

15720-435: Was also finalized, featuring an at-large Dark Horse class alongside an optional Dark Horse Legends class for Bronze-rated drivers over the age of 45. The series' inaugural event at Mid-Ohio welcomed 26 entries, including Ford Motor Company CEO Jim Farley , who piloted the #17 entry for MDK Motorsports . Tyler Maxson scored the series' first ever pole position, while Robert Noaker won the series' inaugural race. Following

15851-433: Was barely completed by the first days of activities for the 1960 World 600. In later interviews, Smith called it a "miracle" CMS was built, having admitted to losing $ 150,000 building it. CMS cost around two million dollars (adjusted for inflation, $ 20,598,425) according to McIlvaine, with $ 74,000 (adjusted for inflation, $ 762,142) in debts owed to Flowe by the end of its initial construction. CMS officially opened to cars for

15982-448: Was elected as chairman, effectively placing him back in charge. Howard was elected as the facility's president. Later that year, Howard announced a $ 2.5 million (adjusted for inflation, $ 15,445,344) renovation of the track, aimed at improving the physical appearance of the track and adding seating. Throughout 1975, Howard and Smith had heated exchanges in the media, entering a fierce battle for control. In January, Howard regained control of

16113-471: Was fired. On race day, Smith began to pray that the race would go over halfway so he would not have to give out refunds. During the race itself, track surface issues resurfaced; numerous mechanical problems, including blown tires, broken axles, suspensions giving out, and other problems were reported by drivers such as Tom Pistone , Doug Yates , and Ned Jarrett due to the track's rough surface. Another driver, Emanuel Zervakis , stated, "It's rough as hell! All

16244-501: Was formally introduced in 1983. Approximately 19% of Norwegian homes are condominiums, as approximately 50% of the owner-occupied flats and duplexes, approximately 30% of the rowhouses, and 2.5% of the detached houses are organized as condominiums. The title "Condominiums" is not used in Pakistan rather they are called "Flats" for average-style buildings while "Complexes" for sophisticated and larger buildings. The minimum number of floors for

16375-565: Was frequently used to settle border disputes when multiple claimants could not agree on how to partition the disputed territory. For example, from 1818 to 1846, Oregon Country was a condominium over which both the United States and Great Britain shared joint sovereignty until the Oregon Treaty resolved the issue by splitting the territory along the 49th parallel and each country gaining sole sovereignty of one side. The distinction between

16506-520: Was made to conduct dirt legends car races. On August 10, 1999, then-general manager Humpy Wheeler announced a new 3 ⁄ 8 mile (0.60 km) dirt track that was to be constructed across the main speedway. By January 2000, the planned track had been extended to 2 ⁄ 5 mile (0.64 km). The first races on this track, which featured a lighting system and a capacity of 15,000, were held on May 28, 2000. In August 2007, owner of Speedway Motorsports , Bruton Smith , announced plans to build

16637-487: Was not possible to impose essential maintenance requirements. As such, flats became virtually unmarketable because they were an unacceptable form of security to lenders. Thus solicitors, the principal property lawyers in England and Wales in those days, began to use leases instead, where such limitations did not apply. Progress was haphazard and piecemeal, but over time things became more standard. Improvements became universal as institutional lenders refused to advance money on

16768-745: Was officially announced in October 2023, featuring five race weekends totaling ten race events. The season began at Mid-Ohio Sports Car Course in June, before visiting Watkins Glen International and Road America in support of the IMSA SportsCar Championship later in the summer. The Mustang Challenge then joined the FIA World Endurance Championship at Circuit of the Americas and the Intercontinental GT Challenge at Indianapolis to conclude its inaugural season. The class structure

16899-474: Was reported to have amassed around $ 1 million (adjusted for inflation, $ 10,299,213) in debts. Two more lawsuits were filed in January 1961 by excavating companies. On March 1, 1961, Flowe filed a civil action lawsuit against the track, claiming breach of contract and seeking $ 138,155.28 (adjusted for inflation, $ 1,408,630) in reparations for construction costs. Three months later, as of result of McIlvaine threatening

17030-520: Was so confident that the project would succeed that he stated in The Charlotte Observer , "This is going to be one of the best investments I've ever made, and I've made some good ones." Nearing the end of the facility's construction, a contract dispute formed between Flowe and his workers, citing unpaid fees and bounced checks. On June 9, days before the World 600, Flowe parked several earthmovers on

17161-414: Was to last for at least one year, completing the reorganization process. That same year, Bruton Smith left his job after being found guilty of failing to properly file tax returns in 1955 and 1956. In December 1963, Goines declared while announcing a 10% stock dividend, "We've taken some bitter medicine, but the patient has been saved". In February 1964, CMS saw a profit for the first time. He resigned after

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