Friendly Haven

What Friendly Haven's governing documents say

Friendly Haven is a small condominium community in Wilmington, NC, consisting of a single two-unit building. You own your individual unit (Unit 1 or Unit 2) and an undivided 50% interest in the common areas, which include the ground-floor storage area, walkways, stairs, parking, and yard areas. The association maintains the common elements and carries master insurance, funded by assessments based on each unit's 50% share.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, interior surfaces, doors, windows, and HVAC/plumbing lines within the unit). You must maintain your unit in good condition. The association maintains the common areas (foundations, exterior walls, roof, stairs, yard, parking, and utility infrastructure) and limited common areas (decks, outside stairways, and entry serving only your unit).
• Leasing & rentals: Units may be rented for residential and lodging accommodations, subject to rules established by the association. The declaration does not specify a minimum lease term or any rental caps.
• Assessments & common expenses: Each unit owner pays a 50% share of common expenses (maintenance, repair, insurance, reserves). Assessments are levied per unit based on the percentages in Exhibit C. Unpaid assessments bear interest and create a lien on the unit.
• Insurance: The association carries master property and liability insurance (minimum $100,000 per occurrence) on the building and common areas. Unit owners must insure their own personal property and interior fixtures. Master policy proceeds are used to repair or rebuild after damage, unless 80% of owners (including 100% of owners of units not to be rebuilt) vote not to rebuild.
• Use restrictions: Units must be used for residential and lodging accommodation purposes. No commercial or other uses are permitted without unanimous owner consent.
• Amendments & termination: The declaration can be amended by a 67% vote of all unit owners. Termination requires unanimous consent of all unit owners and recording of an instrument. After substantial damage, owners may vote not to rebuild (80% vote, including 100% of owners of units not rebuilt), leading to termination.
• Dispute resolution: Unresolved disputes between unit owners that remain deadlocked for over 90 days may be submitted to arbitration in Wilmington, NC, under American Arbitration Association rules.

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.