510 K Avenue Townhouses

What 510 K Avenue Townhouses's governing documents say

510 K Avenue Townhouses is a townhome community in Wilmington, NC, governed by a homeowners' association. You own your lot and living unit, and the association maintains common areas and provides exterior maintenance for each unit. The rules apply to all owners and residents.

• What you own & maintain: You own your lot and living unit. The association maintains common properties and provides exterior maintenance for each unit (roofs, gutters, exterior surfaces, trees, shrubs, walks), but not doors, windows, screens, frames, rear decks, skylights, glass, or landscaping inside rear courtyards.
• Architectural review: No building, fence, wall, other structure, or landscaping change (including tree removal) may be started without written approval from the Board or an Architectural Review Committee. Plans must be submitted; if not approved or disapproved within 30 days, approval is deemed given.
• Use restrictions: All lots are for residential use only (except developer sales offices). No noxious activities, inoperable vehicles, outside furniture in common areas, 'For Sale' signs (except developer), temporary structures, or recreational vehicles (boats, campers, trailers) without association consent. Pets (dogs, cats) allowed but must be leashed and not a nuisance; no commercial breeding.
• Assessments & fees: Annual and special assessments are levied per lot. Annual increases over 10% require 2/3 owner vote. Special assessments for capital improvements require 2/3 vote. Delinquent assessments incur 18% annual interest, a $15 late fee, and may lead to lien foreclosure. New owners pay a working capital fee equal to two months' estimated assessment.
• Party walls: Walls built on dividing lines between lots are party walls. Repair and maintenance costs are shared by owners who use the wall in proportion to use. Disputes are resolved by arbitration.
• Insurance: The association must carry hazard insurance on buildings and improvements (replacement cost), liability insurance (at least $1,000,000 per occurrence), and flood insurance if in a flood hazard area. Proceeds are held in trust for lot owners and mortgagees.
• Parking & vehicles: Inoperable vehicles or those without current registration and insurance may be towed at owner's expense. Boats, campers, trailers, and mobile homes are not allowed without association consent.

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.