Tech Properties Condominium Association
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What Tech Properties Condominium Association's governing documents say
Tech Properties Condominium is a commercial-use condominium in Wilmington, NC — you own a unit (office/warehouse space) and share the building's common elements. All units are restricted to commercial use only; no residential occupancy is allowed. The association maintains common areas and carries master insurance, funded by assessments based on unit size.
- Use restrictions: Each unit is restricted to commercial use as allowed by New Hanover County or Wilmington zoning. No residential use is permitted.
- What you own & maintain: You own the interior of your unit (including HVAC systems that serve it exclusively, even if located outside unit boundaries). You must maintain, repair, and replace all portions of your unit at your own expense. The association maintains common elements and limited common elements (e.g., exterior doors, windows, stoops) but may bill you for maintenance of limited common elements assigned to your unit.
- Leasing & rentals: Leases must be for a term of at least six months. All leases must be in writing and comply with the condominium documents. Tenants must agree to recognize the association as landlord for enforcement purposes.
- Assessments & fees: Common expenses are assessed quarterly based on each unit's allocated interest (percentage of total floor area). Initial purchasers pay two months' dues as working capital. Late payments bear 12% annual interest. The association has a lien for unpaid assessments after 30 days.
- Alterations & approvals: No structural additions, alterations, or changes to the exterior appearance of a unit or common elements without prior written approval from the executive board. Interior alterations that do not impair structural integrity or mechanical systems are allowed. Requests must be answered within 60 days.
- Insurance: The association carries property insurance on the building (excluding land and below-grade foundations) and liability insurance of at least $1,000,000. Unit owners are responsible for their own interior improvements, HVAC, windows, and plumbing failures. Glass breakage from inside or due to owner/tenant negligence is the unit owner's responsibility up to the deductible.
- Parking & storage: Parking areas and storage areas located to the rear of units in Phase 1 are limited common elements allocated to specific units. Additional parking may be allocated by the executive board through rules and regulations.
- What this document doesn't cover: This document does not specify pet rules, age restrictions, or detailed architectural guidelines beyond structural and exterior changes. It also does not set specific assessment amounts or a current budget.
Key facts from Tech Properties Condominium Association's documents
- Community type
- Condominium (Section 1.1: creates a condominium to be)
- Units / lots
- 4 Units in Phase 1; maximum of 20 Units (Section 2.1: 'upon creation, contains 4 )
- Developer / declarant
- Tech Properties, LLC (Section 1.1: Tech Properties, LLC; Secti)
- Governing law
- Chapter 47C of the General Statutes of North Carolina (North Carolina Condominium Act) (Section 1.1: submits to provisions of Ch)
- Assessments & dues
- Executive Board adopts budget; then mailed to Unit Owners with meeting for ratification; unless 65% of Common Elements reject, budget is ratified (Section 17.4). Common Expenses assessed per Allocated Interests (Section 17.1). Limited Commo (Section 17.4; Section 17.1; Section 17.2)
- Special assessments
- Non-budgeted assessment exceeding 15% of current annual operating budget requires ratification by Unit Owners (same process as budget). (Section 17.5: 'in an amount greater than)
- Collections & liens
- Association has lien on Unit for unpaid assessments after 30 days of filing; lien is prior to all except prior recorded mortgages/encumbrances and tax liens; foreclosable as mortgage under NC law. (Section 17.3(a): lien after 30 days from)
- Reserves & fees
- Common Expenses include 'such reasonable reserves as may be established by the Association' for repair, replacement, or addition. (Section 1.2(e)(iv))
- Leasing & rentals
- Yes, but minimum term of six months; all leases in writing and subject to Condominium Documents. (Section 8.2: 'A Unit may not be leased o)
- Architectural approval
- Executive Board approval required for structural additions/alterations and changes to exterior appearance (Section 11.1(a),(b)(ii)). Written request; Board responds within 60 days after Notice and Hearing (Section 11.1(c)). (Section 11.1(a): 'No Unit Owner will mak)
- Signs & flags
- Only letter signage on exterior door (Section 8.1(c)). No exterior signs without board consent; one sale sign (max 3x3) allowed inside front window (Section 6.7). (Section 8.1(c): 'affix letter signage of)
- Maintenance
- Association maintains Common Elements (Section 4.1). Unit Owner maintains Unit (Section 4.2). Limited Common Element expenses assessed to benefiting Units (Section 4.3). Owner responsible for HVAC, interior walls, doors, drop ceilings, ligh (Section 4.1; Section 4.2; Section 4.3; S)
- Insurance
- No less than $500 nor more than $2,500 or 1% of policy face, whichever is greater. (Section 20.2(b): 'The maximum deductible)
- Use restrictions
- No; Units restricted to commercial use. (Section 8.1(a): 'Each Unit is restricted)
- Voting & meetings
- Each Unit has weighted vote equal to its percentage interest in Common Elements (Exhibit B). 67% vote required to amend Declaration; 51% to assign future income; 65% to reject budget. (Section 7.2(c): 'Each Unit shall have on)
About this HOA
Tech Properties Condominium Association is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Tech Properties Condominium Association: 1 recorded document. Last updated 2026-07-11.