121 4th Avenue Condominium

What 121 4th Avenue Condominium's governing documents say

This is the declaration of condominium for 121 4th Avenue Condominium in Wilmington, NC. It creates a two-unit condominium where each unit owner owns their unit and an equal undivided interest in the common elements. The document establishes the association, sets use restrictions, and governs maintenance, assessments, insurance, and architectural control.

• What you own & maintain: You own the interior of your unit, including finished surfaces, fixtures, and appliances within the boundaries. The association maintains all common elements and limited common elements (like decks, stairs, driveways, and yards allocated to your unit). You are responsible for maintaining your unit and any limited common area allocated to it.
• Leasing & rentals: Leases must be in writing and require the tenant to follow the declaration, bylaws, and rules. No unit may be subdivided, and no portion may be rented separately from the whole unit. The association can terminate a lease and remove a tenant who violates the rules.
• Occupancy limits: The maximum number of occupants per unit is two times the number of bedrooms as originally designed, regardless of age.
• Pets: The document does not address pets.
• Architectural review: No exterior structure or change may be made without written approval from the board. The exterior color scheme of a unit cannot be changed unless the entire condominium's scheme is changed, which requires unanimous approval of unit owners.
• Assessments & fees: Regular assessments are levied equally per unit on a quarterly or monthly basis. Special assessments require a majority vote. Late fees and interest (18% per annum) apply. Fines for violations cannot exceed $100 per occurrence. Unpaid assessments become a lien on the unit, subordinate to first mortgages.
• Insurance: The association carries property insurance on common elements (100% replacement value) and liability insurance (at least $1 million per occurrence). Unit owners should insure their own unit and personal property. Insurance proceeds are used first for reconstruction.
• Use restrictions: Units are for residential use only. No commercial activities except home occupations that don't involve public visits or increased common element use. Noxious or loud activities are prohibited. No signs except 'For Sale' signs. Owners must comply with all laws and not block access to another owner's limited common area.

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.