Old Pennys Building Condo Cambridge

Key facts from Old Pennys Building Condo Cambridge's documents

Community type

Condominium (Title; Article I Definition of Condomini)

Legal name

Old Penney's Building Condominium Owners Association, Inc. (Article VI, Section 1)

Units / lots

23 units initially (18 Residential, 1 Office, 6 Retail); Declarant may create up to 20 Residential, 8 Office, 8 Retail (Article IV, Section 2)

Developer / declarant

Public Interest Projects, Inc., a North Carolina corporation (First paragraph; Article I definition of)

Governing law

North Carolina Condominium Act (Chapter 47C of the North Carolina General Statutes) (First paragraph; Article I definition of)

Assessments & dues

Board of Directors sets assessments; subassociations set their own expenses (Article VI, Section 3; Article XII, Sect)

Special assessments

Not explicitly named, but additions/alterations/improvements costing >5% of annual budget require Majority Vote; cost assessed as Common Expense (Article XII, Section 5)

Collections & liens

Association may file lien for unpaid assessments if delinquent more than 60 days (Article XII, Section 2 (General); Articl)

Reserves & fees

Replacement reserves collected and held by Association or Subassociation as agent for Unit Owners for projected replacement costs of Common Elements (Article I definition of Replacement Rese)

Leasing & rentals

Residential Units may be leased subject to restrictions: minimum initial term of 1 year, and no more than three other Residential Units occupied by tenants at any time; not applicable to non-paying guests (Article XII, Section 7(a)(6))

Home business

Residential Unit may be used as home office but without regular visits by clients, customers, associates, patients, or delivery personnel (Article XII, Section 7(a)(5))

Use restrictions

Residential Units for housing and related common purposes, including limited home office (no regular visits by clients/customers); Office Units for general office uses (no retail/restaurant); Retail Units for retail, office, storage, and re (Article XII, Section 7(a)(5))

Voting & meetings

Required for a duly called meeting; Majority Vote defined as votes cast at a meeting where quorum is present (Article I definition of Majority Vote)

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