Station One

What Station One's governing documents say

Station One is a condominium community in Wilmington, NC, but this document governs only a single unit (Unit 4H) that is owned by three individuals as tenants-in-common, each with a one-third undivided interest. The rules here are specific to that shared-ownership arrangement and are not the full condominium declaration for the entire development.

• Shared ownership & use schedule: The unit has three owners, each entitled to use the unit one-third of the time each year according to an agreed formula. Use rights automatically terminate if an owner fails to pay assessments; other owners may pay and use the unit during the defaulting owner's time.
• Right of first refusal on sale: An owner wanting to sell their interest must first offer it to the other owners, who have at least 120 days to purchase at a price determined by appraisal if they cannot agree. If not purchased, the entire unit must be listed for sale and net proceeds divided equally among the three owners.
• Voting & decision-making: There are three votes (one per owner), and all decisions about the unit and its use require unanimous agreement. Votes cannot be split.
• Assessments & fees: Owners must pay assessments agreed upon by the owners, collected monthly, to cover taxes, insurance, repairs, and HOA dues to the Station One Condominium association. Late payments incur 18% annual interest and a $20 fee. There is no maximum annual assessment.
• Use restrictions: The unit is for personal residential use only; no commercial use or rental pool participation. No animals or pets of any kind are allowed.
• What this document doesn't cover: This document is a declaration for a single unit within Station One Condominium, not the full condominium declaration. It does not cover rules for the entire community (e.g., common area use, parking, architectural standards) or the association's governance beyond what is referenced.

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.