Fish Factory Condo

What Fish Factory Condo's governing documents say

Fish Factory Condominiums is a condominium community in Bolivia, NC, where you own a wet slip (boat slip) and a corresponding mailbox as a unit, with shared common elements like docks and marina basin. This declaration governs the use of the slips, common areas, and the association's operations. It is designed for boat owners who want a dedicated slip for a pleasure boat, with restrictions on live-aboard use and commercial activity.

• What you own & maintain: You own a Wet Slip Unit (a defined water/air space for mooring a boat) and a corresponding Mail Box. The association maintains the common elements (docks, pilings, marina basin, etc.) and carries master insurance, funded by assessments based on equal allocated interests among all units.
• Boat use restrictions: Each wet slip is restricted to mooring a single, self-propelled, noncommercial pleasure boat. No live-aboard, houseboat, floating home, or seaplane is allowed. Boats must be fully operable, seaworthy, and comply with all safety and registration requirements. Any boat must fit within the slip boundaries, with limited overhang allowances.
• Leasing & rentals: There is no minimum lease term. Leases must be in writing and must state that the lease is subject to the declaration, bylaws, and association rules. A copy of the lease must be provided to the executive board upon request.
• Appearance & alterations: No exterior alterations to a unit (including painting, antennas, satellite dishes) or changes to common or limited common elements (like docks) are allowed without prior written association consent. The association regulates the appearance of all improvements and boats to maintain harmony.
• Assessments & fees: Assessments are levied per unit based on equal allocated interests. The initial annual assessment covers common expenses; the board may increase it annually without a vote. Special assessments may be levied for capital improvements. Delinquent assessments accrue 18% annual interest and late charges, and the association has a lien on the unit.
• Insurance: The association must maintain property insurance on common elements (at least 80% replacement cost), liability insurance ($1M minimum), flood insurance, and fidelity coverage. Unit owners may obtain their own insurance for personal property and liability.
• Developer rights: The declarant reserves the right for 15 years to add real estate, create additional units, subdivide units, convert units to common elements, or withdraw real estate, all without owner consent. These rights may change allocated interests and unit counts.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.