Candlewyck Condominium

What Candlewyck Condominium's governing documents say

Candlewyck Condominium is a condominium community in Wilmington, NC — you own your individual unit and an undivided share of the common areas, which the association maintains and insures. The declaration establishes the legal framework for ownership, assessments, use restrictions, and governance under the North Carolina Condominium Act.

• What you own & maintain: You own your unit (interior surfaces, fixtures, and finishes) and an undivided interest in common areas. You must maintain your unit and comply with insurance requirements; the association maintains common elements.
• Assessments & fees: Unit owners pay monthly assessments based on their percentage interest (set in Exhibit C). A working capital reserve equal to two months' estimated common expenses plus an extra 10% of the normal assessment is collected at closing. Late payments bear interest at the maximum legal rate.
• Leasing & rentals: Units may be rented for residential purposes, but leases must comply with association rules. The board may recommend rental agents, but owners retain the right to make their own rental arrangements consistent with the declaration and bylaws.
• Use restrictions: Units are for residential and lodging accommodation purposes. No use may interfere with other owners' rights. The declarant may use unsold units as sales or rental offices until all units are sold.
• Insurance & damage: The association carries master property and liability insurance (minimum $1,000,000 per occurrence) on common areas. Unit owners must maintain their own coverage for unit contents. After damage, reconstruction is required unless 80% of owners and 100% of affected unit owners vote not to rebuild.
• Amendments & termination: The declaration may be amended by 67% of common interest votes. Termination requires an instrument executed by all unit owners and recorded, with proceeds distributed based on fair market value of units and common interests.
• What this document doesn't cover: This excerpt is the declaration of condominium; it does not include the full bylaws, rules and regulations, or specific pet, parking, or age restrictions. Those may be found in other governing documents.

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.