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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71 establish penalties for the infraction thereof; (b) Employ a professional property manager, an independent contractor, or other employees as they deem necessary, and prescribe their duties; provided always, any contract for professional management must contain a clause requiring not more than 90 days termination notice; (c) Procure, maintain and pay premiums on an insurance master policy(s) and equitably assess the Owners of the same for their prorata portion of such expense, and to procure and maintain liability insurance for the Board of Directors; (d) Impose and receive any payments, fees, or charges for the use, rental, or operation of the Common Elements other than for service provided to Unit Owners; (e) Exercise all other powers that may be exercised in this state by legal entities of the same type as the Association; (f) Exercise any other powers necessary and proper for the governance and operation of the Association; and (g) Exercise any and all powers, rights and privileges which an unincorporated non-profit association of the State of North Carolina by law may now or hereafter have or exercise. Section 2: It shall be the duty of the Executive Board to: (a) Cause the Common Elements to be maintained, repaired, and replaced as necessary, and to assess the Unit Owners to recover the cost of the upkeep of the Common Elements; (b) It shall be the duty of the Executive Board to consider the establishment and maintenance of capital reserves for future anticipated Common Element expense and have a study to be conducted once every five (5) years to evaluate and recommend the current and projected capital reserve requirements for the Condominium; (c) Serve as the architectural committee, or the right to delegate that responsibility; (d) Keep a complete record of all its acts and corporate affairs and present a 29