351 Village Walk Condominium Association Inc

What 351 Village Walk Condominium Association Inc's governing documents say

This is the Declaration of Condominium for 351 Village Walk Condominium, a nonresidential (commercial office) condominium in Holly Springs, NC, with only two units. It establishes the condominium form of ownership and the rules that bind unit owners, who are likely commercial property owners or investors, not residential homeowners.

• Property type & use: The condominium is nonresidential; units may be used only for general commercial office purposes (e.g., financial, real estate, medical, legal), not for retail, restaurants, or residential use. No more than one unit may be used for an orthodontic practice and no more than one for a general dentistry practice.
• Leasing & rentals: Unit owners may lease their unit (in whole or in part), but all leases must be in writing, for a term of at least 30 days, and must require the lessee to comply with the Declaration, Bylaws, and other rules. Leases must be filed with the Association.
• What you own & maintain: Each unit owner owns their unit and an allocated interest in the common elements. Owners are responsible for maintenance and repair within their unit, including electrical, plumbing, HVAC, and interior surfaces. The Association maintains and repairs the common elements, including roofs, walks, driveways, and parking areas.
• Alterations & approvals: Interior alterations that don't affect structural integrity or mechanical systems are allowed without permission. Structural alterations, exterior changes (including painting, satellite dishes, or any change to the building's appearance), and changes to common elements require prior written approval from the Association's Board.
• Insurance: The Association must maintain casualty insurance on the buildings and common elements, public liability insurance, and fidelity coverage for directors and officers. Unit owners may obtain their own insurance for their unit and personal property, but the Association's policy is primary.
• Assessments & common expenses: The Association levies assessments to cover common expenses, including maintenance, insurance, and utilities. Assessments are a lien on the unit if unpaid. The Declaration includes provisions for enforcement and remedies in case of default.
• What this document doesn't cover: This excerpt is the Declaration only; it does not include the Bylaws, rules and regulations, or the exhibits (A, B, C) that contain the legal description, liens/encumbrances, and unit allocations. It also doesn't specify the amount of assessments or any specific pet, parking, or age restrictions (which are not applicable here).

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.