Princess Street Office Park

What Princess Street Office Park's governing documents say

Princess Street Office Park is a small commercial condominium in Wilmington, NC, with three office units. This declaration governs the rights and obligations of unit owners, who own their individual office spaces and share ownership of common elements. The association manages the property, enforces rules, and levies assessments.

• What you own & maintain: You own your unit's interior and must maintain it in good condition. The association maintains the common elements (e.g., sidewalks, driveways, structural components) and may enter your unit for emergencies or repairs with notice.
• Assessments & fees: Common expenses are allocated equally among the three units (each pays one-third), regardless of unit size. Assessments are set annually by the board and are due in installments; unpaid assessments accrue interest up to 18% per year and become a lien on the unit.
• Use restrictions: No signs (including 'For Sale' or 'For Rent') without board approval. No obstruction of common walkways or driveways. No loud noises or disturbances. No structural modifications or exterior alterations without consent. No subdivision of units without unanimous approval.
• Parking & vehicles: Vehicles must not impede access to building entrances or exits. The association may assign unassigned parking spaces and regulate their use.
• Leasing & rentals: The declaration does not impose minimum lease terms or restrict leasing, but unit owners must comply with all rules and provide a statement of assessment status to prospective lessees upon request.
• Insurance & casualty: The association carries master insurance on common elements. After a casualty, partial destruction (less than 2/3 of units untenantable) requires reconstruction; total destruction (2/3 or more) may be voted against by 66 2/3% of owners.
• What this document doesn't cover: This excerpt does not include pet rules, age restrictions, or affordable housing requirements. It is a declaration of condominium, not a full set of bylaws or rules and regulations.

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.