78 BOOK PAGE 1312 0269 RECORDED AND VERIFIED REBECCA F. TUCKER REGISTER OF OLEDS NEW HANOVER CO. NO DEC 16 3 10 PH '85 STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER DECLARATION OF CONDOMINIUM WINDS AT CAROLINA BEACH V Index To Declaration of Condominium Submission Statement Index I.
II.
Definitions III.
Name IV.
Identification of Units; Survey; Easements; Shares in Common Elements; Proportions of Common Expenses; Plan of Development V.
Voting VI.
VII.
VIII.
Method of Amendment of Declaration Bylaws Page Number Miscellaneous Conditions, Covenants and Restrictions A.
B.
Assessments Maintenance Occupancy and Use Persons Occupying a Unit By, Under C.
Liens D.
E.
F.
G.
LAUDE EUX or Through a Unit Owner Developer's Units and Privileges Insurance H. Eminent Domain I.
J.
K.
L.
M.
N.
0.
Alterations Owners Termination Severability Captions Notices Contracts 053001 2344 6199 7 7 77778 12 12 12 13 13 13 88222333 13 13 1 RETURNED TO Job. B. Chambliss BOOK PAGE 1312 0270 INDEX TO EXHIBITS Letter Reference A.
B.
IV A C.
IV B D.
VII I Title Plans and Specifications Plot Plan and Survey Shares of Common Elements Bylaws SUBMISSION STATEMENT The undersigned, being the holder of title of record to the real property herein described, hereby states and declares that said land and all improvements located thereon, are submitted to condominium ownership, pursuant to Chapter 47A, Article 1 of the North Carolina General Statutes, the "Unit Ownership Act" (hereinafter referred to as the "Act".) The said land is more particularly described as follows: Tract 1: Beginning at a point in the eastern line of Carolina Beach Avenue, North, said point being 200 feet northwardly from the intersection of the said eastern line of said avenue and northern line of Scallop Lane, (formerly
nt in the eastern line of Carolina Beach Avenue, North, said point being 200 feet northwardly from the intersection of the said eastern line of said avenue and northern line of Scallop Lane, (formerly Third Avenue, North); runs thence eastwardly and parallel with Scallop Lane, 125 feet; thence northwardly and parallel with Carolina Beach Avenue, North 50 feet; thence westwardly and parallel with Scallop Lane, 125 feet; thence southwardly with and along the eastern line of Carolina Beach Avenue, North, 50 feet to the point of Beginning, the same being all of Lot 5 in Block 7, according to a map of Carolina Beach recorded in the Registry of New Hanover County in Map Book 3 at Page 67. And being the same property conveyed to Robert O'Neill by deed recorded in Book 1253 at Page 582 of the New Hanover County Registry.
Tract 2: Beginning in the eastern line of Carolina Beach Avenue, (North) 150 feet northwardly from the point where said line intersects the northern line of Scallop Lane to an (formerly Third Avenue); running thence parallel with Scallop Lane South 66 degrees 30 minutes East 125 feet to an iron pin, thence South 23 degrees 30 minutes West 50 feet iron pin, thence North 66 degrees 30 minutes West parallel with Scallop Lane 125 feet to a point in the eastern line of Carolina Beach Avenue, (North); thence with the eastern line of said avenue North 23 degrees 30 Minutes East to the point of beginning, being all of Lot 4 in Block 7 of Carolina Beach, as the same is shown on a map thereof recorded in Map Book 3 at Page 67 of the New Hanover County 2 BOOK PAGE Registry, and big the 2e property conveyed to Robert O'Neill by deed recorded in Book 1253 at Page 580 of the New Hanover County Registry.
II DEFINITIONS Definitions of terms used herein are as follows:
gistry, and big the 2e property conveyed to Robert O'Neill by deed recorded in Book 1253 at Page 580 of the New Hanover County Registry.
II DEFINITIONS Definitions of terms used herein are as follows: 1. "Declaration" means this instrument, by which the property is submitted to the provisions of Chapter 47A, Article 1 of the North Carolina General Statutes, as from time to time this instrument may be amended.
