Magnolia Place

What Magnolia Place's governing documents say

Magnolia Place is a condominium community in Carolina Beach, NC — you own your individual unit and share ownership of the building's common elements. The association maintains the common areas and carries master insurance, funded by assessments based on a 25% share per unit. This declaration governs the four-unit building and applies to all owners, tenants, and occupants.

• What you own & maintain: You own the interior space within your unit's perimeter walls, floors, and ceilings, including finished surfaces. The association maintains common elements (land, foundations, roofs, corridors, parking areas, etc.) and limited common elements like exterior doors, windows, decks, and HVAC components — though you are responsible for cleaning limited common elements and replacing broken window glass.
• Assessments & common expenses: Each unit pays 25% of common expenses, collected at least quarterly. Unpaid assessments become a lien on the unit after 30 days. The association also holds a common surplus owned by owners in proportion to their 25% interest.
• Use restrictions: All units are for residential use only. No obnoxious or unlawful activity is allowed. Common elements cannot be used for storage or obstructed. No signs, flags, or banners visible from outside. No planting of hedges or shrubs without prior written association permission.
• Parking & vehicles: Vehicles may only be parked in areas designated by the association on the common elements. No parking or storage of vehicles elsewhere on the property.
• Alterations & maintenance: You must maintain your unit in good repair and may not make structural alterations without prior written board consent. Before any alteration, you must notify the association; materials and methods must match existing construction, and work must not affect structural soundness. You bear all costs and must indemnify the association.
• Insurance: The association carries property insurance on the building (replacement cost, at least 90% co-insurance) and public liability insurance (minimum $500,000 per person/$1,000,000 per occurrence). You are responsible for insuring your own personal property and additional liability coverage as you desire.
• Reconstruction after damage: If the building is damaged, the board must arrange repair unless owners vote not to rebuild by 80% vote (including 100% of affected units). You must maintain your unit; if you fail, the board may repair and charge you, creating a lien.
• Amendments & termination: Amendments require unanimous owner consent (plus mortgagee consent if affecting interests). Termination must follow North Carolina Condominium Act (NCGS 47C-2-118).

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.