The Palms at Long Bay Condo

What The Palms at Long Bay Condo's governing documents say

The Palms At Long Bay is a condominium community in Oak Island, NC — you own your individual unit and share ownership of the building's common elements, which the association maintains and insures, funded by per-unit assessments. This document is the Declaration of Condominium for Phase 1 (Building 3), which establishes the condominium and outlines rights and restrictions for unit owners.

• What you own & maintain: You own the interior of your unit (walls, floors, ceilings, fixtures, HVAC equipment serving only your unit). The association maintains the common elements (roof, exterior walls, structural components, parking areas, and the pool when built). You are responsible for interior maintenance and repairs, including the HVAC system and appliances, and must pay the insurance deductible for any covered loss.
• Leasing & rentals: Leases must comply with the condominium documents and association rules. The declaration does not specify a minimum lease term, but the association may adopt rules regulating rentals.
• Pets: Household pets are allowed, but no animals, livestock, or poultry may be raised, bred, or kept except in accordance with rules adopted by the Board of Directors. The declaration does not specify a pet limit.
• Parking & vehicles: Each unit is reserved a parking space for two vehicles and a small storage area on the ground floor. The Board may assign specific parking spaces. No obstruction of common elements is allowed; inoperable vehicles, boats, motor homes, commercial vehicles, and campers may not be stored on common elements without Board consent.
• Assessments & fees: Each unit owner pays a pro-rata share of common expenses based on their undivided interest (currently 7.14285% per unit in Phase 1). Initial purchasers pay a $500 capital contribution at closing. Special assessments may be levied. Unpaid assessments become a lien after 30 days, and the association may foreclose. Late payments accrue 10% annual interest, and fines for violations cannot exceed $100.
• Use restrictions: Units and common elements are for residential use only. No signs may be displayed without Board consent. No noxious, offensive, or unlawful activities are allowed. Nothing may be done that increases insurance rates or causes cancellation. The Board may adopt additional rules and regulations.
• Insurance: The association maintains property insurance on common elements and units (at least 80% replacement cost) and liability insurance. Unit owners may obtain their own insurance. Insurance proceeds are held by the association for repair or restoration; if the condominium is not rebuilt, proceeds are distributed to owners and lienholders.
• Amendments & developer rights: The declaration may be amended by a 67% vote of unit owners, but the developer (Declarant) retains unilateral rights to correct errors, comply with law, and add Phases 2-4 (up to 40 additional units) within 10 years. The Declarant controls the Board until 75% of units are sold or other conditions are met.

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.