Waterway Condominium

What Waterway Condominium's governing documents say

Waterway Condominium is a condominium community in Wilmington, NC — you own your individual unit and a share of the common areas, which the association maintains and insures. This declaration establishes the condominium regime and governs all owners, tenants, and occupants.

• What you own & maintain: You own the interior of your unit (including non-load-bearing walls, fixtures, and finishes). The association maintains common areas like foundations, roofs, exterior walls, stairways, parking, landscaping, and the swimming pool. Limited common elements (e.g., interior walls, doors, windows, and utility lines within your unit) are your responsibility.
• Leasing & rentals: Units (except Unit 1 and Unit 100) may be used for residential and lodging purposes, including rentals. The association may recommend rental agents, but owners have the right to rent directly. No minimum lease term is stated in this excerpt.
• Use restrictions: Units (except Unit 1 and Unit 100) are for residential and lodging accommodation only. Unit 1 and Unit 100 may be used for commercial purposes if zoning allows. No pets or other specific restrictions are mentioned in this excerpt.
• Assessments & common expenses: Each unit owner pays a share of common expenses based on the percentage of undivided interest in common areas (set forth in Exhibit D). Assessments are due monthly; late payments bear interest at the maximum legal rate. A working capital reserve equal to two months' estimated assessment is required at closing.
• Insurance: The association carries master property and liability insurance (minimum $500,000 per occurrence) on the common elements. Unit owners are responsible for insuring their own unit's contents and improvements. The master policy cannot be canceled without 30 days' notice to mortgagees.
• Amendments: The declaration may be amended by a vote of at least 67% of unit owners. No amendment can be detrimental to the Declarant without its written consent. If VA approval was obtained, VA consent is also required.
• What this document doesn't cover: This excerpt does not include the full By-Laws, rules and regulations, or specific fee amounts. It also does not address pet restrictions, parking rules, or 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.