AT CAROLINA BEACH 2. "Association" means WINDS V, OWNERS, INC., the nonprofit North Carolina corporation which operates the condominium property under this Declaration.
and 3. "Unit" or "Condominium Unit" means those parcels of the condominium property which are subject to private ownership are designated as Unit Numbers 1-A through 1-D, 2-A through 2-D and 3-A through 3-D, inclusive, in the Plans and Specifications attached hereto as Exhibit A and incorporated herein by reference. Each unit includes an enclosed space as defined in the Act, for residential purposes, together with accessory spaces and areas as shown on Exhibit A. Each unit has a direct exit to a thoroughfare as described in Exhibit A.
4. "Common Elements" means and includes the common areas and facilities as defined in the Act, and includes the portions of the condominium property not included in the units, and shall include the personal property required for the maintenance and operation of the condominium, even though such personal property is owned by the Association.
There are no "limited common elements and areas" as defined in the Act.
5.
"Condominium Parcel" means a unit, together with the undivided share in the common elements, which is appurtenant to the unit.
6.
7.
"Unit Owner" means the owner of a condominium parcel.
"Common Expenses" means those expenses defined in the
her with the undivided share in the common elements, which is appurtenant to the unit.
6.
7.
"Unit Owner" means the owner of a condominium parcel.
"Common Expenses" means those expenses defined in the Act as Common Expenses and means, generally, expenses for which the unit owners are liable to the Association.
8.
"Assessment" means a share of the funds required for the payment of common expenses which, from time to time, is assessed against the unit owners by the Board of Directors of the Association.
9.
"Condominium Property" or "Property" means and includes 3 BOOK PAGE 1312 0272 the land described in this Declaration and all improvements and structures thereon and all easements, appurtenances belonging thereto for use in connection with rights and the condominium.
10. "Developer" means ROBERT O'NEILL, INC. Developer of the condominium project.
11.
Unless the context hereof does not permit it, words and phrases used in this Declaration shall have meanings as defined in or implied by the Act.
12.
"Act" shall mean and refer to the Unit Ownership Act, Chapter 47A, Article 1 of the General Statutes of the State of North Carolina, as such may be supplemented or from time to time.
amended III NAME The name by which this condominium is to be identified is WINDS AT CAROLINA BEACH V.
IV A.
IDENTIFICATION OF UNITS; SURVEY; EASEMENTS; SHARES IN COMMON ELEMENTS; PROPORTIONS OF COMMON EXPENSES; PLAN OF DEVELOPMENT The improvements on the land described consist of one Unit Building being the sole structure for units on the land and containing numbered units 1-A through 1-D, 2-A through 2-D and 3-A through 3-D inclusive. The building has been constructed substantially in accordance with the attached Plans and Specifications and identified as a
bered units 1-A through 1-D, 2-A through 2-D and 3-A through 3-D inclusive. The building has been constructed substantially in accordance with the attached Plans and Specifications and identified as a unit three story condominium apartment building for WINDS AT twelve (12) CAROLINA BEACH V, OWNERS, INC., a North Carolina corporation. There is also attached hereto as Exhibit B a plot plan and survey showing the location of the building and the remainder of the condominium property, prepared by Robert H.
Goslee, Registered Surveyor.
1.
The unit owner shall not be deemed to own the undecorated or finished surfaces of the perimeter walls, floors and ceilings surrounding the respective Condominium Units, nor shall the owner be deemed to own pipes, wires, conduits, or other public utility lines running through said respective Condominium Units utilized for or serving more than one Condominium Unit, which items are by these presents hereby made a part of the Common Elements. Said owner, however, shall be deemed to own the walls and partitions which are contained in said owner's respective Condominium Unit, and also shall be deemed to own the inner decorated or finished surfaces of the perimeter walls, floors and 4 BOOK PAGE 1312 0273 ceilings, including plaster, paint, wallpaper and the like.
2.
If any portion of a Condominium Unit or Common Element encroaches upon another, a valid easement for the encroachment and the maintenance of same, so long as it stands, shall and does exist. In the event the multifamily structure is partially or totally destroyed, and then rebuilt, encroachments of parts of the Common Elements Condominium Units, as described, due to construction, shall be permitted, and a valid easement for said encroachments and the maintenance thereof shall exist.
or
hments of parts of the Common Elements Condominium Units, as described, due to construction, shall be permitted, and a valid easement for said encroachments and the maintenance thereof shall exist.
or Easements are hereby declared and granted, and the Association may hereafter declare, grant or assume easements for utility purposes for the benefit of 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 conduits, and wires over, under, along and on any portion of the common areas; each unit owner hereby grants to the Association, or its designee, an irrevocable power of attorney to execute, acknowledge and record for and in the name of the Association or each unit owner such instruments as may be necessary to effectuate the foregoing.
