The Clark Building

Key facts from The Clark Building's documents

Community type

Condominium (commercial)

Legal name

Clark Office Condominium Association, Inc.

Developer / declarant

PRIME RE, LLC

Governing law

North Carolina Condominium Act (Chapter 47C-1-101 et seq.) (1.11)

Assessments & dues

Board sets dates and amounts; based on annual budget (10.2, 9.4)

Special assessments

Board may levy special assessment for capital improvements (with 75% approval if substantial), or for any purpose under Condominium Act, or one-time per year up to $5,000 per Owner without membership approval (10.3)

Collections & liens

Unit Obligation (assessment + late fees + interest + costs) is a continuing lien on the Unit; Association may foreclose like a mortgage (10.5(c), 10.5(d))

Reserves & fees

ASSOCIATION SHALL BUILD UP AND MAINTAIN ADEQUATE RESERVES FOR REPAIR AND REPLACEMENT OF ROOFS, PARKING LOTS, ETC. (9.2(b))

Leasing & rentals

Units may be freely leased (12.3)

Parking & vehicles

Parking spaces are Common Elements but with exclusive allocations: spaces outside orange box to Unit A; spaces within orange box to Units B/C; additional parking may be added by Units B/C (3.2(e), 3.2(c))

Architectural approval

Yes, for exterior painting, structural modifications, etc. (8.6(a), 8.6(b))

Home business

Permitted as professional office; must comply with O-I zoning (12.1)

Signs & flags

No signs except as permitted by Association, Declarant's signs, small surface-mounted door signs (12.2)

Setbacks / home size

Not explicitly; presumably per zoning and plats (N/A)

Maintenance

Association (roof is Common Element) (1.8(b))

Insurance

Property insurance for full replacement value; public liability; director liability optional; other as required (11.1)

Use restrictions

No residential use; professional office space only (12.1)

Voting & meetings

Each Unit has proportional vote equal to its Allocated Interest (5.3(a))

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