Stoked Business Park Condominiums

What Stoked Business Park Condominiums's governing documents say

Stoked Business Park Condominiums is an office and retail condominium in Wilmington, NC — you own your individual unit (for business use) and share ownership of the building's common elements. The association maintains the common areas and carries master insurance, funded by assessments based on unit size. This document is the full Declaration of Condominium, which establishes the legal framework for the community.

• What you own & maintain: You own the interior of your unit, including HVAC systems that exclusively serve it, even if located outside the unit boundaries. The association maintains all common elements (e.g., exterior surfaces, common areas). Limited common elements (e.g., signage space, mailboxes, storm windows) are assigned to specific units, and their maintenance costs are assessed to those units.
• Use restrictions (office & retail only): Units may only be used for general office and retail purposes, and other uses compatible with maintaining a first-class condominium development. No residential use is permitted.
• Leasing & rentals: Leases must be for a term of at least one year. All leases must be in writing and subject to the condominium documents. Tenants must attorn to the association for enforcement of rules.
• Signage: Signage on the monument sign is a limited common element assigned to each unit, subject to approval by the declarant (during declarant control) or the association (afterward). No other advertising signs may be placed on common elements without board approval.
• Maximum number of units & development rights: The condominium initially has 7 units, but the declarant reserves the right to create up to 11 units total. The declarant may also subdivide, recombine, or relocate unit boundaries, and add real estate, within 15 years of recording the declaration.
• Declarant control period: The declarant controls the association until the earlier of: 120 days after 75% of units are sold to non-declarant owners, 2 years after the declarant stops offering units for sale, 2 years after the last development right is exercised, or voluntary termination. During this period, the declarant appoints and removes board members and officers.
• Allocated interests (common elements, expenses, votes): Each unit's undivided interest in common elements, share of common expenses, and voting power are based on its heated and cooled floor area relative to all units. Each unit has one vote.
• What this document doesn't cover: This declaration does not include the full Bylaws, Rules and Regulations, or the Plats and Plans (which are recorded separately). It also does not specify current assessment amounts, pet rules, or parking 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.