1505 Swordfish

What 1505 Swordfish's governing documents say

1505 Swordfish is a two-unit condominium in Carolina Beach, NC — you own your unit and share ownership of the building's common elements, which the association maintains and insures. This declaration governs the entire condominium and applies to all unit owners.

• What you own & maintain: You own the space within your unit's perimeter walls, floors, and ceilings, including finished surfaces. The association maintains common elements (land, foundations, roofs, corridors, parking, beach access walkway) and limited common elements (decks, porches, exterior doors/windows, HVAC components) — but you are responsible for maintaining your unit's HVAC limited common elements and replacing broken window glass.
• Common expenses & assessments: Each owner pays a share of common expenses based on a 25% undivided interest in the common elements. Assessments are collected at least quarterly. Unpaid assessments become a lien on the unit after 30 days.
• Use restrictions: Units are for residential use only. No obnoxious or unlawful activity, no signs/flags/banners visible from outside, no parking except in designated areas, and no planting without association permission. Nothing may increase insurance rates.
• Alterations & maintenance: You may alter your unit with prior notice to the association, using materials similar to existing construction, and without affecting structural soundness. Structural alterations require written board consent. You must keep your unit in good repair; if you fail, the association may repair and charge you.
• Insurance: The association carries property insurance on the building (replacement cost, at least 90% coinsurance) and liability insurance (minimum $500,000/person, $1,000,000/occurrence). You may buy your own coverage for personal property and liability.
• Reconstruction after damage: If the building is damaged, the board must arrange repair unless the condominium is terminated, repair is illegal, or 80% of owners (including 100% of owners of units not to be rebuilt) vote not to rebuild.
• Amendment & termination: Amendments require unanimous owner consent plus mortgagee consent if they change unit boundaries, increase units, alter common interest percentages, or change use restrictions. Termination must follow North Carolina Condominium Act.

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.