Shipyard Office Park

What Shipyard Office Park's governing documents say

Shipyard Office Park is a commercial condominium in Wilmington, NC — you own an office unit and share ownership of the building's common elements, which the association maintains and insures. This is not a residential community; units may only be used for office or business purposes.

• Permitted use: Units may be used only for office or business purposes and incidental uses. No residential use is allowed.
• What you own & maintain: You own the interior finished surfaces of your unit and are responsible for its maintenance, repair, and replacement, including HVAC, appliances, and interior surfaces. The association maintains the common elements (exterior, structural components, common areas) and carries property and liability insurance.
• Leasing & rentals: The document does not restrict leasing terms or require association approval for leases, but all uses must comply with the office/business use restriction.
• Pets: No animals may be kept in any unit or common area without the prior written consent of the association.
• Alterations & signs: Structural modifications or exterior changes require written board approval. All exterior signs must be approved by the board and must be consistent with the condominium's design.
• Assessments & fees: Assessments are based on each unit's undivided interest in the common elements. The board sets an annual budget; assessments are payable in monthly, quarterly, or annual installments. Delinquent assessments accrue 12% annual interest and collection costs (including attorney's fees up to 15%). A majority of owners must approve any yearly increase exceeding 10% over the prior year.
• Insurance: The association must maintain property insurance on buildings and common elements (at least 80% replacement cost) and liability insurance. Each unit owner is an insured person under the policy for liability arising from common elements or membership.
• What this document doesn't cover: This is the declaration of condominium but does not include the full bylaws, rules and regulations, or current fee amounts. It also does not specify parking rules, trash/recycling policies, or any age restrictions.

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.