Seapath Tower a Condominium

What Seapath Tower a Condominium's governing documents say

Seapath Tower A Condominium is a 97-unit, 11-story condominium building in Wrightsville Beach, NC. You own your individual unit and a share of the common elements, which include the lobby, elevators, parking, swimming pool, tennis court, and other amenities. The association maintains the common areas and carries master insurance, funded by monthly assessments based on each unit's percentage interest.

• What you own & maintain: You own the interior of your unit, including plumbing, HVAC, electrical, floor/wall coverings, windows, and doors. You must keep your unit in good repair. The association maintains all common elements (foundations, exterior walls, roofs, corridors, elevators, pool, tennis court, etc.). Balconies are limited common areas—you maintain the floor and railings, but the structure is common.
• Use restrictions: Units (except A104 and A105) may only be used as private single-family residences. No signs visible from outside without board approval. No animals, livestock, or poultry except as permitted by association rules. No nuisance or offensive activity.
• Leasing & rentals: The declaration includes a right of first refusal: before selling or leasing, you must first offer the unit to the board at the same price and terms as a bona fide offer. The board has 30 days to exercise this option. Leases are subject to all condominium documents.
• Pets: No animals, livestock, or poultry may be raised, bred, or kept in any unit or common area except as permitted by association rules and regulations.
• Assessments & fees: Each unit owner pays a monthly assessment equal to their pro-rata share (based on percentage interest in common elements) of estimated operating expenses, plus a $4/month management fee. Assessments are due on the first of each month; late payments bear interest at the maximum legal rate.
• Insurance: The association must maintain property insurance on the building (excluding personal property inside units) at 100% replacement cost, plus liability insurance. You may insure your personal property and obtain additional coverage, but not in a way that reduces the association's recovery.
• Damage & destruction: If the building is more than two-thirds destroyed, and owners of three-fourths of the units vote not to rebuild, the property is owned as tenants in common and may be partitioned. Otherwise, the board must repair and restore using insurance proceeds, with any deficiency assessed to unit owners.
• Transfer & mortgages: You may mortgage your unit to a bank or licensed lender without board approval (notice required). Other transfers require board approval or are subject to the right of first refusal. Gifts to spouse, parents, or lineal descendants are exempt from the right of first refusal.

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.