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Agenda 06-17-2025; 6-c - Condominium Agreement and Memorandum of Understanding with the Town of Carrboro for the Operation of the Drakeford Library Complex
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Agenda 06-17-2025; 6-c - Condominium Agreement and Memorandum of Understanding with the Town of Carrboro for the Operation of the Drakeford Library Complex
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6/12/2025 10:21:35 AM
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BOCC
Date
6/17/2025
Meeting Type
Business
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Agenda
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6-c
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9 <br /> regulations pursuant to which the Unit Owners, its employees, servants, invitees <br /> and lessees, may be entitled to use the Common Elements and any Limited <br /> Common Elements, including the right to make permanent and temporary <br /> assignments or allocations of parking spaces. The Town and County shall have <br /> the right, but not the obligation, to have municipal charged parking for one or <br /> more shared Common Element Parking spaces or any of its Limited Common <br /> Element parking spaces. <br /> Section 4: Subject to any rules and regulations established by the Association, a Unit <br /> Owner may delegate his right of enjoyment to all or a part of the Common <br /> Elements or to the extent applicable Limited Common Elements to a lessee the <br /> terms of which shall be properly set forth in a written lease, a copy of which <br /> shall be provided to the Association. <br /> Section 5: The Common Elements and any Limited Common Elements are not subject to <br /> partition, and any purported conveyance, encumbrance, judicial seal or other <br /> voluntary or involuntary transfer of an undivided interest in the Common <br /> Elements by a Unit Owner made without the Condominium Unit to which that <br /> interest is allocated is void. This provision shall not be construed to prevent Unit <br /> Owners from swapping or transferring Limited Common Element parking spaces <br /> with one another in a manner consistent with the rules and regulations authorized <br /> by this Declaration. <br /> ARTICLE III <br /> ALLOCATED INTERESTS <br /> Section 1: The table showing Unit numbers and their Allocated Interests is attached as <br /> Exhibit B. These interests have been allocated in accordance with the formulas <br /> set out in this Article IIl. These formulas are to be used in reallocating interests if <br /> Units are added to the Condominium. <br /> Section 2: The interests allocated to each Unit have been calculated on the following <br /> formulas: <br /> (a) The percentage of undivided interest in the Common Elements allocated to <br /> each Unit is based on the relative floor area of each Unit as compared to the floor <br /> 7 <br />
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