Westpoint at 751 Owners Association Inc

Key facts from Westpoint at 751 Owners Association Inc's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Commercial covenant; not a condominium; Declarant-managed common elements; eventual owners association required after 4 Buildable Lots conveyed (Sections 4.1, 12.5)

Units / lots

7 (Lot 1 through Lot 7 as shown on Subdivision Plat) (Section 2.16)

Developer / declarant

Westpoint at 751, LLC, a North Carolina limited liability company (First paragraph)

Assessments & dues

Not fixed; determined by Annual Budget prepared by Declarant (Section 10.1)

Special assessments

Yes; Declarant may levy for unanticipated expenses or to cure non-compliance; payable within 30 days of notice; may be payable in installments (Section 10.3)

Collections & liens

Assessments unpaid for 30+ days secured by lien; Declarant may file claim of lien and foreclose; lien subordinate to first mortgage of financial institution (Sections 10.5, 10.6, 10.7)

Reserves & fees

$100 per delinquent assessment, plus interest at Default Rate (Section 10.6)

Leasing & rentals

Leasing allowed by implication (commercial uses); no express restrictions (Section 9.1 (permitted uses include leas)

Architectural approval

Yes, Declarant must approve Plans (initial construction and material exterior alterations) (Section 7.3(a))

Signs & flags

All signage must comply with Tenant Signage Plan and Uniformity of Design Materials; owner must obtain permits; no painted-on, flashing neon, or exposed raceways/transformers; Declarant approval required (Section 7.2)

Insurance

Commercial general liability: $1,000,000 per occurrence, $5,000,000 aggregate (umbrella); deductible ≤$20,000; liquor liability rider if alcohol sold; higher limits for net worth >$50M ( $2M per occurrence, $2M aggregate); construction insu (Section 9.3)

Voting & meetings

Upon formation of owners association, votes correspond to percentage share of each lot (acreage of Buildable Lot / total acreage of Buildable Lots), rounded to nearest 1/100th of a percent (Section 2.22 (Percentage Share), Section)

Amendments

May be amended by Declarant with consent of affected Owners; additional restrictions in deeds prior to conveyance; Supplemental Declaration to add property requires other Owners' approval (not unreasonably withheld) (Sections 12.10 (referenced in 2.11), 5.1)

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