All easements and rights described herein are easements appurtenant, running with the land, and shall inure to the benefit of and be binding on the undersigned, its successors and assigns, and any owner, purchaser, mortgagee and other person having an interest in said land, or any part or portion thereof, regardless of whether or not reference is made to the easements and rights described in this Declaration in the respective deed of conveyance, or in any mortgage or trust deed or other evidence of obligation.
3. In connection with the floor plans and plot plans, identified as Exhibits A and B, the legend and notes thereon contained are incorporated herein, and made a part hereof by reference, and the said plans have been certified in the manner required by the Act.
B.
The undivided share of each unit owner in the land and other Common Elements, including staircases and entranceways
erence, and the said plans have been certified in the manner required by the Act.
B.
The undivided share of each unit owner in the land and other Common Elements, including staircases and entranceways and parking spaces and in the common surplus which is appurtenant to each Condominium Unit is shown on Exhibit C which is attached hereto, made a part hereof and incorporated herein by reference.
C.
for The Common Elements include parking areas automobiles of Unit Owners. Parking areas will be available for use pursuant to the regulations of the Association, which regulations shall provide that the owners of each unit shall be entitled to a designated parking space for at least one automobile.
5 BOOK PAGE 1312 0274 D. All the stairwells, entranceways and landings on the building which are used for ingress and egress to all of the units located on each floor are and shall remain a part of the Common Elements.
E.
The balconies, decks or patios shown and graphically described in the floor plans and plot plan, identified as Exhibits A and B, annexed hereto, are appurtenant to each of the apartments as shown. These are reserved for the use of the apartments to which they are appurtenant, to the exclusion of other apartments, and there shall pass with an apartment unit the exclusive right to use such appurtenances.
V VOTING The voting rights of unit owners and the Developer in the Association shall be as specified in the Bylaws, attached hereto as Exhibit D.
VI METHOD OF AMENDMENT OF DECLARATION This Declaration may be amended at any regular or special meeting of the unit owners of this condominium, called in accordance with the Bylaws, by the affirmative vote of at least 67% of the votes in the Association and the written approval of holders of first lien mortgages or deeds
of this condominium, called in accordance with the Bylaws, by the affirmative vote of at least 67% of the votes in the Association and the written approval of holders of first lien mortgages or deeds of trust on units which have in the aggregate at least 51% of the votes of units subject to such liens. Such amendment shall be evidenced by a Certificate executed with the formalities of a Deed, and shall include the recording data identifying this Declaration, and said Certificate shall be signed and acknowledged by any officer of the Association responsible for the operation of this condominium project.
This Certificate shall become effective upon its being recorded in the New Hanover County Registry.
No amendment shall change any condominium unit, nor its undivided share of the Common Elements, nor a condominium unit's proportionate share of the common expenses or common surplus, nor the voting rights pertinent to any unit, unless the record owners thereof and all record owners of liens thereon shall join in the execution of the amendment, and provided further that said amendment shall be voted on, evidenced and recorded in the same manner as all other amendments to this Declaration.
and No amendment shall change the provisions of this Declaration with respect to rights of first lienholders without the written approval of all institutional first lienholders of record.
6 BOOK PAGE 1312 0275 VII BYLAWS The operation of the condominium property shall be governed by Bylaws which are set forth in a document entitled "BYLAWS OF WINDS AT CAROLINA BEACH V, OWNERS, INC." which is annexed to this Declaration as Exhibit D and incorporated herein by reference. The Bylaws shall be subject to amendment in the manner provided therein.
VIII
AT CAROLINA BEACH V, OWNERS, INC." which is annexed to this Declaration as Exhibit D and incorporated herein by reference. The Bylaws shall be subject to amendment in the manner provided therein.
VIII MISCELLANEOUS CONDITIONS, COVENANTS AND RESTRICTIONS A.
Assessments. The Association, through its Board of Directors, shall have the power to make and collect assessments, and to maintain, repair and replace the common elements, as provided for in the Act.
B. Maintenance. The Board of Directors of the Association may enter into a contract with any firm, person or corporation for the management, maintenance and repair of the condominium property, and may join with other condominium corporations in contracting with the same firm, person or corporation for management, maintenance and repair.
