Edward Teach Wynd

Key facts from Edward Teach Wynd's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Non-Residential Condominium (Title: 'DECLARATION OF CONDOMINIUM FOR M)

Legal name

Merchant's Row Condominium

Units / lots

16 units initially; maximum 30 units (Section 2.3: 'first sixteen (16) Condomi)

Developer / declarant

Bald Head Island Limited, LLC, a Texas limited liability company authorized to conduct business in North Carolina (Preamble)

Governing law

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

Assessments & dues

By Board of Directors via annual budget; based on Common Expense Liability percentages from Exhibit B (based on square footage) (Section 9.1, 9.3, 9.6)

Special assessments

Allowed; for expenditures over $10,000 must be approved by majority of Unit Owners at special meeting; special assessments for Limited Common Elements only against benefiting units; individual special assessments for owner-caused costs (Section 9.8)

Collections & liens

Unpaid assessments become a lien; may be foreclosed like a deed of trust after 30 days delinquency; priority over other liens except taxes and prior deeds of trust; foreclosure by superior lien holder extinguishes assessment lien but person (Section 9.11, 9.12)

Reserves & fees

Two reserves: General Operating Reserve (GOR) and Reserve for Repairs and Replacements (R&R); GOR funded by capital contributions and assessments; R&R funded by annual budget allocations (Section 9.7(a) and (b))

Pets

Only bona fide service pets allowed without prior written consent of Board; otherwise prohibited (Section 12.6: 'Except for bona fide serv)

Leasing & rentals

Not explicitly addressed; commercial use implies leasing; but timeshares and interval ownership prohibited (Section 12.3). No restrictions on leasing mentioned. (Section 12.3)

Parking & vehicles

Board determines allocation; at least one designated parking space at front of each Unit; no barriers or obstructions; parking must comply with applicable law; no boats, campers; trailers only behind Units; only registered/inspected/license (Section 12.4, Section 12.9)

Architectural approval

Yes; for any building, fence, wall, structure, exterior addition or change, including electrical wiring protruding through walls/roof; plans must be approved by Architectural Review Committee (for Shops at Maritime Way / Edward Teach Wynd) (Section 13.1)

Home business

Commercial use allowed; no restrictions on home business beyond commercial use and compliance with law (Section 12.1)

Maintenance

Association (exterior maintenance includes roofs) (Section 10.1: 'painting, repairing, repl)

Insurance

Association insures Common Elements and exterior building items (replacement cost for original buildings and Common Elements); policies name Association as trustee for Unit Owners and mortgagees; waiver of subrogation if possible. (Section 11.1)

Voting & meetings

One vote per Unit; allocated interests set forth in Exhibit B (Section 7.2(c): 'one (1) vote per Unit')

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