Terrace on the Beach
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What Terrace on the Beach's governing documents say
Terrace on the Beach is a 6-unit condominium in Carolina Beach, NC — you own your unit and an undivided share of the common areas, which the association maintains and insures. The building is a three-story wood-frame structure on pilings with parking beneath; each unit is about 810 sq. ft. with two bedrooms and two bathrooms. This declaration establishes the condominium regime and governs all owners, tenants, and occupants.
- What you own & maintain: You own the interior of your unit (walls, floors, ceilings, fixtures, appliances, windows, doors) and must maintain them at your expense. The association maintains all common areas (foundations, exterior walls, roofs, stairs, parking, landscaping, utility infrastructure) and carries master insurance on the building.
- Leasing & rentals: Units may be rented for residential/lodging purposes, but the association may adopt rules and recommend rental agents. There is no minimum lease term stated in this declaration; owners have the right to rent directly. No rental pooling or mandatory rental is required.
- Pets: This document does not address pets. Check the association's rules and regulations for any pet restrictions.
- Assessments & fees: Each unit owner pays a monthly assessment based on the percentage of undivided interest in common areas (set in Exhibit C). A working capital reserve equal to two months' estimated assessment is due at closing. Late payments bear interest at the maximum legal rate.
- Use restrictions: Units must be used for residential and lodging accommodation purposes. The declarant may use units as sales/rental offices until all units are sold. No other commercial use is allowed without unanimous owner consent.
- Insurance: The association must carry property and liability insurance (at least $1,000,000 per occurrence) on the building and common areas. Each unit owner must also maintain individual flood insurance as determined by the board.
- Amendments & termination: The declaration can be amended by a 67% vote of unit owners. Termination requires unanimous consent of all owners, except after substantial destruction (more than two-thirds) where three-fourths of owners can decide not to rebuild.
Key facts from Terrace on the Beach's documents
- Community type
- condominium (Preamble: 'submits said property to cond)
- Legal name
- TERRACE ON THE BEACH HOMEOWNERS ASSOCIATION, INC. (Para 27)
- Developer / declarant
- HASTINGS DEVELOPMENT, INC. (also defined as HASTINGS CORPORATION in para K) (Preamble and para 1.K)
- Governing law
- Chapter 47A of the North Carolina General Statutes (Unit Ownership Act) (Preamble and para 1.A)
- Assessments & dues
- Initial assessment set forth in Exhibit C and estimated total expenses in Exhibit D (not provided in text) (Para 22.A, Exh. C, Exh. D)
- Special assessments
- Permitted for owner's failure to maintain (para 9) and for deficiency in reconstruction after damage (para 18) (Para 9, para 18)
- Collections & liens
- Unpaid assessments create a lien in favor of Association against the unit, enforceable under the Unit Ownership Act; subordinate to first mortgage liens unless recorded earlier (Para 14.D, 14.E)
- Reserves & fees
- Sinking fund or other reserve funds established for repair and replacement of common areas (Para 12: 'establishment of a sinking fun)
- Leasing & rentals
- Rental of any units by the owner(s) for residential and lodging accommodations pursuant to rules and regulations established by the Association (Para 7)
- Parking & vehicles
- Common areas include parking and drive areas; Association has exclusive right to assign parking spaces (Para 5A(4), para 30)
- Maintenance
- Owner maintains plumbing, A/C, floor/wall covering, heating, electrical, telephone, cabinetry, partition walls, suspended ceilings, fixtures, windows, doors within unit; Association maintains common areas and limited common areas except as (Para 9.A, 9.B)
- Insurance
- Fire and other hazard insurance; public liability insurance for at least $1,000,000; board may also cover limited common areas (Para 16.A)
- Use restrictions
- Used for residential and lodging accommodation purposes; rental allowed (Para 7)
- Voting & meetings
- Amendments require 67% common interest; termination requires unanimous consent except after more than two-thirds destruction where owners of three-fourths of units may resolve not to reconstruct (Para 25, para 18, para 26)
- Amendments
- Amendments require vote of not less than 67% in common interest of all unit owners cast at a meeting held under By-Laws; must be recorded in New Hanover County Register of Deeds (Para 25)
About this HOA
Terrace on the Beach is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Terrace on the Beach: 1 CC&R. Last updated 2026-06-01.