Holly Tree Condominiums HOA

What Holly Tree Condominiums HOA's governing documents say

Holly Tree Condominiums is a 32-unit condominium community in Wilmington, NC, governed by a 1983 declaration under North Carolina's Unit Ownership Act. You own your individual unit (about 952 sq ft, 2BR/2BA) and an undivided share of the common areas, which the homeowners' association maintains and insures. The declaration also allows the developer to add up to 72 more units in future phases, with unit owners' common-interest percentages subject to change.

• What you own & maintain: You own the interior finished surfaces, non-load-bearing walls, flooring, window panes, exterior doors, porch screening, and all HVAC, plumbing, and electrical lines within your unit. You must maintain these at your own expense. The association maintains all common areas, including foundations, roofs, exterior walls, stairs, parking, sidewalks, swimming pool, and utility infrastructure.
• Use restrictions: Units are restricted to single-family residential use only — no time-shares or interval ownership. No immoral, offensive, or unlawful use is allowed. No structural modifications or exterior changes (including painting, antennas, or window coverings other than white) without the association's written consent.
• Leasing & rentals: The declaration does not set a minimum lease term or restrict the number of rentals. However, all leases are subject to the single-family residential use restriction and association rules.
• Pets: The declaration does not address pets; pet restrictions may be covered in the association's bylaws or rules and regulations.
• Assessments & fees: Assessments are levied per unit based on each unit's undivided interest in common areas. The board sets an annual budget and may levy special assessments. First purchasers pay an initial fee of up to $150 (or two months' regular assessment) as working capital. Assessments are due in installments set by the board; delinquent payments accrue interest at the highest legal rate and may incur a lien on the unit.
• Insurance: The association must carry property insurance on all buildings and improvements at full replacement value, plus general liability insurance of at least $1,000,000 per occurrence. Unit owners may obtain their own coverage for personal property and liability, but must include a waiver of subrogation.
• Damage & reconstruction: After a casualty, the association decides whether to rebuild. If more than two-thirds of units are destroyed, owners of three-fourths of units can vote not to rebuild, triggering termination. Insurance proceeds are held in trust and used for reconstruction; any shortfall is assessed against unit owners.
• Amendment & termination: Amending the declaration requires a 90% vote of unit owners. Termination requires unanimous consent of all unit owners and lienholders. After termination, owners hold the property as tenants in common in proportion to their former common-interest percentages.

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.