Island Time Condominiums

What Island Time Condominiums's governing documents say

Island Time Condominiums is a small condominium community in Carolina Beach, NC, with just two residential units. You own your individual unit and share ownership of the building's common elements, which the association maintains and insures. This declaration establishes the condominium and sets rules for owners, tenants, and occupants.

• What you own & maintain: You own the interior space of your unit, including finished surfaces. The association maintains the common elements (land, foundations, roofs, corridors, etc.) and limited common elements (exterior doors, windows, balconies, parking areas, and HVAC/ elevator components). However, you are responsible for routine maintenance and repair of windows, screens, doors, and HVAC equipment serving your unit, as well as any elevator assigned to your unit.
• Unit use & restrictions: All units must be used for residential purposes only. No obnoxious or unlawful activities are allowed. No signs, flags, or banners may be displayed to public view except a 'for rent' sign. Owners may erect a vinyl fence on the common area from the back corners of their unit to the back property line, matching the other unit's fence in size, color, and material.
• Parking & vehicles: Parking is limited to designated areas shown on the plans: Unit A owners use Unit A parking areas, and Unit B owners use Unit B parking areas. No parking or storage of vehicles elsewhere on the property.
• Alterations & approvals: You must get the association's written consent before altering your unit. Alterations must use materials and methods substantially similar to existing construction, must not affect structural soundness, and are at your sole cost. You must indemnify the association and other owners for any loss or damage from the alteration.
• Assessments & common expenses: Each owner contributes to common expenses based on a 50% undivided interest in the common elements. Assessments are collected at least quarterly. Unpaid assessments become a lien on the unit after 30 days.
• Insurance: The association carries property insurance on the building and common elements (replacement cost, including flood insurance), public liability insurance (minimum $500,000 per person/$1,000,000 per occurrence), and fidelity coverage. You are responsible for insuring your own personal property and additional liability coverage.
• Leasing & rentals: The declaration does not specify minimum lease terms or restrictions on leasing. However, all tenants must comply with the declaration, bylaws, and rules.
• Amendments & termination: Amendments require 100% owner approval and consent of all mortgagees. The condominium may be terminated only in compliance with North Carolina law.

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.