Station One Condominium

What Station One Condominium's governing documents say

Station One Condominium is a high-rise condominium community in Wilmington, NC — you own your individual unit and share ownership of the building's common elements, which the association maintains and insures. The declaration includes a right of first refusal for the board on unit sales and allows leasing for residential/lodging purposes.

• What you own & maintain: You own the interior surfaces of your unit (walls, floors, ceilings) and are responsible for maintaining limited common areas like decks, interior non-load-bearing walls, and all fixtures within the unit. The association maintains structural elements, common areas, and carries master insurance.
• Leasing & rentals: Units may be rented for residential/lodging accommodations. Owners have the absolute right to enter into rental arrangements consistent with the declaration and bylaws. The board may recommend rental agents but cannot control rental periods or fees.
• Right of first refusal: Before selling a unit, the owner must first offer it to the board at the same price and terms as the highest bona fide offer. The board has 30 days to exercise its option. Inter-family transfers and foreclosure sales are exempt.
• Use restrictions: Units and buildings are for residential and lodging accommodation purposes, including rentals. This use cannot be changed without written consent of all unit owners.
• Insurance & damage: The association obtains property and liability insurance for the common elements, paid as a common expense. If the building is more than two-thirds destroyed and three-fourths of owners vote not to rebuild, the property may be sold or owned as tenants-in-common.
• Assessments & liens: The association levies assessments for common expenses. Unpaid assessments bear interest and create a lien on the unit, subordinate to first mortgages recorded before the lien.
• Pets: The document does not address pet restrictions.

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.