Carolina Surf Condominiums

What Carolina Surf Condominiums's governing documents say

Carolina Surf Condominiums is a 28-unit condominium in Wilmington, NC — you own your individual unit and an undivided share of the common areas, which the homeowners association maintains and insures. This declaration establishes the legal framework for the condominium, including unit boundaries, common expenses, insurance, and use rules.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, fixtures, and equipment) and must maintain it at your expense. The association maintains all common areas (foundations, exterior walls, roofs, stairs, parking, pool, etc.) and limited common areas (decks, exterior stairs).
• Leasing & rentals: Units may be rented for residential/lodging purposes, but leases must comply with association rules. The board may recommend rental agents but cannot control rental periods or fees. No rental pooling is required.
• Common expenses & assessments: Each unit owner pays a monthly assessment based on their percentage interest (set in Exhibit D). A working capital fund equal to two months' estimated assessment is due at closing. Late payments bear interest at the maximum legal rate.
• Insurance: The association carries master property and liability insurance (minimum $1,000,000 per occurrence) on common areas and units (excluding personal property). Premiums are a common expense. Proceeds are held in trust for repair or distribution.
• Use restrictions: Units must be used for residential and lodging purposes only. No commercial use is allowed except that the declarant may use units as sales/rental offices until all units are sold.
• Pets: The declaration does not mention pet restrictions; rules may be set by the board in the bylaws or regulations.
• Amendments & termination: The declaration can be amended by 67% of unit owners. Termination requires unanimous consent of all owners and 67% of first mortgagees, or a decision not to rebuild after substantial destruction.

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.