Independence East Condominiums

What Independence East Condominiums's governing documents say

Independence East Condominiums 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 allows the developer to expand the project by adding up to 101 total units across multiple phases without unit-owner approval. All units must be used for residential purposes only, though rentals are permitted.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, interior surfaces, and fixtures like doors, windows, and HVAC components within the unit). The association maintains and repairs all common areas (foundations, exterior walls, roofs, utility lines, parking areas, landscaping, etc.). Limited common areas (garages and private gardens accessible only from your unit) are your responsibility to maintain.
• Leasing & rentals: Rental of units is allowed for residential purposes, subject to association rules. The board may recommend approved rental agents, but owners have the absolute right to make their own rental arrangements consistent with the declaration and bylaws. No minimum lease term is stated in this excerpt.
• Use restrictions: Units and buildings are for residential use only. The developer may use unsold units as sales offices or models until all units are sold. No commercial use is permitted except as noted for the developer.
• Assessments & fees: Each unit owner pays a monthly assessment based on the percentage of undivided interest in common areas (set forth in Exhibit D). Assessments are due on the first of the month; late payments bear interest at the maximum legal rate. A working capital reserve equal to two months' estimated assessment is required at closing.
• Insurance: The association must maintain a master policy covering fire, extended coverage, and liability (at least $1,000,000 per occurrence) on the buildings and common areas. Unit owners may obtain additional insurance for personal property and liability. Insurance proceeds for damage are held in trust and used for repair or distribution as specified.
• Amendments & termination: The declaration can be amended by a vote of at least 67% of unit owners (by common interest). Termination requires unanimous consent of all unit owners, except in cases of substantial destruction where 80% of owners (including 100% of those not rebuilding) may decide not to reconstruct, leading to termination.
• Developer rights & expansion: The developer reserves the right to annex additional phases (Phase 2 and Phase 3) and adjoining land without unit-owner consent, up to a total of 101 units. This right expires December 31, 1989. The developer also retains control of the association until 39 units are sold or December 31, 1987, whichever comes first.
• What this document doesn't cover: This excerpt does not include specific rules on pets, parking assignments, age restrictions, architectural review, or rental caps. Those may be addressed in the bylaws or separate rules and regulations.

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.