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 4 _conditions of the Town and County executed Development Agreement Regarding South Greensboro Street Property dated the 4th day of December, 2017, and any amendments thereto; aPA WHEREAS, Declarant desires and intends by the filing of this Declaration, to submit the above real property described min Exhibit "A" and all improvements constructed, together with all appurtenances thereto, tocomplying with the provisions of the North Carolina Condominium Act(Chapter 47C,North Carolina General Statutes); AND WHEREAS, Declarant may also execute on or before the recording of this Declaration an Amended Memorandum of Understanding("MOU") intended to further define and delineate roles and responsibilities, outline communication, financial and other expectations of the Parties in operating the Condominium. NOW,THEREFORE,Declarant hereby declares that all of the Property described above shall be held, sold and conveyed subject to the following easements, restrictions, covenants, and conditions, which shall run with the real property and be binding on all parties having any right,title or interest in the described properties or any part thereof,their heirs, successors and assigns, and shall inure to the benefit of each owner thereof. PART 1 DEFINITIONS The Definitions set forth in N.C.G.S. §47C-1-103 shall apply to this Declaration and are incorporated herein, except that the terms listed below shall have the specific meanings stated: Section I:— "Allocated interests" means the undivided interest in the Common Elements; and Common Expense liability amain the Association, allocated to each Unit. _The initial Allocated Interests are shown on Exhibit B. Section 2:- "Association" means Drakeford Library Complex Condominium Owners Association, an unincorporated non-profit association, its successors and assigns. Section 3:—_"Bylaws"means the Bylaws of the Association as they may be amended from time to time. _A copy of the initial Bylaws is attached hereto as Exhibit C. Section 4:—"Common elements" means all portions of a condominium other than the Units. Section 5: _"Common expense liability" means the liability for common expenses allocated to each unit pursuant to G.S. 47-2-107. Section 6:— "Condominium" means "Drakeford Library Complex Condominium Project", it being real estate, portions of which are designated for separate ownership by the Town and County and the remainder of which is designated for common ownership