Inlet Watch Yacht Club

What Inlet Watch Yacht Club's governing documents say

Inlet Watch Yacht Club is a boat-slip membership community in Wilmington, NC, where you own an undivided interest in the common areas and facilities (including docks, pool, tennis courts, clubhouse) and a designated boat slip. The association maintains the common property and levies assessments on each membership. Leasing of a membership is allowed, but the member-lessor retains voting rights.

• What you own & maintain: You own a fee simple undivided interest in the common areas and facilities (including bulkheads, docks, piers, swimming pool, tennis courts, clubhouse, bath house, dry storage structures, and vehicles) and an appurtenant membership that includes the exclusive right to use a designated boat slip. The association maintains all common areas and facilities, including maintenance dredging, funded by annual and special assessments.
• Boat slips & storage: There are 116 wet boat slips (80 at 45', 36 at 35') and 288 dry boat slips in concrete bays plus 100 ground-level dry storage spaces. Each membership includes a designated slip. Dock boxes are provided by the association; removal or change requires board approval.
• Assessments & fees: Annual assessments are set by the board and payable periodically. Special assessments over $100 per member per year require approval of two-thirds of members voting at a meeting. Assessments are a lien on the membership and undivided interest; delinquent assessments bear interest at the highest lawful rate and may be foreclosed. The assessment lien is subordinate to any mortgage or pledge.
• Leasing & rentals: A member may lease their membership (including the boat slip and common area rights) to a lessee. During the lease, the lessee has full use rights, but the member-lessor retains the right to vote. The document does not specify a minimum lease term.
• Architectural review: No building, fence, wall, sign, or other structure may be erected or altered on the common areas without written approval of the board or an architectural committee. Plans and specifications must be submitted showing nature, kind, shape, height, materials, and location.
• Use restrictions: No commercial use of common areas is allowed, except for a pre-existing commercial marina lease recorded in 1985. No obnoxious or offensive activity is permitted, and nothing may become a nuisance or annoyance to other members, assignees, or lessees.
• Voting & governance: Each membership entitles the owner to one vote. The declarant (Byco, Inc.) initially had Class II voting rights (3 votes per membership), which converted to Class I when total Class I votes equaled Class II, or by January 1, 1995. Amendments to the declaration require approval of at least 67% of members. The declaration runs for 20 years from recording (1985) and auto-renews for successive 10-year periods.
• Insurance: The association must keep common property insured against fire and other hazards, and carry public liability insurance. Insurance proceeds are payable to the association. Members may insure their personal property separately; association insurance does not contribute with member policies.

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.