BOOK PAGE RECORDED AND VERIFIED STATE OF NORTH CAROLIN, REBECCA P. LUCKER REGISTER OF DEEDS NEW HANOVER CO. NC COUNTY OF NEW HAN HANOVER OCT 28 451 PM '86 ; 127 1348 1963 DECLARATION OF CONDOMINIUM CANDLEWYCK CONDOMINIUM PHASE I and PHASE II Corporation, STRAND CONSTRUCTION AND REALTY, INC.. a North Carolina hereinafter called "DECLARANT", being the owner in fee simple of the property hereinafter described, hereby submits said condominium ownership pursuant to Chapter 47C of the General Statutes of property to North Carolina as amended, known as the "North Carolina Condominium Act", and to that end does hereby publish and declare that all of the said property to be known as "CANDLEWYCK CONDOMINIUM, PHASE I and PHASE II" is and shall be held, conveyed, hypothecated, encumbered, used, occupied, and improved subject to the following conditions, covenants, restrictions, uses, limitations and objections, all of which shall be deemed the land to run with and shall be a burden and benefit to Declarant, their successors and assigns, and any person acquiring or owning an interest in the property and improvements, their grantees. suссеssors, heirs, administrators, devisees and assigns.
1. DEFINITIONS.
executors, Unless it is plainly evident from the context different meaning is intended, as used herein: A.
that a "Act" ΟΙ "North Carolina Condominium Act" means the statutory provisions set forth in Chapter 47 C of the North Carolina General Statutes, the North Carolina Condominium Act, under which the condominium is established .
B.
"Assessment" means a share of the funds required for the payment of common expenses which from time to time is assessed against the unit owner by the Association.
C.
"Association" means the entity responsible for the the condominium operation of
red for the payment of common expenses which from time to time is assessed against the unit owner by the Association.
C.
"Association" means the entity responsible for the the condominium operation of pursuant to the Act, which entity includes all of the unit owners acting as a group in accordance with the By-Laws and Declaration.
"Board of Directors" or "Board" means the Board of Directors the Association, and "Director" means a member of the Board.
D.
of E. "By-Laws" means the By-Laws for the government of the condominium as they exist from time to time. A copy of the initial By-Laws are hereto attached as Exhibit "E" and made a part hereof by reference.
F.
mean all structures and "Building" or "Buildings" shall improvements now or hereafter erected upon the property.
G.
"Common Areas and Facilities" means the condominium portion of the property owned, in undivided interest, by all of the owners, more specifically set forth herein in Paragraph 5.
as H.
"Common Expenses" include the expenses of administration, maintenance , operation, repair and replacement (including a capital reserve for repair maintenance and replacement), of the common facilities, and and other expenses declared by the Association to be common expenses, as further defined in the Act.
area I.
"Common Profits" means the balance of all revenue of the Association remaining after deduction of common expenses.
J.
"Condominium" means real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners.
K.
"Condominium Documents" means this Declaration, the By-Laws, the
hose portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners.
K.
"Condominium Documents" means this Declaration, the By-Laws, the Rules and Regulations and all other Exhibits attached hereto and all other documents and regulations promulgated pursuant to herein and in the Act, and the authority created as such documents shall be amended from time to time.
RETURNED TO Mr. Calder 079516 L. "Declarant" means STRAND heirs, successors, and assigns.
M.
time amended or supplemented.
N.
BOOK PAGE 1348 1964 CONSTRUCTION AND REALTY, INC., their "Declaration" means this instrument as it may be from time to "Development rights" means any right or combination of rights reserved by a declarat in the declaration to add real estate to a condominium; to create units, common elements, or limited common elements within a condominium; to subdivide units or convert units into common elements; or to withdraw real estate from a condominium.
0. "Eligible Mortgage Holder" or "Eligible Holders" is defined as a holder of a first mortgage or lien on a unit who has requested notice of certain matters from the Association.
P.
"Limited Common Areas and Facilities" means and includes those common areas and facilities which are reserved for the use of a certain unit or units, to the exclusion of other units, as more specifically defined herein.
Q.
Trust.
R.
"Mortgagee" shall mean a beneficiary under a mortgage or Deed of "Plans" shall mean and refer to the plans and specifications of the condominium prepared by JOHN A. BENSON, Registered Land Surveyor, recorded under the name of the condominiums in the Unit Ownership file in the Office of the Register of Deeds of New Hanover County, in Condominium and attached hereto as
ON, Registered Land Surveyor, recorded under the name of the condominiums in the Unit Ownership file in the Office of the Register of Deeds of New Hanover County, in Condominium and attached hereto as Plat Book 7 at Pages 350 through 354 Exhibit "B", sheets 1 through 7 and incorporated herein by reference.
S. "Property" means and includes the land described in Article 2 of this Declaration together with any buildings and improvements located thereon.
use Ꭲ . "Special declarant rights" means rights reserved for the benefit of a declarant to complete improvements indicated on plats and plans filed with the declaration (Section 47 C-2-109); to exercise any development right (Section 47 C-2-110); to maintain sales offices, management offices, signs advertising the condominium, and models (Section 47 C-2-115); to easements through the common elements for the purpose of making improvements within the condominium or within real estate which may be added to the condominium (Section 47 C-2-116); to make the condominium part of a larger condominium (Section 47C-2-121); or to appoint or remove any officer of the association or any executive board member during any period of declarant contrel (Section 47 C-3-103(d)).
U.
"Unit" or "Condominium Unit" means a part of the property which is to be subject to private ownership, as designated on the Exhibits attached to this Declaration and as further defined in the Act.
V.
"Unit Owner" or "Owner" means a person or entity, or any combination thereof, who owns a unit.
2.
DESCRIPTION OF PROPERTY. All of that certain tract or parcel of land with the building and improvement thereon erected. or to be erected.
situate, lying and being in the City of Wilmington, New Hanover County,
ON OF PROPERTY. All of that certain tract or parcel of land with the building and improvement thereon erected. or to be erected.
situate, lying and being in the City of Wilmington, New Hanover County, State of North Carolina, and being more particularly described in Exhibit "A" attached hereto and incorporated by reference hereby as though fully incorporated herein.
Declarant submits only that portion of the land described in Exhibit "A" attached hereto upon which Phase I and Phase II of Candlewyck Condominiums are to be constructed. The property hereby submitted is more particularly described by that Condominium Plat recorded in the New Hanover County Registry in Condominium Plat Book 7 at Pages 350 through 354. Nevertheless, Declarant hereby reserves the right and option, but not the obligation, to expand the property subject to this Declaration by adding all or any portion or portions of the land described in Exhibit "F" to the coverage of this Declaration. If Declarant chooses to expand the property dedicated to Condominium ownership, the expansion will contain a maximum of seventy-four (74) units in addition to those in Phase I.
