Westover Place Office Park Owners Association

Key facts from Westover Place Office Park Owners Association's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1.1)

Legal name

Westover Place Owners Association, Inc.

Units / lots

4 units upon creation; up to 40 total units possible (4 initial + 36 additional) (Section 2.1)

Developer / declarant

Valterra Holdings, LLC, a North Carolina limited liability company (Section 1.1)

Governing law

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

Assessments & dues

Common Expenses assessed against all Units in accordance with percentage interest in Common Expenses as shown on Exhibit B; budget adopted by Executive Board and ratified by Unit Owners (Sections 16.1, 16.4)

Special assessments

Non-budgeted Common Expense assessments greater than 15% of current annual operating budget must be submitted to Unit Owners for ratification (Section 16.5)

Collections & liens

Association has lien on Unit for unpaid assessments after 30 days from filing of record; lien prior to all other liens except pre-recorded liens and real estate taxes; foreclosure as mortgage under power of sale under Article 2A of Chapter (Section 16.3)

Reserves & fees

Reasonable reserves may be established by the Association for repair, replacement or addition to Common Elements or other property (Definition (e)(iv))

Leasing & rentals

Leases and rental agreements must be in writing and subject to Condominium Documents and Association (Section 8.2)

Parking & vehicles

Parking spaces may be allocated as Limited Common Elements (2 spaces per 1000 net usable square feet per unit) or assigned by Rules and Regulations (Articles 5, 6.1(b), 10)

Architectural approval

Executive Board approval required for structural additions, alterations, or improvements; also for changes to appearance of Common Elements or exterior appearance of Unit (Section 11.1(a), (b)(ii))

Home business

Not explicitly stated; Units for general office and retail purposes (Section 8.1(d))

Signs & flags

Declarant may maintain signs advertising the Condominium and models during Declarant Control Period; Declarant may post signs in Common Elements to promote sales (Sections 6.4(c), 6.7)

Maintenance

Not explicitly stated; roof is part of Unit upper boundary (unfinished lower surfaces of ceiling) (Section 2.2(a))

Insurance

Property insurance covering Common Elements and personal property owned by Association; liability insurance of at least $1,000,000 (Sections 19.2, 19.3)

Use restrictions

No; Units restricted to general office purposes and retail purposes (Section 8.1(d))

Voting & meetings

Votes allocated to each Unit based on relative floor area; specified percentage of Unit Owners means percentage of votes as allocated in Exhibit B (Section 7.2(c))

Amendments

Declaration may be amended by vote or agreement of Unit Owners with at least 67% of votes, except certain amendments requiring unanimous consent (e.g., creating or increasing Special Declarant Rights, increasing number of Units, Allocated I (Sections 13.1, 13.4, Article 14)

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