Market Place Office Park One Condominiums

What Market Place Office Park One Condominiums's governing documents say

Market Place Office Park One Condominiums is a commercial condominium in Wilmington, NC — you own an office unit and share ownership of the building's common elements. The association maintains the exterior and common areas, and units may only be used for office purposes. This document is the full declaration and bylaws, binding all unit owners.

• What you own & maintain: You own your unit's interior in fee simple. The association maintains the common elements (roofs, exterior surfaces, glass, trees, shrubs, walks) and carries master insurance. Party walls between units are shared; repair costs are split proportionally.
• Use restrictions: Units may only be used for office purposes. No animals except seeing-eye dogs. No outside antennas or satellite dishes without board permission. Signs require board approval. Window coverings visible from outside must be one-inch silver aluminum mini blinds.
• Parking & vehicles: Each unit is guaranteed 4 non-exclusive parking spaces per 1,000 sq ft of usable space between 8 am and 5 pm Monday–Friday; no guarantee after hours or weekends. No campers, trailers, or trucks larger than a 1-ton pickup without board permission.
• Assessments & fees: Annual and special assessments are levied per unit based on each unit's percentage of ownership (see Exhibit B). The annual assessment can increase up to 5% per year without a vote; larger increases require 60% owner approval. Unpaid assessments become a lien and accrue interest up to 18% per year.
• Insurance: The association carries fire, liability, fidelity, and flood insurance. Each owner must carry liability insurance with minimum limits of $1M per person / $2M per occurrence for bodily injury and $1M for property damage, naming the association as an additional insured.
• Architectural review: No building, fence, wall, or other structure may be erected or altered without prior written consent. The declarant and board are not liable for design defects or code compliance of approved plans.
• Governance & meetings: The association is managed by a 3-member board. Each unit gets votes proportional to its square footage. A 10% quorum is required for member meetings. The declarant retains control until certain milestones (e.g., 5 years after first unit sale, or 75% of square footage sold to non-declarant owners).
• Leasing & rentals: The document does not address leasing restrictions or minimum lease terms. (Leasing is permitted for office use, but no specific rules are stated.)

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.