Lakeside Park

What Lakeside Park's governing documents say

Lakeside Park is a planned community in Wilmington, NC, governed by a Declaration of Protective Covenants that applies to all lots. The document establishes an owners' association, sets land-use and architectural rules, and includes an affordable housing restriction on one lot (510 Cardinal Street) that requires owner-occupancy and prohibits renting for 10 years.

• What you own & maintain: You own your lot in fee simple. The association owns and maintains the common areas; you must maintain your lot and any improvements, including keeping grass mowed and debris removed. The association may enter your lot to perform maintenance if you fail to do so, charging you the cost plus 15%.
• Architectural review: No construction, exterior alteration, or landscaping changes (including fences, sheds, driveways, and color changes) may begin without written approval from the developer (or later the association's board). Plans must be approved for harmony of design and location.
• Land use & building rules: Lots in R-5 and R-10 zones may be used for all permitted residential uses under Wilmington's zoning. Buildings must have a 15-foot setback from property lines (except street rights-of-way). Construction must be substantially completed within 12 months of starting.
• Parking & vehicles: No boats, campers, trailers, or similar vehicles may remain on any lot or street without written consent. Damaged vehicles may not be parked in open areas. On-street parking by businesses is prohibited.
• Assessments & fees: All lot owners must pay general assessments for common expenses, which can be increased up to 10% per year until 1999 and thereafter set by the board. A one-time working capital fee equal to 12 months' assessments is due at purchase. Unpaid assessments become a lien on the lot.
• Affordability (510 Cardinal Street only): This lot is subject to a separate 10-year affordability restriction: the owner must occupy the home as a principal residence, cannot rent it out, and cannot transfer title without prior approval from the North Carolina Housing Finance Agency. The restriction runs with the land and survives foreclosure in some cases.
• What this document doesn't cover: This document does not specify current assessment amounts, pet rules, or age restrictions. The affordability restriction applies only to Lot 22 (510 Cardinal Street), not to other lots in the community.

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.