BOOK PAGE H 11 Any extension 1348 1965 shall occur, if at all, by the recordation of one or more amendments to this Declaration and one or more supplementary condominium plats as required by law. Each amendment to the Declaration shall be called a "Supplemental Declaration" and shall be executed by the Declarant or its successors and assigns. The recordation of any such supplemental declaration and expansion of the property subject to this Declaration effectuated thereby, shall not require consent or ratification of any unit owner.
Further terms, conditions, liabilities, and rights concerning
nd expansion of the property subject to this Declaration effectuated thereby, shall not require consent or ratification of any unit owner.
Further terms, conditions, liabilities, and rights concerning expansion into further phases of development, are to be found in Paragraph 33, Expansion of Condominium, of this Declaration.
3. DESCRIPTION OF BUILDING.
the Declarant has constructed, or will construct, upon the property described in Exhibit "A" attached hereto, two (2) multi-unit buildings to be used for residential and lodging accommodation purposes as herein provided. A plat or survey of the property showing the location of said buildings is attached hereto and made a part hereof as Exhibit "B. The buildings are more particularly described in the plans thereof, a copy of which plans are attached hereto as Exhibit "B" and made a part of hereof, showing all particulars of the buildings as required by law.
and In general, the buildings have two stories built on concrete cinder block foundation and constructed primarily of wood frame with surewal exterior on the first floor and wooden siding on the second floor.
The buildings will contain eight or six units each with approximately 900 square feet of enclosed area. Each unit will contain two (2) bedrooms, two (2) bathrooms, a kitchen, a dining room-living area-great room, a front porch, a rear deck, and outside storage.
In addition, the buildings will have two (2) parking spaces per unit, walkways, stairs, landscape areas, and other appurtenances and facilities.
4. UNIT DESIGNATION AND DESCRIPTION.
A.
DESIGNATION. The unit designation of each unit, its location and dimensions, is set forth in Exhibit "B" hereto attached and made a part hereof. Each unit is identified by a building number and unit number.
ATION. The unit designation of each unit, its location and dimensions, is set forth in Exhibit "B" hereto attached and made a part hereof. Each unit is identified by a building number and unit number.
B. DESCRIPTION. The legal description of each unit shall consist of the Phase number and unit number which identifies such unit as shown on the plats hereto attached as Exhibit "B". Each unit is bounded both as to horizontal and vertical boundaries by the interior surface of its perimeter walls, ceilings and floors which are shown on said plans, subject to such encroachments as are contained in the buildings, whether now exist or may be caused or created by construction, settlement ог movement of the buildings, or by permissible repairs, construction or the same alteration.
Each unit shall be conveyed, and treated as an individual property capable of independent use and fee simple ownership, and the unit owner of each unit shall also own, as an appurtenance to the ownership of each said unit conveyed, an undivided interest in the common areas and facilities.
The percentage of undivided interest in the common areas and facilities appurtenant to each unit shall be as set forth in Exhibit "C" attached hereto and made a part hereof. The percentage of undivided interest in the common areas and facilities that is appurtenant to each unit has been determined by a ratio formulated upon the approximate relation that the fair market value of each unit at the date of the Declaration bears to the then aggregate fair market value of all the units having an interest in the common areas and facilities. The fair market value of each unit and the aggregate fair market value of all of the units has been determined by the Declarant, and its determination shall be binding upon all units
s and facilities. The fair market value of each unit and the aggregate fair market value of all of the units has been determined by the Declarant, and its determination shall be binding upon all units unit owners. Except as provided in Paragraph 26 below, the percentage of undivided interest in the common areas and facilities assigned to each unit shall not be changed without the unanimous consent of the owners of all the units.
5. COMMON AREAS AND FACILITIES.
and .7 BOOK PAGE 1348 1966 2, and not units, as A. The common areas and facilities generally shall mean all of the real property. described in Article improvements and facilities defined, and which maintained by unit the foregoing, the common following: and refer to all of the herein above thereon which are are not items of personal property owned, held and owners. Without in any way limiting the generality of areas shall include, but not be limited to, the (1) All of the real property more Article 2 of this Declaration.
ventilation particularly (2) All foundations. columns, girders, fans and vents, load bearing walls, and interior walls (except non-load wholly within a unit) of the buildings.
walls all beams, including described in supports. roofs, all exterior bearing partition walls (3) All stairways, stairwells and stairs to more than one unit.
if any, which give access (4) All yard and garden sidewalks, and any other amenities.
and and their components, areas, parking and drive areas, (5) All installations of and facilities, equipment for the provisions apparatus, conduits, of all utility services, including, but not limited to. all water and sewer service.
conditioning, telephone, irrigation, trash disposal, if electricity, heating, air if any, supplied any, and cable TV,
all utility services, including, but not limited to. all water and sewer service.
conditioning, telephone, irrigation, trash disposal, if electricity, heating, air if any, supplied any, and cable TV, for the common use and convenience of the unit and which are not defined as part of the units, hereinbelow.
owners, the improvements the units themselves, 86 personal property, shall and necessary or safety of the (6) All other portions of the real property and thereon which are not specifically part of herein above defined, or owned by unit owners as be common areas and facilities intended for the common convenient use and enjoyment, existence, maintenance condominium project.
B.
(1) The undivided share in the common elements which are appurtenant to a unit shall not pass with the title to the unit, whether or or or common areas be separated therefrom and shall not separately described.
(2) A share in the common areas appurtenant to a unit cannot be conveyed or encumbered except together with the unit.
remain lie.
C.
appurtenant (3) The shares in the common areas undivided, and no action for partition of the to units shall common elements shall common areas The undivided interest of each unit owner in such and facilities is set forth in Exhibit "C" and is attached hereto and made a part hereof.
6. LIMITED COMMON AREAS AND FACILITIES. The limited common facilities appurtenant to each unit are 86 follows: A. Decks accessible only from a particular unit, and outside entry at ground level.
areas and outside stairways B. All non-load bearing walls located entirely within the unit.
C.
All materials, including but not limited to, studs, sheet-rock, plywood, carpet , paint, paneling, tile, vinyl or brick, attached the
B. All non-load bearing walls located entirely within the unit.
C.
