Pppvprofessionalpark

Key facts from Pppvprofessionalpark's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, Section 1.8)

Legal name

Professional Park at Pleasant Valley

Units / lots

Maximum 100 units (Article VIII, Section 8.3; Article VIII,)

Developer / declarant

PPPV, LLC, a North Carolina Limited Liability Company (Preamble)

Governing law

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

Assessments & dues

Assessments levied by Board; due in monthly installments; Declarant pays accrued expenses until assessments levied (Article IX, Section 9.1)

Special assessments

Board may levy special assessment for construction, reconstruction, repair or replacement of Common Elements with assent of Unit Owners entitled to at least 75% of votes; not for initial Condominium improvements (Article IX, Section 9.5)

Collections & liens

Unpaid assessments for 30+ days constitute lien on Unit when filed; foreclosure by suit like deed of trust; attorney fees up to 5% of sale price (Article IX, Section 9.2)

Pets

No pets allowed except as provided by Rules and Regulations or By-laws (Article VII, Section 7.10)

Leasing & rentals

Yes, with restrictions (Article VII, Section 7.9)

Parking & vehicles

Association has exclusive right to make permanent and temporary assignments of parking spaces; no obstruction to free flow of traffic and use of parking facilities (Article VI, Section 6.2; Article VII, Se)

Architectural approval

Exterior changes require permission of Association; interior alterations not impairing structural integrity or mechanical systems do not require permission (Article VII, Sections 7.6, 7.7)

Home business

General office and institutional purposes permitted, including professional and service occupations (Article VII, Section 7.4(A))

Signs & flags

No signs displayed except as allowed by Association or sign criteria filed with City of Raleigh; 'For Sale'/'For Rent' signs allowed on unsold/unoccupied Units; uniform exterior door signs required (Article VII, Sections 7.4(C), 7.4(E))

Maintenance

Association responsible for Common Elements; Unit Owner responsible for Unit interior surfaces, HVAC serving only their Unit; Unit Owner must maintain Unit in good and clean condition (Article X, Sections 10.1, 10.2, 10.4)

Insurance

All buildings and improvements and personal property in Common Elements insured at maximum insurable replacement value; fire and extended coverage; other customary risks; workmen's compensation if required (Article XI, Section 11.2)

Use restrictions

No; Units for general office and flex space purposes only; residential uses prohibited (Article VII, Section 7.4(A))

Voting & meetings

Allocated based on Floor Area; each Unit's percentage of undivided interest in Common Elements, votes in Association, and responsibility for Common Expenses in proportion to Floor Area (Article IV, Section 4.5)

Amendments

Proposed by Board or Unit Owners with 50% of votes; requires affirmative vote of 75% of allocated votes; Declarant consent required during Declarant Control Period; certain amendments require unanimous consent or Institutional Lender consen (Article XVI)

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