Bradley Creek Boatominium

What Bradley Creek Boatominium's governing documents say

Bradley Creek Boatominium is a unique membership community in Wilmington, NC, where you own a membership granting exclusive use of a boat slip or dry storage space, not real estate. The association (a nonprofit corporation) owns the common areas—docks, piers, dry storage sheds, and submerged lands—and members share rights and obligations through assessments and rules.

• What you own & maintain: You hold a membership (Class 'S' for a boat slip or Class 'DS' for dry storage) that gives you exclusive use of a specific slip or space. The corporation owns and maintains all common property, including bulkheads, docks, piers, dry storage sheds, and performs maintenance dredging. You are responsible for assessments that fund this maintenance.
• Leasing & rentals: You may lease your membership, but the lease must be approved by the Board of Directors. During the lease, the lessee has all use rights, but only the member-owner retains the right to vote.
• Assessments & fees: Members pay annual regular assessments set by the Board, plus special assessments (if over $100 in a year, must be approved by two-thirds of voting members). Assessments are a lien on the membership and a personal obligation of the owner at the time they fall due. Delinquent assessments accrue interest and may lead to foreclosure of the membership.
• Use restrictions: No commercial use of any property without prior written Board approval. No obnoxious or offensive activity. The Board may adopt and enforce reasonable rules and regulations regarding use of all property, including boat slips, docks, and dry storage.
• Architectural review: No structures (buildings, fences, signs, etc.) may be erected or altered on common property without Board or architectural committee approval. For boat slips, no more than two dock boxes are allowed, and their size, design, and location must be Board-approved.
• Transfer & right of first refusal: The corporation has a right of first refusal on any sale, transfer, or lease of a membership. Intrafamily transfers are permitted. Pledging a membership as collateral requires Board approval. Any transfer made in violation of these provisions is voidable.
• Amendments & duration: The covenants run for 20 years from recording, then auto-renew for 10-year periods. Amendments require 75% member approval during the first 20 years, and 60% thereafter.

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.