Wrightsville Shore Townhouses

What Wrightsville Shore Townhouses's governing documents say

Wrightsville Shore Townhouses is a condominium community in Wilmington, NC — you own your individual unit and an undivided share of the common elements, which the association maintains. This declaration covers Phase I (2 units) and reserves the developer's right to add up to 4 more units in Phases II and III. The community is designed for residential and lodging accommodation, including short-term rentals.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, interior surfaces, fixtures, and equipment). The association maintains the common elements (foundations, exterior walls, roof, stairways, yard areas, parking, and utility infrastructure). Limited common elements assigned to your unit (decks, outside stairways, and entry) are your responsibility.
• Leasing & rentals: Units may be rented for residential and lodging accommodations, including short-term rentals, subject to association rules. The board may recommend rental agents but cannot control rental periods or fees. No rental pooling or mandatory rental is required.
• Assessments & fees: Each unit pays a share of common expenses based on its allocated interest (set in Exhibit D). At closing, a working capital reserve equal to two months' estimated assessment is due. Assessments are due monthly; late payments bear interest at the maximum legal rate.
• Insurance: The association carries master property and liability insurance (minimum $1,000,000 per occurrence) on the common elements and building structure. Unit owners are responsible for insuring their personal property and interior improvements. Proceeds from damage are held in trust for repair or distribution.
• Developer rights & expansion: The developer (Terry Turner, Inc.) retains the right to add up to 4 additional units (Phases II and III) on adjacent land until December 31, 1990, without unit owner approval. Added units must be compatible in style and construction (wood frame, max 3 stories).
• Use restrictions: Units must be used for residential and lodging accommodation purposes. The developer may use unsold units as sales/rental offices until all units are sold. No other commercial use is specified.
• Amendments & termination: The declaration can be amended by a 67% vote of unit owners (by common interest). Termination requires a recorded agreement as per the North Carolina Condominium Act. After substantial destruction (over 2/3 of units), 80% of owners may decide not to rebuild.

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.