C. Liens. The Association shall have a lien on each condominium parcel for any unpaid assessments, and interest thereon, at a rate to be determined by the Association's Board of Directors against the unit owner of such condominium parcel, which lien shall be effective as and in the manner provided for by the Act, and shall have the priorities established by said Act. The lien of the Association for unpaid assessments shall also secure reasonable attorneys' fees incurred by the Association incident to the collection of such assessments.
In the event that an owner fails to pay any tax or assessment lawfully assessed by any governmental subdivision within which the property is situated, by the date such tax or assessment is due, the Association may pay the same from the funds of the Association and specially assess such owner for the amount paid.
D. Occupancy and Use. The unit owner shall occupy and use the condominium parcel as a private dwelling and for no other purposes.
f the Association and specially assess such owner for the amount paid.
D. Occupancy and Use. The unit owner shall occupy and use the condominium parcel as a private dwelling and for no other purposes.
The unit owner shall not permit or suffer anything to be done or kept in his unit which will increase the rate of insurance on the condominium property, or which will obstruct or interfere with the rights of other unit owners or annoy them by unreasonable noises, odors or otherwise; nor shall the unit owner commit or permit any 7 : " BOOK PAGE 1312 0276 nuisance or illegal act in or about the condominium property. A unit owner may keep any pet or animal on the condominium property so long as such pet or animal does not constitute a nuisance and unreasonably interfere with the quiet enjoyment of the premises by the other condominium owners.
E. Persons Occupying a Unit By, Under or Through A Unit Owner. All persons occupying any condominium unit, whether under a rental, lease or occupancy agreement or as licensee, invitee or otherwise, shall be and remain subject to the provisions of this Declaration, and the Articles of Incorporation, and Bylaws and rules and regulations of the Association and this requirement shall be deemed to be a part of any implied, verbal or written agreement for rental, lease or occupancy, whether expressly stated or not.
Enforcement against such persons occupying a unit by, under or through a unit owner shall be the same as in the case of a unit owner, but nothing herein shall limit the right of the Association to pursue any remedy against the unit owner, the occupant or both, simultaneously, otherwise.
serially, or The Developer F. Developer's Units and Privileges.
shall have the right to transact any business necessary to
medy against the unit owner, the occupant or both, simultaneously, otherwise.
serially, or The Developer F. Developer's Units and Privileges.
shall have the right to transact any business necessary to consummate sales of units, including, but not limited to, the right to maintain models, have signs and employees in the offices, use the common elements and show units. A temporary sales office, if any, signs and all items pertaining to sales shall not be considered common elements, and shall remain the property of the Developer. In the event there are unsold units, Developer retains the right to be the owner of such unsold units under the same terms and conditions as all other unit owners in said condominium, and Developer, as unsold unit owner, shall contribute to the common expenses in the same manner as other unit owners, as of 60 days after the time such units are completed and ready for occupancy; provided, however, if the Developer continues to hold any of said unsold units, it may rent them on any basis, notwithstanding anything to the contrary which may be contained in this Declaration of Condominium or the Bylaws.
An "unsold unit" shall mean a unit the construction of which has been completed and which is ready for occupancy. The Developer shall use good faith and reasonable diligence to make all units complete and ready for occupancy. The right to display signs, such as "for rent" and "for sale" is limited to the Developer.
G.
Insurance. The insurance which shall be carried upon the condominium property and the property of the unit owners shall be governed by the following provisions: 1.
Authority to purchase All insurance policies upon the condominium property shall be purchased by the Association, including a master or blanket policy for the 8 PAGE
by the following provisions: 1.
Authority to purchase All insurance policies upon the condominium property shall be purchased by the Association, including a master or blanket policy for the 8 PAGE benefit of the unit owners and their mortgagees, as their interest may appear, in a company having an "A" Best rating or better, and provisions shall be made for the issuance of Certificates of Mortgagee Endorsements to Mortgagees of condominium units.
the 2. Casualty All building and improvements upon the land and all personal property included in the condominium property shall be insured in an amount equal to the maximum insurable current replacement value at 100% as determined annually by the Board of Directors of the Corporation. Such coverage shall afford protection against: (i) (ii) Loss or damage by fire and other hazards covered by a standard extended coverage endorsement; Such other risks as from time to time shall be customarily covered with respect to buildings similar in construction, location, and use, including, if available, but not limited to, vandalism and malicious mischief and flood, storm damage and hurricane, comprehensive, general liability coverage for all common elements, public ways and commercial spaces, if any, whether or not leased to some third party, blanket fidelity bonds and standard "all risk" coverage endorsement.
