Keg Island Condominium

What Keg Island Condominium's governing documents say

Keg Island Condominium is a two-unit condominium in Wilmington, NC, governed by the North Carolina Condominium Act. You own your unit and a 50% undivided interest in the common elements, which the association maintains and insures. This declaration establishes the basic framework for ownership, assessments, and use restrictions.

• What you own & maintain: You own the interior of your unit (walls, floors, windows, HVAC, etc.) and a 50% undivided interest in common elements like the building structure, land, and amenities. The association maintains common elements; you maintain your unit and any limited common elements assigned to it.
• Leasing & rentals: Units may be leased, but the declaration does not specify a minimum lease term or other rental restrictions beyond requiring compliance with all rules.
• Pets: The declaration does not address pets; the association may adopt rules through its bylaws or regulations.
• Assessments & fees: Each unit owner pays monthly assessments based on a 50% share of common expenses, as determined by the annual budget. Assessments are due monthly and become a lien if unpaid for 30 days.
• Use restrictions: Units are for single-family residential use only. No unlawful, offensive, or nuisance activities are allowed. Exterior alterations require executive board approval.
• Insurance: The association carries master casualty and flood insurance (if in a flood zone) as a common expense. Unit owners may insure their own contents and personal liability.
• Amendments & governance: The declaration can be amended by a 67% vote of unit owners. The association is run by an executive board of at least three members elected by unit owners. Annual meetings are required.

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.