Orange County NC Website
Browse       Search
7 <br /> Section 3: Condominium Location. The Property is located on 203 South Greensboro <br /> Street, Carrboro in Orange County,North Carolina. <br /> Section 4: Maximum Number of Declarant Created Units. The maximum number of <br /> Units that Declarant reserves the right to create is two (2). <br /> Section 5: Establishment of Units. Declarant does hereby establish within the Property <br /> two (2) Units, and does hereby designate the such Units for separate ownership. <br /> Pursuant to that certain Development Agreement between the Town and County, <br /> Declarant Town shall own one (1) Unit and Declarant County shall own one (1) <br /> Unit. Reference is hereby made to the Plats and Plans for a separate description <br /> of the boundaries of each Unit, identified by number, said Plats and Plans being <br /> by this reference incorporated herein. <br /> Section 6: Subdivision of Units. Pursuant to G.S. §47C-2-113 Unit Owners shall be <br /> entitled to subdivide its respective Unit into a maximum of five (5) additional <br /> Units. The Association, at the sole expense of the unit owner, shall prepare <br /> execute, and record an amendment to the declaration, including the plats and <br /> plans, subdividing the Unit. <br /> Section 7: Association Membership. Each Unit Owner shall be a member of the <br /> Association. <br /> Section 8: Limited Common Elements. There are no Limited Common Elements with the <br /> exception of the parking spaces as provided in Article II, Section 3 and the <br /> Limited Common Elements created under Article V. <br /> Section 9: Insurance. Insurance policies upon the condominium (other than title insurance) <br /> shall be purchased by the Association in the name of the Executive Board of the <br /> Association, as trustees for the condominium Unit Owners and their respective <br /> mortgagees, if any, as their interest may appear, and shall provide for the <br /> issuance of certificates or mortgage endorsements to the holders of first <br /> mortgages on the condominium Unit(s) secured; and, if the companies writing <br /> such policies will agree, the policies shall provide that the insurer waives its <br /> rights of subrogation as to any claims against condominium Unit Owners, the <br /> Association and their respective servants, agents and guests. The Association <br /> shall maintain replacement cost coverage of the original Building, Parking Deck <br /> 5 <br />