Flood insurance shall be purchased by the Association as a master policy with maximum available coverage under the National Flood Insurance Program.
3. Loss Payable All casualty insurance policies purchased by the Association hereunder shall provide that all proceeds covering casualty losses shall be paid to the Board of Directors as Insurance Trustee, or to such reputable bank or trust company in New Hanover
e Association hereunder shall provide that all proceeds covering casualty losses shall be paid to the Board of Directors as Insurance Trustee, or to such reputable bank or trust company in New Hanover with trust powers County as may be designated by the Board of Directors of the Association. Said Trustee is herein referred to as the "Insurance Trustee". The Insurance Trustee shall not be liable for the payment of premiums or the sufficiency of premiums, nor for the failure to collect any insurance proceeds. The Insurance Trustee shall be responsible only for monies which came into its possession, and only for its willful misconduct, bad faith or gross negligence. The duty of the Insurance Trustee shall be to receive such proceeds as are paid to it, and to hold the same in trust as a stake holder to be paid out to the Association, unit owners or mortgagees as their interests may appear.
4.
Collection and Payment of Premiums and Trustee's Expenses The Board of Directors of the Association shall collect and pay the premiums for all insurance and all fees and expenses of the Insurance Trustee as a part of the common expenses for which assessments are levied.
9 " 5. Mandatory Repair - Unless there occurs substantial damage to or destruction of all or a substantial part of the condominium property, as hereinafter defined, and subject to the provisions hereinafter provided, the Association and the unit owners shall repair, replace and rebuild the damage caused by casualty loss, and pay the costs of the same full. The Association shall levy assessments in the event insurance proceeds are insufficient for the purpose of repairing, replacing and rebuilding the damage caused by casualty loss.
6.
in Determination of Damage and Use of Proceeds:
sessments in the event insurance proceeds are insufficient for the purpose of repairing, replacing and rebuilding the damage caused by casualty loss.
6.
in Determination of Damage and Use of Proceeds: (a) Immediately after a casualty causing damage to any part of the condominium property, the Board of Directors shall obtain reliable and detailed estimates of the cost necessary to repair and replace the damaged property to a condition as good as the condition that existed prior to the casualty loss; provided, however, that if a casualty causing damage is limited to a single unit, then it shall be the responsibility of that unit owner to obtain estimates of the cost of replacement as aforesaid. If the net proceeds of insurance are insufficient to pay the estimated cost of reconstruction and repair the Board of Directors shall promptly, upon determination of deficiency, levy a special assessment against all unit owners for that portion of the deficiency related to common elements, in accordance with the percentages established in Article IV of this Declaration, and against the individual unit owners for that portion of the deficiency related to individual damaged units; provided, however, that if, in the opinion of the Board of Directors, it is impossible to accurately and adequately determine the portion of the deficiency relating to individual damaged units, the Board of Directors shall levy the special assessment for the total deficiency against each of the unit owners, according to the percentages set forth in Exhibit C of this Declaration.
(b) Unless there occurs substantial damage to or destruction of all or a substantial portion of the condominium property, and the unit owners elect not to rebuild and repair, as provided in Paragraph 7 below, the
here occurs substantial damage to or destruction of all or a substantial portion of the condominium property, and the unit owners elect not to rebuild and repair, as provided in Paragraph 7 below, the Insurance Trustee shall use the net proceeds and the funds collected by the Board of Directors from the assessments hereinabove set forth to repair and replace any damage or 10 BOOK PAGE 1312 0279 7.
destruction of property, and shall pay any balance remaining to the unit owners and their mortgagees, as their interests may appear, and the proceeds of insurance, and the funds collected by the Board of Directors from the assessment as hereinabove provided shall be held by the Insurance Trustee in trust for the use and purposes herein provided.
Total Destruction: As used in this Declaration, and in any other connection or context dealing with this Condominium, the term "substantial damage to or destruction of all or a substantial portion of the Condominium property" shall mean that two-thirds (2/3) or more of the apartment units are rendered untenantable by casualty loss or damage.
