The Seahorse

What The Seahorse's governing documents say

The Seahorse is a two-unit condominium in Ocean Isle Beach, NC, operating as an interval ownership (timeshare) plan. Each owner holds a group of four one-week use periods (Unit Weeks) per year, with a 1/52 undivided remainder interest as tenants-in-common. This document is the full rulebook for owners and occupants.

• What you own & maintain: You own a group of four Unit Weeks (one week each in different seasons) plus a 1/52 undivided remainder interest in a unit as tenant-in-common. The association maintains common elements, common furnishings, and the exterior; you are responsible for damage you cause and for leaving the unit clean and in good condition after your stay.
• Leasing & rentals: Rentals, assignments, and donations of Unit Weeks are not permitted. Owners may exchange weeks with other owners only by mutual agreement.
• Pets: No pets of any type are allowed anywhere on the premises. Violators face daily fines plus a cleaning fee, which becomes a lien on their interest.
• Use & occupancy: Units are for residential use only, occupied by the owner or a qualified immediate family member who must be present during the week. No signs, alterations, or nuisances are allowed without board approval.
• Assessments & fees: Owners pay a share of common expenses (taxes, insurance, utilities, maintenance, reserves) based on their 1/26 share of the total 26 shares. Special assessments may be levied for shortages or capital repairs. Delinquent assessments accrue interest and can result in a lien and loss of use rights.
• Voting & governance: Each Unit Week owned gives one vote. A 50% quorum is required for meetings. The board consists of seven owners in good financial standing. Amendments require 67% owner approval.
• Insurance & damage: The association carries fire, liability, and other insurance on the building and common furnishings. If damage occurs, the board manages repairs; costs beyond insurance are assessed equally per share (1/26 each). Owners may vote not to rebuild by 80% vote.
• Transfer & encumbrance: You may sell or mortgage your entire group of four Unit Weeks, but not less than that. Any transfer is subject to all declaration provisions.

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.