Banks Channel Townhouses

What Banks Channel Townhouses's governing documents say

Banks Channel Townhouses is a two-unit condominium community in Wrightsville Beach, NC. You own your individual townhouse unit and an undivided one-half interest in the common areas, including potential boat dock facilities. The association manages the common elements and enforces the rules.

• What you own & maintain: Each unit is a two-story, 1,500 sq ft townhouse with 6 rooms. You own the interior surfaces of your unit's perimeter walls, ceilings, and the land beneath. The association maintains the common areas and limited common areas, and you share a one-half interest in them.
• Boat dock facilities: The developer planned a pier with 2 to 6 boatslips. If only 2 slips are built, each unit owner gets an undivided one-half interest and use of one slip. If more than 2 slips are built, a separate Boatowners Association is formed, and each townhouse owner automatically gets a membership (but additional memberships may be sold to the public).
• Use restrictions: Each townhouse may be occupied only by a family, its servants, and guests as a residence. No unit may be subdivided, and no single rooms may be rented. No use that is a source of annoyance or interferes with peaceful enjoyment is allowed.
• Leasing & rentals: No single rooms may be rented. The document does not specify a minimum lease term or other rental restrictions beyond the prohibition on renting individual rooms.
• Assessments & liens: The Board of Managers sets assessments (common charges) to cover operation and maintenance. Unpaid assessments create a lien on the unit, subordinate to any first mortgage recorded before the lien.
• Governance & voting: The association is managed by a Board of two managers (one per unit). Each unit owner has one vote. All unit owners must be present for a quorum, and a majority vote (i.e., both owners) is required for most decisions. Deadlocks go to arbitration.
• Amendments: The Declaration may be amended only by a written instrument executed by the owners of both units and recorded.
• What this document doesn't cover: This document does not specify pet rules, parking restrictions, architectural review procedures, or age restrictions. It also does not state the amount of assessments or provide detailed rules about insurance or maintenance responsibilities beyond the basics.

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.