Should there occur substantial damage to or destruction of all or a substantial part of the condominium property, the condominium project shall be reconstructed, unless threefourths (3/4) of the unit owners agree not to proceed with reconstruction, in writing, within sixty (60) days after the casualty loss or damage occurs. In the event that the project is not reconstructed, the property theretofore subject to this Declaration shall be withdrawn from its status as a condominium project under the Act. It is understood and agreed that in the event a mortgagee should require the payment of the proceeds to it, that sum shall be paid to the said mortgagee and the unit owner shall then be
under the Act. It is understood and agreed that in the event a mortgagee should require the payment of the proceeds to it, that sum shall be paid to the said mortgagee and the unit owner shall then be obligated to deposit the funds necessary for his unit towards his share of the rebuilding costs. In the event such reconstruction is not approved, as aforesaid, the Insurance Trustee is authorized to pay proceeds of the insurance to the unit owners and their mortgagees, according to the percentages set forth in Exhibit C of this Declaration and as their interests may appear, and the condominium property shall be removed from the provisions of the Act with the results provided for in the Act. The determination not to reconstruct after casualty shall be evidenced by a certificate, signed by one of the officers of the Association, stating that the said sixty (60) day period has elapsed, and that the Association has received the necessary writings from three-fourths (3/4) of unit owners.
8. Association as Agent: The Association is hereby irrevocably appointed Agent for each unit owner to adjust all claims arising under insurance policies purchased by the Association. The Owners' Association is hereby appointed, and deemed to be appointed for all purposes by each unit owner and member, as attorney-in-fact for the purpose of purchasing and maintaining all insurance for the condominium, including: the collection and appropriate disposition of the proceeds thereof; the negotiation of losses and execution of release of liability; the execution of all documents; and the performance of all other acts necessary to accomplish such purpose. The Owners 11 : BOOK PAGE 1312 0280 Association shall receive, hold or otherwise properly dispose of any proceeds of insurance in trust, for unit
f all other acts necessary to accomplish such purpose. The Owners 11 : BOOK PAGE 1312 0280 Association shall receive, hold or otherwise properly dispose of any proceeds of insurance in trust, for unit owners and their first mortgage holders, as their interests may appear.
The Insurance Trustee shall exercise the powers of the Association to receive, hold or otherwise properly dispose of any proceeds of insurance in trust, for unit owners and their first mortgage holders, as their interests may appear.
H. Eminent Domain. In the event of a taking by eminent domain (or condemnation or a conveyance in lieu of condemnation) of part or all common elements, the award for such taking shall be payable to the Association, which shall represent the owners named in the proceedings. Said award shall be utilized to the extent possible for the repair, restoration, replacement or improvement of the remaining common elements, if only part are taken. If all or more than two-thirds (2/3) of all the general common elements are taken, it shall be deemed a destruction of more than twothirds (2/3) of all the common elements and the condominium shall be terminated as provided for in this Declaration.
Any funds not utilized (in the case of a partial taking condemnation) shall be applied in payment of common expenses otherwise assessable. In the event of a taking of all part of a unit, the award shall be made payable to the owner of such unit and his mortgagee, if any, as their respective interest may appear.
or are I.
or or Alterations. There shall be no material alteration, door or color changes, enclosing of balconies, substantial additions to the common elements, except as authorized by the Board of Directors, and ratified by the affirmative vote of a majority of the unit owners. No
changes, enclosing of balconies, substantial additions to the common elements, except as authorized by the Board of Directors, and ratified by the affirmative vote of a majority of the unit owners. No unit owner shall block, hamper, or otherwise interfere with the common elements of the property or the operation thereof.
J. Owners.
1.
2.
No owner of a Condominium Parcel may exempt himself from liability for his contribution towards the common expenses by waiver of the use and enjoyment of any of the common elements, or by the abandonment of his Condominium Unit.
The owners of each and every Condominium Parcel shall list the same for the purpose of ad valorem taxes with the Tax Assessor of New Hanover County, North Carolina, or any other future legally authorized governmental officer or authority having jurisdiction over the same.
For the purpose of ad valorem taxation, the interest of the owner of a Condominium Parcel in his Condominium Unit, and in the common elements 12 BOOK PAGE 1312 0281 K.
shall be considered as a unit. The value of said unit shall be equal to the percentage of undivided shares in common elements of the entire condominium, including land and improvements as has been assigned to said unit in Exhibit C of this Declaration. The total of all of said percentages equals 100% of the value of all of the land and improvements thereon.
