Meadow Ridge Busniess Park Condo

What Meadow Ridge Busniess Park Condo's governing documents say

Meadow Ridge Business Park Condominium is a commercial condominium in Bolivia, NC — you own a unit in a metal building with brick veneer, and the association maintains the common elements. This declaration creates the condominium under the North Carolina Condominium Act and applies to unit owners. All units are limited to commercial use only.

• What you own & maintain: You own the interior of your unit, including finished surfaces, heating/air conditioning systems, and utility fixtures from the point of entry. The association maintains common elements (e.g., exterior walls, roof, parking lot) and limited common elements like exterior doors and windows. You must maintain your unit's HVAC, interior surfaces, and any limited common elements assigned to you.
• Use restrictions: All units are limited to commercial use only. No animals, livestock, or poultry may be kept. No signs visible from common elements without association approval, except small paper signs (12x12 inches) on inside windows. No noxious or offensive activities, and nothing that increases insurance rates or violates law.
• Assessments & fees: Each unit pays a share of common expenses based on a percentage (1/25 or 0.040% for Phase 1 units). Assessments are payable monthly as set by the board. A working capital fund of $170 per unit is paid at first sale. Special assessments may be levied for insurance shortfalls, construction, or repairs. Delinquent assessments accrue interest and can become a lien on the unit.
• Leasing & rentals: No time-share ownership is allowed. The declaration does not otherwise restrict leasing, but all leases must comply with commercial use restrictions.
• Insurance: The association must maintain property insurance on common elements (100% replacement cost) and liability insurance. Unit owners may obtain their own insurance. Insurance proceeds are used for repair or restoration; owners may vote not to rebuild by 80% vote (with 100% approval of affected owners).
• Amendments & developer rights: The developer reserved the right to add up to 28 additional units (for a total of 53) by amending the declaration, with development rights expiring December 31, 2015. Other amendments require 67% of unit owner votes. The developer controls the board until 75% of units are sold to non-developer owners, or two years after sales cease, or two years after last development right exercise.
• Stormwater & environmental: Stormwater retention facilities are common elements maintained by the association. Impervious surface limits apply: no more than 7,405 square feet for Phase 1 and 5,614 square feet for Phase 2. Swales cannot be filled or altered without permit modifications.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.