Monks Corner Division

What Monks Corner Division's governing documents say

Monks Corner Division is a commercial/industrial subdivision in Wilmington, NC, consisting of five large tracts (A–E) owned by businesses. The governing document creates a property owners' association responsible solely for maintaining shared drainage facilities (a detention pond and drainage lines). This is not a residential HOA; it applies to commercial property owners and their tenants.

• What this document covers: This declaration establishes the Monks Corner Property Owners' Association to manage and maintain the shared Drainage Facilities (detention pond and private drainage lines). It grants each tract owner a non-exclusive easement to use the drainage system and imposes stormwater management restrictions.
• Who is bound: The declaration binds the owners of Tracts A through E (commercial parcels) and their tenants, successors, and assigns. Each tract owner automatically becomes a member of the association.
• Assessments & fees: The association levies annual and special assessments based on each tract's Percentage Interest (e.g., Tract A: 16.13%, B: 23.46%, C&D: 34.63%, E: 25.59%). Annual assessments fund maintenance, repairs, insurance, and administration. Special assessments require 66⅔% member approval. Unpaid assessments accrue 12% annual interest and can become a lien on the tract.
• Stormwater restrictions: Maximum built-upon area per tract is 90% of the tract area. Total built-upon area for all tracts cannot exceed 289,000 square feet. Runoff must drain into the permitted stormwater system. These restrictions cannot be changed without state concurrence.
• Leasing: Leases of tracts must include a provision that the lease is subject to this declaration. No minimum lease term is specified.
• Insurance: The association must maintain commercial general liability insurance with at least $1,000,000 combined single limit, covering the association, board, and owners for liability arising from common area maintenance.
• What this document doesn't cover: This document does not regulate architectural standards, parking, signs, noise, or any residential use. It does not address pets, trash, or landscaping beyond stormwater. It is a limited-purpose declaration focused on drainage infrastructure.

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.