Rex Cdp Park Land Condo Owners Association Inc

What Rex Cdp Park Land Condo Owners Association Inc's governing documents say

This is a declaration of condominium for Rex CDP Park Land Condominium, a commercial condominium in Raleigh, NC, with eight units (initially). It creates a condominium regime under North Carolina law, establishing the association, unit boundaries, common elements, and governance. This document is for owners of the commercial units, not residential homeowners.

• What you own & maintain: Each unit owner owns the airspace within their unit's boundaries (from 50 feet below to 240 feet above ground) and an undivided share of the common elements. Unit improvements (buildings, landscaping, parking, etc.) are owned separately by the owner, and the association has no responsibility for their maintenance, repair, or insurance.
• Use of units (commercial only): Units may be used only for commercial or institutional purposes; residential use is prohibited. All unit improvements require architectural review and approval by the board.
• Assessments & fees: The board adopts an annual budget and levies assessments on each unit based on the allocation schedule (Exhibit 2). Owners must pay their share of common expenses, and unpaid assessments become a lien on the unit. Special assessments may also be levied.
• Leasing & rentals: There are no restrictions on leasing or selling units in this declaration. However, all occupants are subject to the same rules as owners.
• Common elements & limited common elements: Common elements are all property except the units, including water and sewer lines outside public rights-of-way. Limited common elements (e.g., designated parking, landscaping, drives) are allocated to specific units, and the owner of that unit is responsible for their maintenance and associated expenses.
• Governance & voting: The association is managed by a board of 3-5 members. Each unit has votes allocated as shown in Exhibit 2 (e.g., Unit 7A/7B has 26.08% of votes). Amendments to the declaration require 67% of votes; termination requires 80%.
• Insurance: The association carries liability and property insurance covering the common elements and limited common elements, but not unit improvements. Each owner must insure their own unit improvements and other property within the unit.
• What this document doesn't cover: This is the declaration of condominium only; it does not include the full bylaws, architectural review standards, or rules and regulations. Those are referenced but not provided here. Also, it does not contain any residential restrictions like pet rules or age limits.

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.