Stone Creek Village Property Owners Association Inc

What Stone Creek Village Property Owners Association Inc's governing documents say

This is a first amendment to the master declaration for Stone Creek Village, a mixed-use commercial and residential development in Cary, NC. It modifies the original declaration to set up separate associations for different tracts, adjust voting and assessment responsibilities, and clarify permitted uses. This document is for property owners, developers, and tenants within the Stone Creek Village development.

• What this document covers: This is an amendment to the original master declaration, not a full rulebook. It changes how the association is structured, how assessments are shared, and what uses are allowed on certain parcels.
• Association structure: The Stone Creek Village Property Owners' Association now only covers the Commercial Tract and Open Space Tract. A separate association will be formed for the Residential Tract, and each condominium or apartment parcel will have its own association.
• Board of Directors: The Board has three members, with seats tied to ownership of Parcels 2, 7, and 8. Each of those owners can appoint a substitute to serve in their place.
• Assessments & common expenses: Parcels 4, 5, 9, 13, and 14 collectively pay 32% of common expenses; Parcels 2, 3, 7, 8, 10, and 12 pay the remaining 68%. The Declarant and Board decide how to split costs among those parcels, and lease terms can override those decisions for commercial parcels.
• Special assessments: The Board can levy special assessments for insurance shortfalls or construction/repair of common areas. Parcels 4, 5, and 9 are exempt from special assessments for parking lots on other parcels.
• Insurance requirements: Each owner (or tenant) must carry commercial general liability insurance with a combined single limit of at least $3,000,000 for personal injury and property damage.
• Parking & vehicles: Owners or tenants of Parcels 4, 5, and 9 cannot park vehicles on Parcels 2, 3, 7, 8, 10, 11, 12, 13, or 14.
• Permitted uses: The Commercial Tract is for commercial, retail, and office uses, except Parcels 4, 5, and 9, which allow condominium and apartment units. The Board must approve development or leasing of Parcels 4, 5, 9, 13, and 14, and uses must not conflict with exclusive uses granted to other parcels.

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.