Southparkat

Key facts from Southparkat's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1, Definitions)

Legal name

SOUTHPARK AT 54 PROFESSIONAL CENTER, A CONDOMINIUM

Units / lots

40 (maximum reserved) (Article I, Section 4)

Developer / declarant

Southpark Office Partners, LLC, a North Carolina limited liability company (Preamble; Section 7, Definitions)

Governing law

North Carolina Condominium Act, Chapter 47C, North Carolina General Statutes (Recitals; Article I, Section 1)

Assessments & dues

Maximum annual assessment $16,578.40 or $1.15 per square foot until January 1 following first unit conveyance (Article IV, Section 5)

Special assessments

Special assessments for capital improvements and stormwater facility maintenance (Article IV, Section 1)

Collections & liens

Unpaid assessments become lien on Unit after 30 days; Association may foreclose; lien subordinate to first mortgages and ad valorem taxes (Article IV, Sections 1, 3)

Reserves & fees

Capital Improvement Fund for replacement of Common Elements; Facility Fund for stormwater facilities (Article IV, Section 4)

Pets

No animals of any kind kept or maintained without permission of Executive Board (Article VIII, Section 4)

Leasing & rentals

Not explicitly addressed; owners may delegate use of Common Elements to tenants (Article II, Section 4)

Parking & vehicles

One unassigned parking space per 250 square feet of unit ownership, rounded down (Article II, Section 3)

Fences

Fences require Executive Board approval (Article VII)

Architectural approval

Executive Board approval required for any building, fence, wall, structure, or exterior change (Article VII)

Solar & roof

Exterior color cannot be changed unless entire condominium color scheme changed; requires 2/3 approval (Article VII, Section 2)

Home business

Business and professional uses permitted; no hair, nail, or tanning salon (Article VIII, Sections 1, 2)

Signs & flags

No signs on Common Elements except grand opening (within 30 days) or for sale/lease by real estate firm; max 18" x 24"; other signs require approval (Article VIII, Section 6)

Maintenance

Association responsible for roof repair/replacement (Article VI, Section 1)

Insurance

Association insures shell and Common Elements; replacement cost coverage of original Building(s) and Common Elements (Article I, Section 8; Article V, Section)

Use restrictions

No; Units restricted to business and professional purposes (Article VIII, Section 1)

Voting & meetings

Vote allocated to each Unit based on relative gross building square footage (Article III, Section 2(c))

Amendments

First 20 years: 90% of Unit Owners; thereafter: 66%; must be recorded; Capital Bank consent required while security interest held (Article XI, Section 5)

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