Eagle Market

Key facts from Eagle Market's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Book 5739 Page 940, Article II)

Units / lots

2 (one Commercial Unit, one Residential Unit) (Book 5739 Page 940, Article IV, page 6 o)

Developer / declarant

Eagle Market Place, LLC, a North Carolina Limited Liability Company (Book 5739 Page 940, page 3 of 57)

Governing law

North Carolina Condominium Act (Chapter 47C of the North Carolina General Statutes) (Book 5739 Page 940, page 2 of 57)

Assessments & dues

Common Expenses allocated to Unit Owners based on their Common Element Interests as set forth in Exhibit C. (Book 5739 Page 940, Article XII Section )

Special assessments

Additions, alterations, renovations or improvements to Common Elements costing >5% of prior year annual budget require majority vote of Unit Owners; cost assessed as Common Expense. (Book 5739 Page 940, Article XII Section )

Collections & liens

Association may file a lien against a Unit if assessments are delinquent for more than 60 days; lien is prior to all others except taxes and pre-recorded mortgages. Foreclosed purchasers not liable for pre-foreclosure assessments. (Book 5739 Page 940, Article XII Sections)

Reserves & fees

Replacement Reserves collected as Common Expense assessments for future replacement of Common Elements; held by Association as agent for Unit Owners. (Book 5739 Page 940, Article I (definitio)

Leasing & rentals

Yes; leases must be in writing, subject to Condominium Documents; tenant default under documents is lease default. (Book 5739 Page 940, Article XII Section )

Architectural approval

Board of Directors must approve changes to exterior, Common Elements, visible windows/doors; interior unit alterations allowed if not impairing structural integrity or mechanical systems. (Book 5739 Page 940, Article XII Sections)

Home business

Residential Unit may be used as home office but no regular or frequent visits by clients, customers, associates, patients, or delivery personnel (except for personal deliveries). (Book 5739 Page 940, Article XII Section )

Maintenance

Association: Common Elements (structural, roof, foundation, exterior walls, utilities serving >1 unit, central HVAC, fire sprinklers, stairwells). Unit Owner: interior of Unit, equipment, appliances, and limited common elements (exterior do (Book 5739 Page 940, Article V Section 1 )

Insurance

Fire/hazards insurance for all insurable improvements (except owner betterments) in full replacement value; extended coverage, vandalism, malicious mischief, debris removal, demolition, windstorm, water damage. (Book 5739 Page 940, Article XII Section )

Use restrictions

Residential Unit limited to residential use; Commercial Unit limited to office, retail, or commercial use. (Book 5739 Page 940, Article XII Section )

Voting & meetings

Votes allocated between Units in approximate percentage of square footage relative to entire Building (Exhibit C) (Book 5739 Page 940, Article V Section 3,)

Amendments

Requires 67% of total eligible votes of Owners plus consent of 51% of Eligible Mortgage Holders; amendments changing common element interests, boundaries, use, or requiring unanimous approval under Article XII Section 14 or Article VIII req (Book 5739 Page 940, Article VIII, page 9)

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