Amsterdam Way Condominium Owners Association, Inc.

What Amsterdam Way Condominium Owners Association, Inc.'s governing documents say

Amsterdam Way Condominiums is a commercial condominium in Wilmington, NC — you own a non-residential unit and share ownership of the building's common elements. The association maintains the common areas and enforces the rules. This document is the full declaration of condominium, binding all unit owners, tenants, and occupants.

• What you own & maintain: You own your unit's interior (walls, floors, ceilings, HVAC, electrical fixtures serving only your unit). The association maintains all common elements (roofs, foundations, exterior walls, landscaping, driveways, hallways, and structural components). Limited common elements (e.g., exterior doors, windows, patios, stoops) are maintained by the unit owner for routine care, but the association handles major repairs (except loading docks, which are individually assessed).
• Use restrictions (commercial only): All units are restricted to non-residential, commercial use only. No health spa, dance studio, skating rink, bowling alley, or bar with on-premises consumption is allowed without association approval. No outside storage is permitted except operative, licensed trade vehicles parked overnight in unallocated parking areas.
• Leasing & rentals: Units may be leased, but all leases must be in writing and include a provision that the tenant recognizes the association's right to enforce the condominium documents. The owner must provide tenants with a copy of Article 8 and any rules. The association may charge a transfer fee up to $200 upon sale. No timeshares are allowed.
• Alterations & improvements: No structural additions or changes to the exterior or common elements without prior written association approval. Interior non-structural changes are allowed. Requests must be answered within 60 days. The association may also make improvements to common elements.
• Assessments & fees: Common expenses are assessed per unit based on square footage (see Exhibit B). Special assessments require a majority vote. Late fees: greater of $20/month or 10% of unpaid installment. Fines for violations: up to $100/day. The association has a lien for unpaid assessments after 30 days. Initial buyers pay two months' dues as working capital.
• Insurance: The association must obtain and maintain insurance as described in Article 14 (details not fully provided in excerpt).
• Parking & vehicles: Designated parking areas are for parking only. Operative, licensed trade vehicles may be parked overnight in unallocated spaces. Parking spaces may be allocated as limited common elements by the declarant or association.
• What this document doesn't cover: This excerpt does not include the full bylaws, rules and regulations, or specific assessment amounts. It also does not address pet policies, age restrictions, or rental term minimums (the document is for commercial units, so residential rules like pet limits or lease durations are not applicable).

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.