All materials, including but not limited to, studs, sheet-rock, plywood, carpet , paint, paneling, tile, vinyl or brick, attached the inside surfaces of perimeter walls, floors and ceilings of the unit.
to, or on D. All doors, windows, screens, ventilation fans and vents entirely within located the unit or extending into the unit from walls, floors or ceilings thereof.
the perimeter E. All air handling units, ducts and components and all water, power , telephone, television and cable television, electricity, plumbing.
gas and sewage lines located in the unit; provided, however, portion of said lines located that the compartment for, or installation Common areas and facilities as described in a of, such lines shall be general common above.
BOOK PAGE 1348 1967 F. The limited common areas and facilities which are appurtenant to any unit(s) shall not be separated therefrom and shall pass with title to any unit(s), whether or not separately described.
7. USE.
residenti and the The buildings and each of the urits shall and lodging accommodation be used for rental of any units by the owner(s) thereof for residential and lodging purposes, which shall include the accommodations pursuant to rules and Association regulations established by other uses reasonably meetings and by persons owning or occupying such units. Each unit owner incidental thereto, including shall have the right to use the common with the areas and facilities in accordance purposes for which they are intended incident to the use and occupancy of his or her unit and such right shall and for all purposes be appurtenant to and run with his or her unit; provided, however, that no person shall use the common areas and facilities as to interfere
of his or her unit and such right shall and for all purposes be appurtenant to and run with his or her unit; provided, however, that no person shall use the common areas and facilities as to interfere with or restrict any part thereof in or impair the use thereof by to the use thereof or in any manner contrary to or not in with this Declaration, the By-Laws, and such Rules may be established and from time to time by the uses contemplated by this paragraph Board of amended or modified cannot be changed, without the written units, the owners of all such manner others entitled accordance Regulations Directors.
as The so long as or consent of the Declarant shall retain ownership of any units, it may it may utilize any such unit ΟΙ units models for sales or other usage for the purpose of selling or renting units within or rental offices, said project. The Declarant may assign this limited commercial usage right to any other person or entities as it may choose; provided, however, that when all units have been sold, this right of Declarant, its successors and assigns shall immediately cease.
commercial usage by the The Declarant reserves the right to maintain management office and/or model a sales office.
in units or condominium.
on common elements in the The use by Declarant as such shall not be a violation of the use restrictions contained in the declaration, other condominium rules and documents.
regulations or Declarant unsold unit the right to for such use any purposes as its relocate, the units at will.
sole discretion, and to locate, or 8. PROCESS AGENT.
Wilmington, New designated аб the provided for in reserves 411 Robert Calder, Jr., Attorney, Chestnut Hanover Street, County, North Carolina 28401, is hereby person to receive service of process in the Act. The
, New designated аб the provided for in reserves 411 Robert Calder, Jr., Attorney, Chestnut Hanover Street, County, North Carolina 28401, is hereby person to receive service of process in the Act. The any action Board of Directors may change the process agent by filing a Declaration of Change in the Office of the Register of Deeds of New Hanover County.
9.
MAINTENANCE.
A. All plumbing, air conditioning, floor and wall covering, heating, electrical , telephone, cabinetry, partition other fixtures and equipment located within the unit, and all windows or walls, suspended ceilings and doors opening into the unit, shall be maintained (and, if owner desires, insured) by the owner. Any replacement or substitution of such fixtures and equipment shall be compatible with any common effected thereby . The areas and facilities maintaining, or insuring such fixtures and equipment.
not be responsible for repairing, Association shall B. All parts of a condominium unit shall be kept in good condition and repair by and at the expense of the maintained by the Each owner in unit owner will promptly underwriters so be requirements of the and owner. The unit shall a clean and safe condition, free of nuisance.
insurance comply with any of the insurance facilities for the when common areas requested in writing by the Board agent. Any failure of or its designated an owner to repair, maintain required pursuant to the Condominium Documents or or replace as May be Board of its designated a determination by the agent that such failure will endanger or impair the value of the common areas and facilities or any unit, or the limited Common areas and facilities belonging to written another owner, may be, upon required repair, notice to the owner of the aaintenance nature of the
mmon areas and facilities or any unit, or the limited Common areas and facilities belonging to written another owner, may be, upon required repair, notice to the owner of the aaintenance nature of the or replacement, repaired or replaced by the Association at the expense of the unit owner, to be collected by special ›rovided herein and in the By-Laws. Such assessment may include the cost assessment 8 8 BOOK 1348 PAGE 1968 to the Association incurred in the abatement of any nuisance maintained by the unit owner therein.
10. EASEMENTS.
and other common A. Each unit owner shall have an easement in common with the other owners of all other units to use all conduits, public utility lines pipes, wires, ducts, cables, other units and located in such unit. The Association shall have the right facilities serving such to be exercised by the Board of Directors or unit from operation its agents, to time to time at enter each reasonable hours as may be necessary for the of the condominium to inspect the Баше, violation maintain, repair or replace the any, contained therein or elsewhere in the building.
therefrom and to maintenance.
to remove common facilities, if common or B. Each unit and all common areas and facilities and limited Breas and facilities are hereby subject to an easement for the repair, expansion, reduction , other service inspection, removal, relocation or to all gas, electricity, television, telephone, water, plumbing, sewer, utility, drainage or other lines and facilities , whether or not the cause or other common areas originates in the unit in which the work must be performed.
of any or all of those activities of C. Easements are hereby declared hereafter declare, grant or benefit of the and granted, and the Board may
ginates in the unit in which the work must be performed.
of any or all of those activities of C. Easements are hereby declared hereafter declare, grant or benefit of the and granted, and the Board may assume easements for utility purposes for the property, including the right to install, lay, maintain, repair and replace water lines, pipes, sewer lines, gas mains, telephone and television wires and equipment and electrical over , under, along and on any portion of the common areas; each unit owner conduits, and wires hereby grants to the Board, or its designee, an irrevocable attorney to execute, acknowledge , and power Association or each unit effectuate the foregoing.
of record, for and in the name of the owner such instruments as may be necessary to areas D. In the event that by reason of the construction, reconstruction.
settlement or shifting of the building, any portion of the common and facilities encroaches upon any unit, or any unit encroaches upon any other unit, or any unit encroaches upon the (whether the common areas and facilities, same now exists or may be caused or construction, settlement created by existing ΟΙ movement of the buildings, or by permissible repairs, construction or alteration), valid maintenance of such encroachment cross-easements for the are hereby established and shall exist for the benefit of such unit or common elements so encroaching so long as all or any part of the building containing such unit or encroaching common elements so shall remain standing. provided, however, shall that in a valid encroachment be created in favor owner of any unit or in favor of the owners of the common elements if such encroachment occurred due to the willful conduct of said owner or owners.
