1506 South Lake Park Condominiums

What 1506 South Lake Park Condominiums's governing documents say

1506 South Lake Park Condominiums is a 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, funded by assessments based on your unit's square footage. This document is the full declaration of condominium that establishes the rules for all unit owners.

• What you own & maintain: You own the interior of your unit, including non-load bearing walls, interior finishes, windows, exterior doors, and individual HVAC equipment. The association maintains the common elements (foundations, roofs, exterior walls, stairways, parking areas, yards) and carries master hazard and liability insurance.
• Use restrictions: Units are for single-family residential use only. No immoral, noxious, or unlawful uses. No structural modifications or exterior changes (including painting, antennas, signs) without board approval. No grills within 10 feet of the building. No boats, trailers, or motor homes stored on property except in designated areas. No satellite dishes without board approval.
• Leasing & rentals: Long-term leases are permitted as part of single-family residential use; no minimum lease term is specified in this document.
• Pets: The association may require removal of any pet determined to be a nuisance. No specific pet limit is stated in this document.
• Parking & vehicles: The association has exclusive right to assign parking spaces and designate their use. Boats, trailers, and motor homes may not be stored on the property except as designated by the association.
• Assessments & fees: Each unit owner must pay assessments for common expenses based on their allocated interest (percentage of total square footage). Assessments cannot be avoided by waiving use of common areas. The association may levy fines up to $150 per day for violations.
• Architectural review: No structural modifications or exterior changes (including painting, antennas, signs) may be made without prior written consent of the board. No objects may be affixed to common elements or limited common elements without board approval.
• Insurance: The association must maintain hazard insurance on the building (replacement cost) and liability insurance of at least $1,000,000 per occurrence. Flood insurance is required if in a special flood hazard area. Unit owners may obtain their own coverage for personal property.

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.