Agenda 01-20-2026; 6-b - Condominium Agreement with the Town of Carrboro for the Operation of the Drakeford Library Complex

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i 14 _Article III, Section 2-(b). T the r the Town ..a or- my jonom_ „ Units f the C,.ndo m crrc cue—ire crit -fo-,-vrr oi�vdirS--a-n--o-nio--vra-ic any Any assessment levied against a Unit remaining unpaid for a period of sixty(60) days or longer shall constitute as a lien on that Unit when filed of record in the office of the Clerk of Superior Court of Orange County and shall accrue interest at a rate set by the Association not to exceed 18% per annum, or the maximum interest rate allowed under the laws, it being the intent to allow the Association to accrue interest at the highest amount permissible under the law. _The Association may bring an action at law against the Unit Owner, or foreclose the lien against the Property. Fees (including attorneys' fees), charges, late charges, fines, and interest are also enforceable as assessments. _Each such assessment, together with interest, costs, and reasonable attorneys' fees, shall also be the personal obligation of the person who was the Owner of such property at the time when the assessment fell due. The personal obligation for delinquent assessment shall not pass to his successors in title unless expressly assumed by them. Section 2:—_Any_ expense associated with the maintenance, repair or replacement of Limited Common Element parking spaces shall be assessed as a Common Expense and not against the Unit or Units to which the Limited Common Element is assigned. _Any Common Expense for services provided by the Association to an individual Unit at the request of the Unit Owner shall be assessed against such Unit. -Any charge for a utility service provided solely to a particular Unit or Units shall be assessed against such Unit or Units. Notwithstanding electricity and water shall be considered a Common Expense. Section 3:— The lien of the assessments pFovided for herein shall apply on!), in the event the Town and/or County me not Unit Ownersinthat event the lienor assessment provided for herein shall only be subordinate to the lien of any first mortgage and ad valorem taxes._Sale or transfer of any Unit shall not affect the assessment lien._ The sale or transfer of any Unit pursuant to mortgage or tax foreclosure or any proceeding in lieu thereof, however, shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer.-unless the assessment lien is a priority under North Carolina law and entitled to priority payment as part of the foreclosure proceeding_No sale or transfer shall relieve such Unit from liability for any assessments thereafter becoming due or from the lien thereof.