easement through and time to time vehicular traffic for any no
y unit or in favor of the owners of the common elements if such encroachment occurred due to the willful conduct of said owner or owners.
easement through and time to time vehicular traffic for any no event of the the same Б. Ingress and egress is reserved for pedestrian traffic over, across sidewalks, paths, walks, and lanes as may from exist upon the common areas and facilities; and, for over, through and across such portions of the common areas and facilities as from time to time may be paved and intended for such purposes,. for all unit owners or units in CANDLEWYCK CONDOMINIUM, their guests, families , invitees, lessees, the Association, the Declarant, its successors and assigns.
owner is F. In case of any emergency originating in or threatening any unit or the common areas and facilities, regardless whether the unit present at the time of such emergency, the Board of Directors or any other person authorized by it, shall have the right to enter purpose of remedying or abating any unit for the the causes of such emergency and making any other necessary repairs not performed by the unit right of entry shall be immediate.
owners, and such easements G. All easements and rights described herein are appurtenant, running with the land, and shall inure to the benefit of and be binding on the undersigned, their successors otherowner , purchaser, mortgagee and other person having an and assigns, and any said land, or any interest in part or portion thereof, regardless of whether reference to said easement is made in the respective deeds of conveyance, or not or B00K 1348 PAGE 1969 in any mortgage or trust deed or other evidence of obligation, to the easements and rights described in this Declaration.
11. PARTITIONING. The common area and facilities shall remain undivided,
1969 in any mortgage or trust deed or other evidence of obligation, to the easements and rights described in this Declaration.
11. PARTITIONING. The common area and facilities shall remain undivided, and no unit owner or any other person shall have the right to bring any action to partition any part thereof, unless the property has been removed from the provisions of the Act. Nothing herein contained, however, shall be deemed to prevent ownership of a dwelling unit by the entireties, jointly, ec in common, or in any other form permitted by law.
12. COMMON EXPENSES, COMMON PROFITS. The unit owners are bound to contribute pro rata, in the percentages computed according to Chapter 47 C of North Carolina General Statute which percentages are set forth in Exhibit "C" hereto attached, toward the expenses of administration and of maintenance and repair of the general and limited common areas and facilities, and toward any other expenses lawfully аббеб ѕed by the Association. No unit owner may exempt himself from contributing toward such expense by waiver of the use or enjoyment of the common area and facilities or by the abandonment of the unit belonging to him.
The common profits of the property, if any, after payment of all expenses of operation and maintenance of the property and the establishment of a sinking fund or other reserve funds or any other matters reasonably necessary and appropriate for the maintenance of the property as determined by the Board of Directors in accordance with the Condominium Documents, shall be distributed among the unit ownerS according to the percentages for each unit set forth in Exhibit "C".
13. TAXES. If there is any unit owner other than a Declarant, each condominium unit and its percentages of undivided interest in the common areas and
ercentages for each unit set forth in Exhibit "C".
13. TAXES. If there is any unit owner other than a Declarant, each condominium unit and its percentages of undivided interest in the common areas and facilities set forth in Exhibit "C" hereto attached, shall be deemed to be a separate parcel and shall be separately assessed and taxed for all types of taxes authorized by law, including but not limited to, ad valorem levies and special assessments. Each unit holder shall be liable solely for the amount of taxes against his individual unit and shall not be affected by the consequence resulting from the tax delinquency of any other unit holders. Neither the building, the property. nor any of the common areas and facilities shall be deemed to be a separate parcel for purposes of taxation.
14. LIENS.
A.
With the exception of liens which may result from the initial construction of this condominium, no liens of any nature may be created subsequent to the recording of this Declaration against the condominium property as a whole (as distinguished from an individual unit, together with its undivided common interest in the common areas and facilities) except with the unanimous consent of the unit owners and the holders, if any, of prior liens thereon.
areas and B. No labor performed or materials furnished to the common facilities shall be the basis for a lien thereon unless authorized by the Condominium Documents or expressly authorized by the event, same might be the basis for the filing of a condominium units in the proportions for which liable for common expenses.
the Board, in which lien against all thereof are ownerS against one thereof may C. Unless otherwise provided by law, in the event a lien or more condominium units becomes effective, each owner
penses.
the Board, in which lien against all thereof are ownerS against one thereof may C. Unless otherwise provided by law, in the event a lien or more condominium units becomes effective, each owner relieve his condominium unit of the lien by paying the proportionate amount attributable to his condominium unit. Upon such be the duty of the lienor to release the lien of condominium unit.
payment, it shall record for such D. Assessments against unit owners by the Association made pursuant to the By-Laws shall, if not paid when due, bear interest at such rate as is determined by the Board, not to exceed the maximum rate allowed by law, and shall create a lien to the extent of such assessment, together with interest thereon, in favor of the Association against the unit of the defaulting owner and shall be enforced as provided by the North Carolina Condominium Act.
E.
shall BOOK PAGE 1348 1970 To the extent permitted by law, all liens provided be subordinate, and for herein are hereby subordinated, first mortgage given to any lender to secure to the lien of any are used a loan, the proceeds of which to finance the purchase of any unit or units, unless any such lien provided for herein shall have been Clerk of Superior Court of New Hanover County prior to the recordation of recorded in the Office of the said first lien mortgage in the Office Hanover County, North Carolina.
of the Register of Deeds of New 15. NATURE OF INTEREST IN UNIT.
A. Every unit together with its areas and common undivided common interest in the a separate parcel shall be entitled to the unit subject only to the restrictions, easements, facilities, shall for all purposes be of real property.
and the unit owner thereof exclusive possession of such Condominium the covenants, ownership and Documents and
y to the restrictions, easements, facilities, shall for all purposes be of real property.
and the unit owner thereof exclusive possession of such Condominium the covenants, ownership and Documents and regulations, resolutions and decisions adopted pursuant thereto.
B.
The owner shall be entitled to use facilities in accordance with the purpose for which they are intended, but the common areas and no such use shall hinder or encroach upon the lawful rights of the owners of other units.
INSURANCE.
16.
