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Agenda 07-08-2025; 7-b - Condominium Agreement and Memorandum of Understanding with the Town of Carrboro for the Operation of the Drakeford Library Complex
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Agenda 07-08-2025; 7-b - Condominium Agreement and Memorandum of Understanding with the Town of Carrboro for the Operation of the Drakeford Library Complex
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BOCC
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7/8/2025
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Business
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Agenda
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7-b
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10 <br /> area of all of the Units in the Condominium. <br /> (b) The percentage of liability for Common Expenses (and Limited Common <br /> Elements) allocated to each Unit is 53.6% for the County and 46.4% for the Town <br /> and is based on the relative floor area of each Unit as compared to the floor area <br /> of the two (2) Units in the Condominium. Nothing contained in this Subsection <br /> shall prohibit certain Common Expenses from being apportioned to particular <br /> Units under Article IV of this Declaration. <br /> (c) The vote in the Association allocated to each Unit is 50% and is not based <br /> on the relative floor area of each Unit as compared to the floor area of all of the <br /> Units in the Condominium. <br /> Section 3: The effective date for assigning Allocated Interests to Units created pursuant to <br /> Declarant rights hereunder shall be the date on which this Declaration, Plats and <br /> Plans creating the Units is recorded in the Registry of Orange County, North <br /> Carolina and the two (2) Units created by Declarant are established and conveyed <br /> as set forth in Article I, Section 5. <br /> ARTICLE IV <br /> ASSESSMENT AND COLLECTION OF COMMON EXPENSES <br /> Section 1: The Declarant, for each Unit owned within the Property, and each Unit Owner <br /> by acceptance of a deed therefore, whether or not it shall be so expressed in such <br /> deed, hereby covenants and agrees to pay the Association: (1) annual <br /> assessments or charges, and (2) special assessments for capital improvements <br /> and for the maintenance, reconstruction and repair of Common Elements. For so <br /> long as the Town and/or County own all Units of the Condominium, the Unit <br /> Owners may, upon written agreement, make proportional direct payments toward <br /> common expenses, capital improvements, maintenance, reconstruction and/or <br /> repair directly to vendors and other providers rather than assessments paid to the <br /> Association, provided that the allocation of direct payment to vendors or other <br /> providers by each Unit Owner is in accordance with Article III, Section 2(b). <br /> Except as provided in Section 2 of this Article IV, the liability of each Unit <br /> Owner for the Common Expenses of the Association shall be in accordance with <br /> s <br />
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