Magnolia Office Park Condominiums

What Magnolia Office Park Condominiums's governing documents say

Magnolia Office Park Condominiums is a commercial condominium community in Wilmington, NC, with 12 units designated for office use only. This document is the Declaration of Covenants, Conditions and Restrictions and Bylaws, which bind all unit owners. It is intended for owners and tenants of office units.

• Permitted use: Units may be used only for office purposes. No animals (except seeing-eye dogs), no noxious activities, no outside antennas or satellite dishes without board approval, and no signs except those approved by the board.
• What you own & maintain: You own your unit in fee simple and an undivided interest in common elements proportional to your unit's square footage. The association maintains common elements and provides exterior maintenance (roofs, exterior surfaces, landscaping). Interior repairs after a casualty are your responsibility.
• Assessments & fees: Annual and special assessments are based on each unit's percentage of ownership. Annual assessments can increase up to 5% per year without a vote; larger increases require 60% owner approval. Unpaid assessments become a lien after 30 days and accrue interest up to 18% per year.
• Architectural review: No exterior changes (buildings, fences, walls, color changes) without written approval. Changing the exterior color scheme requires 60% owner approval at a meeting with a quorum.
• Parking & vehicles: Each owner has a limited common element right to use parking spaces in the common parking area. No campers, trailers, or similar vehicles are allowed. Only standard 2-ton pickup trucks or smaller trucks are permitted.
• Insurance: The association carries fire, liability, and flood insurance on common elements. Each owner must carry liability insurance with at least $1,000,000 per occurrence and name the association as an additional insured.
• Party walls: Walls and floors between units are party walls. Repair costs are shared proportionally by the owners who use the wall. Negligent damage is the sole responsibility of the causing owner.
• What this document doesn't cover: This document does not specify current assessment amounts, pet policies (beyond seeing-eye dogs), leasing restrictions, or rules for common area use beyond parking. It also does not include the full bylaws (only excerpts are provided).

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.