Myrtlewood Townhouses Owners' Association, Inc.

What Myrtlewood Townhouses Owners' Association, Inc.'s governing documents say

Myrtlewood Townhouses is a townhome community in Wilmington, NC, governed by a homeowners' association (HOA). This document is a 1996 amendment to the original declaration, not the full rulebook. It modifies assessment definitions, late fees, and insurance requirements, and binds all lot owners.

• What this document is: This is a 1996 amendment to the original Declaration of Covenants, Conditions, and Restrictions for Myrtlewood Townhouses (all phases). It does not contain the full set of community rules; it only changes specific sections.
• Assessments & fees: The amendment defines 'assessment' broadly to include regular assessments, special assessments, fines, collection fees, costs, and attorney's fees. It also changes the late fee: if an assessment is unpaid 30 days after the due date, the owner must pay a $25.00 per month administrative collection fee (replacing the old 6% annual interest).
• Insurance: The association must maintain casualty and liability insurance on the properties (excluding personal property inside units). Liability coverage must be at least $1,000,000 per occurrence. Insurance premiums are a common expense assessed equally to all owners. The amendment details policy requirements, including waiver of subrogation, notice of cancellation, and distribution of proceeds for repair or reconstruction.
• What this document doesn't cover: This amendment does not cover leasing rules, pet restrictions, age restrictions, parking, architectural review, or other typical HOA rules. Those would be in the original declaration or other amendments.

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.