Orange County NC Website
50 <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 III. 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 /> 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) Except for an Amendment to this Declaration which is subject to the <br /> requirements of Article XI, Section 5 below, the vote in the Association allocated <br /> to each Unit is 50% and is not based on the relative floor area of each Unit as <br /> compared to the floor area of all of the Units in the Condominium. <br /> Section 3: The effective date for assigning Allocated Interests to Units created pursuant to <br /> 8 <br />