150 Wellesley Condominium Association Inc

Key facts from 150 Wellesley Condominium Association Inc's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Commercial condominium (retail, restaurant, personal service, general office) (Section 7.1(a))

Legal name

150 Wellesley Condominium Association, Inc.

Units / lots

10 units initially; maximum 14 units if subdivided (Section 2.1)

Developer / declarant

Tinton, LLC (Section 1.2(h))

Governing law

North Carolina Condominium Act, Chapter 47C of the General Statutes of North Carolina (Section 1.1)

Assessments & dues

Executive Board adopts budget; budget ratified unless majority of all Unit Owners reject at meeting (Section 15.4)

Special assessments

Non-budgeted Common Expense assessment greater than 15% of current annual operating budget must be ratified by Unit Owners in same manner as budget (Section 15.5)

Collections & liens

Association has lien on Unit for unpaid assessment remaining unpaid 30+ days from filing of record; lien prior to all other liens except pre-recorded liens and tax liens; foreclosure as mortgage under power of sale under Article 2A of Chapt (Section 15.3(a), (b), (f))

Reserves & fees

Reasonable reserves established by Association for repair, replacement and/or addition to Common Elements or other property (Section 1.2(e)(iv))

Leasing & rentals

Leases permitted; must be in writing and subject to Condominium Documents and Association; leases deemed to include provision tenant will recognize and attorn to Association as landlord for enforcement purposes (Section 7.2)

Parking & vehicles

Parking only in designated Common Element parking areas; no blocking entrance drive; subject to Association rules; no boats, boat trailers, motor homes, travel trailers, campers, or recreational vehicles in parking lot except imaging facili (Section 7.6)

Architectural approval

No structural addition, alteration, or improvement without prior written consent of Executive Board; changes to exterior appearance require permission (Section 10.1(a), (b)(ii))

Home business

Units restricted to retail, restaurant, personal service establishments, general office purposes; 20% of Condominium entitled to house retail establishments, distributed solely to Units 101, 102, 103, 104 (Section 7.1(a))

Signs & flags

Each Unit Owner has right to use all types of signage (directory, monument, store front) on exterior in accordance with pro rata share, conforming to Common Signage Plan approved by Town of Cary; costs borne by Unit Owner (Section 7.10)

Maintenance

Unit Owner maintains/repairs/replaces Unit except portions maintained by Association; Association maintains/repairs/replaces Common Elements except Limited Common Elements maintained by Unit Owners (Sections 4.1, 4.2)

Insurance

Commercially reasonable deductible not in excess of $25,000.00 (Section 18.2(b))

Use restrictions

No Unit may be used for residential purposes or overnight lodging (Section 7.1(c))

Voting & meetings

Votes allocated pro rata based on square footage of Units compared to total square footage (Section 6.2(c))

Amendments

Declaration may be amended by vote/agreement of Unit Owners with at least 67% of votes; unanimous consent required to create/increase Special Declarant Rights, increase number of Units, change Unit boundaries, Allocated Interests, or use re (Sections 12.1, 12.4, 12.3)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.