Olivolo Condominium Owners Association, Inc.

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

Olivolo Condominiums is a two-unit condominium building in Carolina Beach, NC. You own your individual unit and a shared interest in the common elements, which the association maintains. The upper unit (Unit 1) has special authority to change certain rental rules.

• What you own & maintain: You own the interior finished surfaces of your unit. The association maintains the common elements (building structure, grounds, etc.). You are responsible for maintenance of your unit and for limited common elements like your HVAC, elevator, and generator. The swimming pool is owned by Unit 1 but Unit 2 has a perpetual right to use it and pays half the costs.
• Leasing & rentals: Only the entire unit may be rented (no partial rentals). The declaration does not set a minimum lease term, but Unit 1's owner may unilaterally impose a 3-month minimum rental period if short-term rentals interfere with their enjoyment.
• Use restrictions: Units are for residential use only. No obnoxious or unlawful activity. No signs, flags, or banners visible from outside. No planting without association permission. Parking is limited to designated areas for each unit.
• Assessments & fees: Common expenses are allocated 64% to Unit 1 and 36% to Unit 2, except pool-related and certain electrical costs are split equally. Assessments are due at least quarterly. Unpaid assessments become a lien after 30 days.
• Alterations & improvements: Structural alterations require prior written association consent. Non-structural changes may also require approval. The association must respond to a written request within 30 days.
• Insurance: The association carries property insurance on the building and common elements, plus liability insurance (minimum $500k/person, $1M/occurrence). Each owner should insure their own personal property and unit improvements.
• Voting & governance: Each unit has one vote. The board has two directors (one per unit). Unit 1's owner must be president. Many decisions require unanimous consent of both owners. Deadlocks go to arbitration, with the losing party paying costs.

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.