1516 South Lake Park Condominiums

What 1516 South Lake Park Condominiums's governing documents say

1516 South Lake Park Condominiums is a condominium community in Wilmington, 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 declaration establishes the condominium regime and applies to all unit owners.

• What you own & maintain: You own the interior of your unit (walls, floors, ceilings, fixtures, and separate HVAC). The association maintains common elements like foundations, roofs, exterior walls, stairways, parking areas, and utility systems serving multiple units. Decks, porches, and storage spaces are limited common elements for your exclusive use but maintained by the association.
• Use restrictions: Units are for single-family residential use only. No immoral, offensive, or nuisance activities. No structural modifications or exterior changes (including painting, antennas, signs) without board approval. No grills within 10 feet of the building. No boats, trailers, or motor homes on the property except in designated areas. No satellite dishes without board approval.
• Leasing & rentals: Long-term leases are allowed (no minimum term stated in this document). The declaration permits rental of individual units.
• Pets: The association may require removal of any pet that becomes a nuisance. No other pet restrictions are stated in this document.
• Parking & vehicles: The association has exclusive right to assign parking spaces and designate their use. Boats, trailers, and motor homes may not be stored on the property except in areas designated by the association.
• Architectural review: No structural modifications or exterior alterations (including painting, antennas, signs) without prior written board consent. No objects may be affixed to common elements or limited common elements without board approval.
• Assessments & fees: Unit owners must pay assessments for common expenses based on their allocated interest. No owner may avoid assessments by waiving use of common areas. Fines for violations may not exceed $150 per day.
• Insurance: The association carries hazard insurance on buildings and liability insurance (minimum $1,000,000 per occurrence). Flood insurance required if in a special flood hazard area. Unit owners may obtain their own coverage for personal property and unit improvements.

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.