A.
shall determine.
as common areas risks, including public projects similar in the responsible authority Amount and Scope of Insurance.
property (except personal property within All insurance policies upon the a unit and limited and facilities) shall be secured by the Board so designated by the Board, who shall have the authority to, and shall, or by the Managing Agent, if obtain such insurance against (1) loss or damage by fire or other hazards normally insured against, and (2) such other liability insurance, as from time to time shall be customarily required by private institutional Mortgage Investors for construction, location and for such amounts However, such liability coverage $1,000,000.00 for bodily injury, including deaths shall be for at least damage of persons and arising out of property a single occurrence.
shall include, Coverage under this policy without limitation, legal liability of property damage, bodily injuries and deaths of persons in connection with the insured for the operation, maintenance or use of the common arising areas and legal liability out of law suits related employment contracts Association .
of the Owners The foregoing shall not preclude the Board from obtaining on all ΟΙ a portion of the limited common areas obtaining and
bility out of law suits related employment contracts Association .
of the Owners The foregoing shall not preclude the Board from obtaining on all ΟΙ a portion of the limited common areas obtaining and such coverage the responsible authority shall reasonable requirements of holders of first liens on coverage insurance facilities. In consider the individual units.
B.
to Insurance Provisions. The Board of Directors shall make diligent efforts to ensure that said insurance policies provide for the following: any claims or employee of the agents, tenants and (1) A waiver of subrogation by the insurer as to against the Association, any officer, director, agent the unit owners and their employees, Association, invitees.
(2) A waiver by the insurer of its reconstruct instead of paying cash.
(3) right to repair and Coverage may not be cancelled or (including cancellation for nonpayment of premium) without at least thirty substantially modified days' prior written notice to the named insured and all mortgagees.
unit (4) Coverage will not be prejudiced by act or neglect of owners when said the act or neglect is not within Association the control of the ог by any failure of the Association to warranty or condition regarding any portion of the property over which the comply with any Association has no control.
(5) The master policy on the or invalidated individual unit suspended owners.
on property cannot be cancelled, account of the conduct of any one or more A BOOK PAGE 13481971 or (6) The master policy on' the property cannot be cancelled, invalidated or suspended on account of the conduct of any officer employee of the Board of Directors without prior demand in writing that the Board of Directors cure the defect and the allowance of a reasonable
d or suspended on account of the conduct of any officer employee of the Board of Directors without prior demand in writing that the Board of Directors cure the defect and the allowance of a reasonable time thereafter within which the defect may be cured by the Association, any unit owner or any mortgagee.
(7) Each unit owner shall be an insured person under the policy with respect to liability arising out of his interest in the common elements or membership in the Association.
(8) If, at the time of a loss under the policy, there is other insurance in the name of a unit owner covering the same risk covered by the policy, the Association's policy shall provide primary insurance coverage.
C.
Premiums.
All insurance premiums on the property and for the benefit of the Association purchased by the Board or the Managing Agent and any deductibles payable by the Association upon loss shall be a common expense.
D.
Proceeds. All insurance policies purchased pursuant to these provisions shall provide that all proceeds thereof shall be payable to the Board as insurance trustee or to such attorney-at-law or institution with trust powers as may be approved by the Board of Directors. The sole duty of the insurance trustee shall be to receive such proceeds as are paid and to hold the same in trust for the purposes elsewhere stated herein or stated in the By-Laws and for the benefit of the unit owners and their mortgagors, as their interests may appear.
If the entire condominium is not repaired or replaced, the insurance proceeds attributable to the damaged common elements shall be used to restore the damaged area to a condition compatible with the remainder of the condominium, and/or the insurance proceeds attributable to units and
utable to the damaged common elements shall be used to restore the damaged area to a condition compatible with the remainder of the condominium, and/or the insurance proceeds attributable to units and limited common elements which are not rebuilt shall be distributed to the owners of those units and the owners of the units to which those limited common elements were allocated or to their lienholders, as their interests may appear, and/or the remainder of the proceeds shall be distributed to all the unit owners or lien holders, as their interests may appear, in proportion to their common element interest. If the unit owners vote not to rebuild any unit, that unit's undivided interest is automatically reallocated as if the unit had been condemned, and the Association shall promptly prepare, execute and record an amendment to the Declaration reflecting the reallocations.
In the event a mortgagee endorsement has been issued with respect to a unit, the share of the unit owner shall be held in trust for the mortgagee and the unit owner as their respective interests may appear.
E.
Policies. All insurance policies purchased by the Board of Directors shall be with a company or companies licensed to do business in the State of North Carolina and holding a rating of "AAA" or better by the current issue of Best's Insurance Reports. All insurance policies shall be written for the benefit of the Board of Directors and the unit owners and their mortgagees as their respective interests may appear, and shall BOOK PAGE (6) The master policy account 348 Property or invalidated cannot be cancelled, or suspended on the conduct of employee of the Board any officer of Directors without prior demand in writing that the Board of Directors cure the defect and the allowance of a reasonable
e cancelled, or suspended on the conduct of employee of the Board any officer of Directors without prior demand in writing that the Board of Directors cure the defect and the allowance of a reasonable time thereafter within which the defect may be cured by the Association, any unit owner or any mortgagee.
(7) Each unit owner shall be an insured person under the policy with respect to liability arising out of his interest elements or membership in the Association.
in the common (8) If, at the time of a loss under insurance in the the policy, there is other name of a unit owner covering the same risk covered by the policy. the Association's policy shall provide primary insurance coverage.
C.
Premiums. All insurance premiums on benefit of the Association purchased by the Board the property and for the and any deductibles payable by the Association upon loss shall be a or the Managing Agent expense.
D.
Proceeds.
common All insurance policies purchased provisions shall provide that all proceeds thereof shall be payable to the pursuant to these Board as insurance trustee or to such attorney-at-law or institution with trust powers as may be approved by the Board of Directors. The sole duty of the insurance trustee shall be to receive such proceeds as to hold the same in are paid and trust for the stated purposes elsewhere stated in the By-Laws and herein or for the benefit of the unit mortgagors, as their interests may appear.
owners and their If the entire condominium is not repaired or replaced, the insurance proceeds attributable to the damaged common elements shall be restore the damaged area used to to a condition compatible with the remainder of the condominium, and/or the insurance proceeds attributable to units and limited common elements which
lements shall be restore the damaged area used to to a condition compatible with the remainder of the condominium, and/or the insurance proceeds attributable to units and limited common elements which are not rebuilt shall be distributed to the owners of those units and the owners of the units to which those limited common elements were allocated or to their lienholders, as their interests may appear, and/ or the remainder of the proceeds shall be distributed all the unit owners or lien holders, as their interests proportion to their common element interest.
may appear, in If the unit owners to rebuild vote any unit, not that unit's undivided interest reallocated as if the unit had been condemned, and the Association shall promptly prepare, execute and record an amendment to reflecting the reallocations.
the Declaration is to automatically (1) Proceeds on account of damage to common shall be held in undivided shares for each unit areas and facilities if owner and his mortgagee, any, each unit owner's share to be the same undivided interest in the common as such unit owner's areas and facilities.
