712 and 714 North Fifth Street Condominium Unit Owners Association, Inc.

What 712 and 714 North Fifth Street Condominium Unit Owners Association, Inc.'s governing documents say

This is the full set of governing documents for 712 and 714 North Fifth Street Condominium, a small condominium community in Wilmington, NC. You own your individual unit and share ownership of the building's common elements. The rules apply to all unit owners, their tenants, and guests.

• What you own & maintain: You own the interior of your unit, including interior surfaces, windows, exterior doors, and separate HVAC equipment. The association maintains the common elements (roof, exterior walls, common areas, utility lines serving multiple units). You must keep your unit in good repair and are responsible for damage you or your guests cause to common areas.
• Use restrictions: Units are for single-family residential use only. No immoral, offensive, or nuisance activities. No structural changes or exterior alterations (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 as designated. Satellite dishes require written approval.
• Leasing & rentals: Long-term leases are permitted as part of residential use. No minimum lease term is stated in this document, but the declaration allows rental of individual units.
• Pets: The association may require removal of any pet that becomes 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. No boats, trailers, or motor homes may be stored on the property except as designated by the association.
• Assessments & fees: Each unit owner pays assessments based on their percentage interest in common elements (each unit 25%). The board may increase assessments up to 15% over the previous year without member approval; larger increases require membership approval. A working capital contribution equal to two months' dues is paid at closing.
• Insurance: The association carries hazard insurance on the building and liability insurance of at least $1,000,000. Flood insurance is required if in a flood zone. Unit owners may insure their own unit and personal property.
• Amendments & termination: The declaration may be amended by 67% of unit owner votes. Unanimous consent is required to change allocated interests, boundaries, or unit uses. The condominium may be terminated only by written agreement of all unit owners.

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.