Orange County NC Website
Browse       Search
48 <br /> Association and their respective servants, agents and guests. The Association <br /> shall maintain replacement cost coverage of the original Building, Parking Deck <br /> Common Elements, and all other Common Elements and Units as further <br /> described herein. Each condominium Unit Owner shall have the option, but not <br /> the requirement to obtain insurance, at its own expense, affording coverage upon <br /> its condominium Unit, its personal property and for its personal liability and as <br /> may be permitted or required by law, but all such insurance shall contain the <br /> same waiver of subrogation as that referred to above if the same is available. <br /> The Parties' MOU, and any amendments thereto, may provide further <br /> information regarding the casualty insurance requirements. <br /> Section 10: Special Declarant Rights. Declarant reserves the following Special Declarant <br /> Rights for the entire Property, which shall be exercisable during the Period of <br /> Declarant Control or until such time as the Town and County agree in writing to <br /> terminate these rights: <br /> (a) To complete any and all improvements indicated on the Plats and Plans; <br /> (b) To create additional limited common elements within the Condominium; and <br /> (c) To approve all nameplates and signage attached to the exterior of the <br /> Condominium, and to provide uniform appearance and location. <br /> Section 11: Dispute Resolution. Any dispute not resolved by the Association or Members <br /> shall comply with prelitigation mediation of condominium disputes as set forth in <br /> Chapter 7A of the North Carolina General Statutes ("NCGS") specifically <br /> complying with NCGS 7A-38.3F. <br /> ARTICLE II <br /> PROPERTY RIGHTS <br /> Section 1: Ownership of a Unit shall vest fee simple title to the Unit in the Unit Owner. <br /> Section 2: Every Unit Owner shall own an undivided interest in the Common Elements and <br /> shall have a right and easement of enjoyment in the Common Elements which <br /> shall be appurtenant to and shall pass with the title to every Unit. The undivided <br /> interest in the Common Elements and the right and easement of enjoyment in <br /> such Common Elements is subject to the following: <br /> 6 <br />