Wrp Office Park Condominium

Key facts from Wrp Office Park Condominium's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (commercial)

Legal name

WRP OFFICE PARK ASSOCIATION

Units / lots

Maximum 40 units; initially 8 units established (Section 2.1)

Developer / declarant

FNB Properties, LLC, a North Carolina limited liability company (Article 1, Section 1.1)

Governing law

Chapter 47C of the General Statutes of North Carolina (North Carolina Condominium Act) (Article 1, Section 1.1)

Assessments & dues

Not set in declaration; budget is proposed by Executive Board and ratified by unit owners (Section 17.6)

Special assessments

Non-budgeted assessment greater than 10% of current annual operating budget requires ratification by unit owners; less than 10% may be approved by majority vote of Executive Board (Section 17.7)

Collections & liens

Association has lien on a unit for unpaid assessments after 30 days from filing of record in Clerk of Superior Court; lien prior to all others except prior recorded mortgages, real estate taxes; may be foreclosed as mortgage under power of (Section 17.5)

Reserves & fees

Association may establish reasonable reserves for repair, replacement or addition to Common Elements or any real or personal property (Section 1.2(g)(iv))

Leasing & rentals

Yes, but leases must be in writing and subject to Condominium Documents and Rules and Regulations; tenant must recognize and attorn to Association for enforcement of violations under certain conditions. (Section 8.2)

Parking & vehicles

Perpetual non-exclusive rights to surface vehicular parking spaces; Association may establish rules for towing and parking violations and designate certain areas for owners, employees, tenants, etc. (Section 9.2)

Architectural approval

Prior written consent of Executive Board required for any structural addition, alteration, or improvement. Changes to appearance of Common Elements or exterior of unit also require permission. (Section 11.1(a), 11.1(b)(ii))

Signs & flags

Unit owners may affix letter signage of approved size to the exterior door which is the Limited Common Element and to exterior portions designated as Limited Common Areas (Section 8.1(c)). Additional displays/signage not allowed inside or o (Sections 8.1(c), 8.1(e), 6.7)

Maintenance

Association maintains, repairs, replaces all Common Elements (except portions required of unit owners). Unit owners maintain, repair, replace their units (except portions required of Association and insured by Association). Limited Common E (Sections 4.1, 4.2, 4.3)

Insurance

Executive Board shall obtain and maintain insurance coverage as set forth in Article 20; not detailed in excerpt. (Section 20.1)

Voting & meetings

Vote attributable to each unit is weighted same as allocated percentage of ownership interest in Common Elements as shown on Exhibit B (Section 7.2(c))

Amendments

Declaration may be amended by vote or agreement of Unit Owners of Units to which at least 67% of voting interests are allocated, except as otherwise provided. Some amendments require Declarant or unit owner approval. Bylaws amended by 51% o (Sections 13.1, 14)

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