Nalu Townhomes

What Nalu Townhomes's governing documents say

Nalu Townhomes is a new townhome community in Wilmington, NC, with 9 lots, each for a single-family residence. This declaration establishes the Nalu Townhome Homeowners' Association, which maintains common areas and enforces rules. It applies only to lots designated on recorded plats; the developer retains broad rights to develop other parts of the property for other uses.

• What you own & maintain: You own your townhome lot in fee simple. The Homeowners' Association maintains common areas (e.g., roadways until accepted by a public authority, parks, trails) and may also maintain other areas as designated.
• Homeowners' Association & membership: The Nalu Townhome Homeowners' Association, Inc. governs the community. Every lot owner automatically becomes a member with one vote per lot; the developer gets 15 votes per lot it owns until turnover.
• Assessments & fees: Annual assessments start at $1,000 per lot (until August 14, 2023) and can increase up to 10% per year by board vote, or more with member approval. Special assessments may be levied for capital improvements or expenses, and special individual assessments may be levied for damage caused by an owner or for fines. Assessments are a personal obligation and a lien on the lot.
• Developer rights & future development: The developer (Carolina Beach Villa, LLC) retains broad rights to develop other parts of the property for multi-family, commercial, or other uses, which are not subject to this declaration. The developer may also add more property to the HOA's jurisdiction or create separate associations for other phases.
• Use restrictions & design guidelines: Each lot is restricted to one single-family residence. The declaration references Design and Development Guidelines (not included in this excerpt) that will govern construction and modifications. The HOA can enforce rules and levy fines for non-compliance.
• Leasing & rentals: This document does not address leasing or rental restrictions. (The excerpt does not contain any provisions about minimum lease terms or rental caps.)
• Pets: This document does not address pet restrictions. (The excerpt does not contain any provisions about pets.)
• What this document doesn't cover: This declaration is a framework document; it does not include specific rules about leasing, pets, parking, or architectural review. Those may be in separate Design and Development Guidelines, Bylaws, or rules adopted by the Board.

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.