514 K Avenue Townhouses

What 514 K Avenue Townhouses's governing documents say

514 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 exterior building surfaces. The rules apply to all owners and residents.

• What you own & maintain: You own your lot and living unit. The association maintains common properties, roofs, gutters, exterior surfaces, trees, shrubs, grass, and walks, but not doors, windows, screens, frames, rear decks, skylights, glass, or landscaping inside rear courtyards.
• Architectural review: Any new structure, fence, wall, exterior change, or landscaping change (including tree removal) requires written approval from the Board or an Architectural Review Committee. If no decision within 30 days, approval is deemed given.
• Use restrictions: Lots are for residential use only. No noxious activities, inoperable vehicles, outside furniture in common areas, 'For Sale' signs (except by developer), temporary structures, recreational vehicles (unless approved), or outside antennas (unless approved). Window coverings visible from outside must be white or neutral unless approved.
• Pets: Dogs, cats, or other household pets are allowed but not for commercial purposes. They must be leashed and escorted. The Board can expel any pet deemed a nuisance.
• 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. A working capital fee equal to two months' estimated assessment is due at closing. Delinquent assessments incur 18% annual interest and a $15 late fee.
• Party walls: Walls on dividing lines between lots are party walls. Repair costs are shared proportionally by owners using the wall. Disputes go to arbitration.
• Insurance: The association must carry hazard, liability (at least $1M per occurrence), and flood insurance (if in flood zone). Owners may obtain their own insurance. Insurance proceeds are held in trust for reconstruction or distribution.
• Leasing & rentals: The document does not specify lease term minimums or rental restrictions beyond general residential use.

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.