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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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7/3/2025 10:56:37 AM
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BOCC
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7/8/2025
Meeting Type
Business
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Agenda
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7-b
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11 <br /> Article III, Section 2 (b). In the event the Town and/or County no longer owns <br /> all Units of the Condominium, any assessment levied against a Unit remaining <br /> unpaid for a period of sixty(60) days or longer shall constitute a lien on that Unit <br /> when filed of record in the office of the Clerk of Superior Court of Orange <br /> County and shall accrue interest at a rate set by the Association not to exceed <br /> 18% per annum, or the maximum interest rate allowed under the laws, it being <br /> the intent to allow the Association to accrue interest at the highest amount <br /> permissible under the law. The Association may bring an action at law against <br /> the Unit Owner, or foreclose the lien against the Property. Fees (including <br /> attorneys' fees), charges, late charges, fines, and interest are also enforceable as <br /> assessments. Each such assessment, together with interest, costs, and reasonable <br /> attorneys' fees, shall also be the personal obligation of the person who was the <br /> Owner of such property at the time when the assessment fell due. The personal <br /> obligation for delinquent assessment shall not pass to his successors in title <br /> unless expressly assumed by them. <br /> Section 2: Any expense associated with the maintenance, repair or replacement of Limited <br /> Common Element parking spaces shall be assessed as a Common Expense and <br /> not against the Unit or Units to which the Limited Common Element is assigned. <br /> Any Common Expense for services provided by the Association to an individual <br /> Unit at the request of the Unit Owner shall be assessed against such Unit. Any <br /> charge for a utility service provided solely to a particular Unit or Units shall be <br /> assessed against such Unit or Units. Notwithstanding electricity and water shall <br /> be considered a Common Expense. <br /> Section 3: The lien of the assessments provided for herein shall apply only in the event the <br /> Town and/or County are not Unit Owners. In that event the lien of assessment <br /> provided for herein shall only be subordinate to the lien of any first mortgage <br /> and ad valorem taxes. Sale or transfer of any Unit shall not affect the assessment <br /> lien. The sale or transfer of any Unit pursuant to mortgage or tax foreclosure or <br /> any proceeding in lieu thereof, however, shall extinguish the lien of such <br /> assessments as to payments which became due prior to such sale or transfer. No <br /> sale or transfer shall relieve such Unit from liability for any assessments <br /> 9 <br />
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