William & Mary Condominiums

What William & Mary Condominiums's governing documents say

William & Mary Condominiums is a 6-unit condominium community in Carolina Beach, NC, established in 1984. You own your individual unit and an undivided interest in the common areas, which are maintained by the William & Mary Homeowners' Association. The declaration also reserves the developer's right to add up to 30 additional units in future phases.

• What you own & maintain: You own your unit (952 sq ft each) and an undivided percentage interest in the common areas. You must maintain your unit's interior surfaces; the association maintains common elements and exterior surfaces. No structural additions or alterations to common elements or exterior portions are allowed without prior written consent.
• Common areas & limited common areas: Common areas include all property not within units, such as parking spaces (unassigned, available to all owners, tenants, guests). Stairways and porches serving each unit are designated as limited common areas for the exclusive use of the owners of the units they serve.
• Parking & vehicles: Parking spaces are located in the common area, not numbered, and available generally without reservation or restriction.
• Assessments & liens: Common expenses are shared according to the percentage interests in Exhibit D. Assessments unpaid over 30 days bear interest up to 1.5% per month and become a lien on the unit. The association may foreclose and seek appointment of a receiver to collect rent.
• Insurance: The association carries master property and liability insurance on buildings and common elements, paid as a common expense. Unit owners may obtain additional coverage for personal property and liability at their own expense.
• Developer's right to expand: The developer reserved the right to add up to 30 additional units in phases until December 31, 1990, by recording supplements. New buildings would be no more than 3 stories and of similar construction. The developer could adjust percentage interests without unit owner consent.
• What this document doesn't cover: This declaration does not address leasing restrictions, pet limits, age restrictions, or architectural review procedures. Those may be covered in the association's 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.