(2) Proceeds on account of damages to units shall be held in the following undivided shares : .
owners (a) When the buildings are to be restored, for the, of damaged units in proportion to the cost of suffered by each unit owner, which cost shall be determined by the Board repairing the damage of Directors.
(b) When the buildings are not to be restored, an undivided share for each unit owner, such share being the same undivided interest in the common areas and facilities.
as such unit owner's for (3) In the event a mortgagee endorsement has been issued with respect to a unit, the share of the unit owner shall be held in trust the
est in the common areas and facilities.
as such unit owner's for (3) In the event a mortgagee endorsement has been issued with respect to a unit, the share of the unit owner shall be held in trust the mortgagee and the unit owner as their respective interests may appear.
E. Policies.
All insurance policies purchased by the Directors shall be with a company or companies licensed to do business in Board of the State of North Carolina and holding a rating of "AAA" or better by the current issue of Best's Insurance Reports. All insurance policies shall be written for the benefit of the Board of Directors and the unit owners their and mortgagees 8s their respective interests may appear, and shall BOOK PAGE provide that all proceeds thereof 1748 127 Die as insurance e of Directors le to the Board trustee. The originals of all such policies and the endorsements thereto shall be deposited with the duplicates of said policies and Board of Directors and endorsements and all renewals thereof, or certificates thereof, together with proof of payment or premiums, shall be delivered to the unit owners at least date with ten days prior to the expiration to the then current policies. Duplicates shall also be obtained and issue by the Association to each request of such mortgagee at any time.
mortgagee, if any, upon insurance respect proceeds if are areas extent 17. DAMAGE AND DESTRUCTION. Except as hereinafter provided, damage to or destruction of the common areas and facilities, and to the available, limited shall be promptly repaired and restored by the Board using the proceeds of common Breas and facilities, any insurance available for those units shall be liable for Purposes, and the unit owners of all assessment of any deficiency, in accordance with their undivided interests in the
Breas and facilities, any insurance available for those units shall be liable for Purposes, and the unit owners of all assessment of any deficiency, in accordance with their undivided interests in the common however, and facilities; provided, more than eighty percent condominium project units and (80%) of the owners of the one hundred percent (100%) of the units not to be rebuilt resolve not to proceed with reconstruction restoration, property shall be either (a) sold or otherwise provided, ог (b) deemed to be owned owners, and subject to the provisions 85 the same exists at the date hereof or reconstruction ΟΙ accordance with the plans and specifications of the original building and repair shall substantially in improvements, unless other plans and specifications Board and by eligible holders holding least 51% of the votes then in that transferred event, the as hereinafter by the unit tenants-in-common Section 47 C-2-118 of the Act amended hereafter.
18. EMINENT DOMAIN.
Any are or as of as approved by the mortgages on units which have at of units subject to eligible holder mortgages.
in the acquired.
Unless interest in common reallocated not A. If a unit is acquired by eminent domain, or if part of a unit is acquired by eminent domain leaving the unit owner with a not practically remnant which may or lawfully be used for Declaration, the award any purpose permitted by the must compensate the unit interest owner for his unit and its common elements, whether or any common elements the condemnor are acquires the right to use the unit's elements, that unit's undivided interests to the remaining units in proportion to interests of those units before the taking exclusive of the unit taken, and the Association shall promptly prepare, and record an amendment execute, to the
ests to the remaining units in proportion to interests of those units before the taking exclusive of the unit taken, and the Association shall promptly prepare, and record an amendment execute, to the Declaration reflecting the reallocations.
Any remnant of a unit remaining after part of subsection is thereafter common a unit is taken under this automatically respective undivided B.
area, must Except 60 provided in subsection (A), if acquired by eminent domain, the award part compensate the its interest are the reduction elements, acquisition, whether unless are undivided interests are the of 8 unit is unit owner for in value of the unit and of in the common ΟΙ not any common elements acquired.
the Upon decree otherwise provides, (1) that unit's reduced in proportion to the reduction in the size of the unit, or on any other basis specified the in the Declaration, and (2) portion of the undivided interests divested acquired the is automatically reallocated partially units in proportion to that unit and the remaining to the respective undivided interests before the taking, with of those units the partially acquired unit participating reallocation on the basis of its reduced undivided interests.
C.
unit from in the If part of the common area is acquired by eminent domain, the portion of the award not payable to unit owners under subsection (A) must be paid to the Association. Unless the Declaration provides otherwise, any portion of the award attributable to the acquisition common area that limited of a limited must be apportioned among the owners of the units to which common area was allocated at the time of acquisition.
Ꭰ.
The court decree shall be recorded in every county in which any portion of the condominium is located.
d among the owners of the units to which common area was allocated at the time of acquisition.
Ꭰ.
The court decree shall be recorded in every county in which any portion of the condominium is located.
19. RIGHTS OF ELIGIBLE MORTGAGE HOLDERS. To the extent permitted by law, an eligible mortgage holder upon written Association , identifying the name and address request of the to the Owners holder, will be entitled to timely written notice of: A.
BOOK PAGE 1348 1974 Any condemnation, loss or casualty loss which affects portion of the project or a material any units on which there is held by such eligible mortgage holder.
a first mortgage B. Any delinquency in payment of assessments or charges owned by an owner of the unit subject to a first holder, which remains uncured for a period of sixty days.
mortgage held, by such eligible C. Any lapse, cancellation, or material insurance policy or fidelity bond maintained by the' Owners Association.
modification of any require the consent of 8 D. Any proposed action specified percentage of eligible mortgage holders.
E.
holders which would In addition to the foregoing shall be afforded rights, the eligible the following rights subject mortgage permitted by law and as allowed by the North Carolina Condominium Statutes to the extent as they now exist or as they may be amended from time to time.
(1) Any election to terminate the legal status of the project after substantial destruction ΟΙ a substantial taking in condemnation of the project property Bust require the votes of the unit estates subject to eligible mortgage holders.
approval of at least 51% of the (2) Unless otherwise provided in the Declaration reallocation of interest or By-Laws, no in the common areas
s of the unit estates subject to eligible mortgage holders.
approval of at least 51% of the (2) Unless otherwise provided in the Declaration reallocation of interest or By-Laws, no in the common areas condemnation or partial destruction of the project may be effected without resulting from a partial the prior approval of eligible holders holding mortgages on all remaining unit estates whether existing in whole or in part, and which have at least 51% of the votes of such remaining unit holders of mortgages.
estates subject to eligible (3) If a professional management is condominium, any decisions to establish self management by the Association ever used to govern the shall require the prior consent of owners least 67% of the votes of unit estates to which at of the Owners Association are allocated and the approval of eligible holders holding mortgages on unit estates which have at least 51% of the votes of unit estates subject to mortgages .
20. FIDELITY BONDS.
A.
eligible holder shall General. The Association shall maintain blanket fidelity bonds for all officers, directors , employees and all other persons handling or responsible for funds of the Association. If the Association delegate some or all the responsibility for the handling of its funds to a management agent, such fidelity bonds shall be maintained management agent for its officers, employees and agents responsible for funds of or administered on behalf of the Association.
by such handling or B. Amounts of Coverage. The total amount of fidelity bond coverage required shall be based upon best business judgement and shall not be less than the estimated maximum of funds, including reserve custody of the Association or the management agent, as the case may be, at funds, in the any given time during
ss judgement and shall not be less than the estimated maximum of funds, including reserve custody of the Association or the management agent, as the case may be, at funds, in the any given time during the term of each bond. However, in no event may the aggregate amount of such bonds be less than a sum equal to three months' aggregate assessments on all units plus reserve funds.
C.
Other Requirements.
following requirements: Fidelity bonds required herein must meet the (1) Fidelity bonds shall name the Association as obligee.
(2) The bonds shall contain waivers by the issuers of the bonds of all defenses based upon the exclusion of persons serving without compensation from the definition of "employees", or similar expressions.
teras ΟΙ on all (3) The premiums Association bonds required herein for the (except for premiums on fidelity bonds maintained by management agent for its officers, employees and agents) shall be paid by a 800K PAGE the Association as a common or expense.
1348 1975 nonpayment of notice (4) The bonds shall provide that they may not be cancelled substantially modified (including cancellation for premium ) without Association a condominium project, to any insurance trustee eligible mortgage holder.
problems areas Board control of a such at least ten (10) days' prior written one or more be copy to the and each of the rental agreements required to minimize of the common Association nor the of approval, any approved 21. RECOMMENDATION OF RENTAL AGENTS. At the Association, or annual meeting of the such other meeting of the Association the Board, the as is designated by Board may, upon notice to the owners, recommend approval of the Association for the units during the forthcoming year.
rental agents for the rental of Prior to recommending agents for the
esignated by Board may, upon notice to the owners, recommend approval of the Association for the units during the forthcoming year.
rental agents for the rental of Prior to recommending agents for the approval of the Association, the Board shall have authority to require any agent desiring to qualify as an approved agent to submit a proposed rental agreement to be used by such agent, together with such other information as the Board may reasonably require. The Board require, as condition may of approval, that all incorporate standard procedures as may of security, maintenance, quality and operation and facilities of the property. Neither the shall have, or attempt to impose as a condition over the commission schedule or fees charged by any rental agent , or the permissible period of rental, all of which shall be for the sole determination of the approved rental agent selecting such agent.
any owner Each owner shall have the absolute right to into enter any direct rental, lease or sales arrangement with and purchasers which shall be consistent with the Declaration, By-Laws of renters, lessees the Association and such other regulations as may from time to time be by the Association and/or Board. Nothing herein construed as creating shall be or authorizing any rental pooling the rental of a unit by an requiring owner or as restricting the owner's use of his unit.
If any court of law, governmental regulatory body appropriate jurisdiction having or approved legal counsel to the determine that any portion of this provision is unlawful or would require Association registration of the offering of any unit as a security, then such portion of this provision shall be invalid until such requirement is eliminated.
22. MANAGEMENT AGENT.
promulgated of until and or as an or it s
on of the offering of any unit as a security, then such portion of this provision shall be invalid until such requirement is eliminated.
22. MANAGEMENT AGENT.
promulgated of until and or as an or it s owner of a A. Interim Management Agent and Assessments. From the date of the first conveyance of title by the Declarant to a unit owner until the date the first Association members' annual meeting, the Declarant designee shall serve as the interim Management Agent with responsibility for coordinating all normal management services of the Association.
During the period from conveyance of title by Declarant to until the first Association members' annual determination by the Association of the new operating budget), the interim meeting (the time Management Agent shall not receive a management fee. During such period, the owner shall pay monthly to the interim Management Agent the assessment set forth in Exhibit "C" percentage of the estimated total expenses of the property (said estimated total operating expenses are set forth in Exhibit "D" to this Declaration).
to this Declaration, representing the unit's B. Regular Management Agent and Assessments.
Association Upon selection by the of a regular Management Agent and the holding of the first Association members' annual meeting, any excess of interim assessments over total, actual Association operating expense shall be deposited by Declarant to the account of the Association. The interim Management Agent shall provide to the regular Management Agent an accounting of operating revenues and expenses. After adoption of the new annual Association budget, at the first Association members' meeting, the Declarant shall be subject to regular assessments for any units still owned by Declarant,
expenses. After adoption of the new annual Association budget, at the first Association members' meeting, the Declarant shall be subject to regular assessments for any units still owned by Declarant, C. Time of Payment. Each unit's monthly assessment as Exhibit "C" set forth in of the common expenses for the month of closing shall be payable at the time of conveyance of title to the owner by the Declarant prorated as of the closing date. Subsequent payment shall be due on the first day of each month. Payments not received when due interest at the maximum permissible legal rate until paid.
shall bear 4331 23. WORKING owner shall CAPITAL.
1348 1976 owner, аssessment.
each an At the time title is conveyed to an contribute to the Association as a working capital reserve amount equal to a two (2) months' estimated common area funds shall be Such used solely for initial operating capital expenses Association, such of the as pre-paid insurance, supplies and the common facilities areas furnishings and and equipment, etc.
At the time of the regular Management Agent, the interim Management Agent shall pay selection of the account of the Association all unused funds and accounting of all shall provide revenue and expenditures. Amounts paid into the working as advance payment of regular capital fund are not to be considered абsеssments.
to an An amount equal to ten percent (10%) of the normal assessment due from purchaser will be added to the assessment due additional purchaser, with the ten percent (10%) to be added to the working for the homeowners reserve capital association. This working capital treated reserve shall be as per the terms of this Paragraph 23 and improvements, additions, or repair.
for required capital The working capital reserve shall not
ital association. This working capital treated reserve shall be as per the terms of this Paragraph 23 and improvements, additions, or repair.
for required capital The working capital reserve shall not be used for the ordinary and normal maintenance Homeowners Association and amenities in the common and operation of the system serving CANDLEWYCK CONDOMINIUMS shall receive the highest priority Any waste water for expenditures by the Homeowners Association, except for federal, state and local taxes and insurance, in the use of the working capital reserve.
owners, areas.
All 24. UNITS SUBJECT то CONDOMINIUM DOCUMENTS.
present and future tenants and occupants of units and their guests or invitees, shall be subject to, and shall comply with the provisions of the Documents, and Condominium as the Condominium Documents may be amended from time to time. The acceptance of a deed of conveyance or lease the entering into of a or the entering into occupancy of any dwelling unit shall constitute an agreement that the provisions of the Condominium Documents are accepted and ratified by such owner, tenant or occupant, and all of such provisions shall be deemed and taken to be covenants running with the land and shall bind any person having at any time any interest or though estate in such unit provisions were made a part of each and every deed conveyance or lease.
Failure to comply with the Condominium provisions of the Documents shall entitle the Association or any other owner to legal and/or equitable relief, including costs and attorney's fees incurred in enforcing such compliance.
reasonable seek such amendment at as of 25. AMENDMENT OF DECLARATION. This Declaration may be amended by vote of not less than 67% in Common interest of all unit owners, cast duly held a meeting in
e.
reasonable seek such amendment at as of 25. AMENDMENT OF DECLARATION. This Declaration may be amended by vote of not less than 67% in Common interest of all unit owners, cast duly held a meeting in accordance with the provisions of the By-Laws, No such shall be effective until recorded in the Office of the Register of Deeds for New Hanover County wherein the property is located. The By-Laws may be amended in accordance with the procedure set forth in such By-Laws.
of the No amendment shall be allowed which acts to the detriment Declarant or any right reserved to Declarant by this Declaration, or any concomitant document drawn in connection with this condominium without the express written approval of the Declarant.
project, No amendment to this Declaration shall be effective until approved by the Veterans' Administration.
26. TERMINATION.
Except АБ provided in Paragraph 17 above, Declaration may be terminated, and the condominium property removed from this the provisions of the North Carolina Condominium Act, only by an instrument meeting the requirements of NCGS 47 C-2-118 and executed by all of the unit owners and duly recorded, which said instrument shall provide either that the condominium regime is to be sold following termination not to be sold following termination. If the condominium is to be sold upon termination, title to the real estate in the condominium Association vests in the upon termination. If the condominium is not to be sold termination, title upon to all the real estate of the condominium vests in the unit owners as tenants in common in proportion to their respective is ΟΙ interests as herein provided. While the tenancy in common exists, and during the period between termination and sale of the condominium project, each unit owner and his
rtion to their respective is ΟΙ interests as herein provided. While the tenancy in common exists, and during the period between termination and sale of the condominium project, each unit owner and his successors and assigns have an exclusive right to occupancy of the portion of the real estate that formerly constituted his unit.
as BOOK PAGE 1348 1977 on the Following the termination of the condominium, the proceeds of any le of real estate, together with the assets of the Association, are held by the Association as trustee for unit owners and holders of liens units their interests may appear. Following termination, creditors of the Association holding liens on the units, which were recorded before termination, may enforce those liens in the same manner lienholder. All other creditors of the Association any are to be treated if they had perfected liens on the units immediately before termination.
аб The respective interests of unit owners referred to are as follows: 88 A. Except as provided in paragraph (2), interests of unit owners the respective are the fair market value of their units, limited common elements, and common element interests termination, as determined by one immediately before the or more independent appraisers selected by the Association. The decision of the independent appraisers shall be distributed to the unit owners and becomes final unless disapproved within 30 days after distribution by unit owners of units to which twenty-five percent (25%) of the votes in the Association are allocated. The proportion of any unit owner's interest to that of all unit determined by dividing the fair market value of that unit owner's unit and owners is common element interest by the total fair market values of all the units and common elements B.
thereof
of all unit determined by dividing the fair market value of that unit owner's unit and owners is common element interest by the total fair market values of all the units and common elements B.
thereof If any unit or any limited common element is destroyed to the extent that an appraisal of the fair market value destruction prior to cannot be made, the interests of all unit owners are their respective common element interests immediately before the termination.
In the event it is determined in the manner provided in Paragraph 17 hereof that the property shall not be repaired or reconstructed after fire or other casualty , the condominium will be terminated and the Condominium Documents revoked. The determination not to repair or reconstruct after fire are as or other casualty shall be evidenced by a certificate Association of the providing that all liens affecting all of the units transferred to the percentage of undivided interest of the unit owners set forth herein above, and certifying as to facts effecting the termination , which certificate shall become effective recorded in the New Hanover County upon being duly Register of Deeds.
a 27. INCORPORATION OF ASSOCIATION. It is the intention of Declarant that all rights of the Association shall be vested in a non-profit or business corporation known as CANDLEWYCK HOMEOWNERS ASSOCIATION INC., which shall be or has been, formed, pursuant to the laws of the State of North Carolina and the applicable Federal laws. Such association shall be formed and operated in accordance with this Declaration and the By-Laws attached hereto as Exhibit "D", and incorporated herein, and all governing laws, as they shall be amended from time to time.
The homeowner membership list will be comprised of those persons or
By-Laws attached hereto as Exhibit "D", and incorporated herein, and all governing laws, as they shall be amended from time to time.
The homeowner membership list will be comprised of those persons or entities owning units in CANDLEWYCK CONDOMINIUM. The annual meeting of members shall be held at Wilmington, North Carolina, upon the earlier of the following events: 120 days after seventy-five percent (75%) of the units have been conveyed to unit purchasers; or five (5) years following conveyance of the first unit in the project; two years after Declarant ceases to sell units or offer units for sale in the ordinary course of business; two years after any development rights to expand the condominium project expire; or upon notice by Declarant to unit owners. The first directors and officers will hold office until the initial annual meeting occurs, and new directors and officers are elected.
28. INVALIDITY. The invalidity of any provision of this Declaration shall not impair or affect the validity and enforceability of the remainder of this Declaration , and in such event, all of the other provisions of this Declaration shall continue in full force and effect as if such invalid provision had never been included.
29. WAIVER. No provisions contained in this Declaration shall be deemed to have been abrogated or waived by reason of any failure to enforce the same, irrespective of the number of violations or breaches which occur.
may