Termination. The provisions for termination set forth in Article VIII G 7 of this Declaration shall be in addition to the provisions for voluntary termination, provided for by Section 16 of the Act.
as L. Severability. If any provision of this Declaration, or of the Bylaws attached hereto, or the Act, is held invalid, the validity of the remainder of this Declaration, or of the Bylaws attached hereto, shall not be
. If any provision of this Declaration, or of the Bylaws attached hereto, or the Act, is held invalid, the validity of the remainder of this Declaration, or of the Bylaws attached hereto, shall not be affected thereby.
M. Captions. Article and paragraph titles inserted throughout this Declaration are intended only as a matter of convenience and for reference, and in no way define, limit, or in any way affect this Declaration.
N. Notices. Whenever notices are required to be sent hereunder, the same shall be sent to the unit owners by Certified Mail, at their last address of record with the Association, and to the Association, by Certified Mail, at Post Office Box 1058, Carolina Beach, North Carolina 28428, and to the undersigned at Post Office Box 1058, Carolina Beach, North Carolina 28428.
All notices shall be deemed and considered sent when mailed. Any party may reserve the right to change the place or notice to him, or it, by actual, written notice to the Association.
The name and address of the person authorized to receive service of process as provided in the Act, and the residence or place of business of said person within the city and county in which the condominium building is located is as follows: Robert O'Neill 245 North Lake Park Blvd.
P. O. Box 1058 Carolina Beach, N. C. 28428 0. Contracts. Developer warrants that it has not entered into a contract or lease of any kind which will be binding on the Association, unless such contract provides that it is terminable by any party thereto on ninety (90) days written notice to the other parties thereto, and that Association may exercise its right to terminate such contract without a penalty or termination fee of any kind.
...
13 BOOK PAGE 1312 0282 In no event shall any contract which does not contain
nd that Association may exercise its right to terminate such contract without a penalty or termination fee of any kind.
...
13 BOOK PAGE 1312 0282 In no event shall any contract which does not contain the above termination provisions be binding on the Association at the time Developer loses all voting rights in the Association apart from those rights derived from unit ownership itself, as provided in Article III, Section 1 of the Bylaws.
In witness whereof, the undersigned has executed this Declaration of Condominium under seal this the 24 day of September 1985.
ROBERT O'NEILL, ATTEST: Secretary CORPORATE SEAL BY: ROBERT O'NEILL, PRESIDENT STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER I, C. Denise Pettigrew a Notary Public for said State and County, do hereby certify that Robert O'Neill me this day and acknowledged that is President personally came before he of ROBERT O'NEILL, INC., and that by authority duly given and as the act of the corporation, the foregoing instrument was signed in its name by its President, sealed with its corporate seal, and attested by Barbara R. McLaughlines its Secretary.
Witness my hand and notarial seal this 24th day of September, 1985.
NOTARY PUBLICI NOVE Commission expires: 10-22-89 C. Denise ette Notary Public 14 BOOK PAGE 1312 0283 JOINDER AND CONSENT OF TRUSTEES AND BENEFICIARIES/MORTGAGEES NCNB NATIONAL BANK OF NORTH CAROLINA, noteholder, and PAUL L. LEONARD, TRUSTEE, join in the execution of this Declaration of Condominium of Winds at Carolina Beach V for the sole purpose of subjecting, submitting and subordinating, and they, and each of them, do hereby subject, submit and subordinate any and all right, title and interest in the property described in said Declaration that they have, or either of them has, or
ing, and they, and each of them, do hereby subject, submit and subordinate any and all right, title and interest in the property described in said Declaration that they have, or either of them has, or may have, by virtue of that Deed of Trust recorded in Book 1253 at Page 0584 in the office of the Register of Deeds of New Hanover County North Carolina, to said Declaration, and every provision hereof, and to the jurisdiction of Winds at Carolina Beach V, Owners, Inc., as the same may be amended of supplemented from time to time.
IN WITNESS WHEREOF, the undersigned have set their hands and seals this 23 day of September, 1985.
NCNB NATIONAL BANK OF NORTH CAROLINA ATTEST: By: les (SEAL) dent/Vice President B K Asst SECRETARY CORPORATE SEAL AL ROLAN Res PAUL L, LEONARD, TRUSTEE : 15 (SEAL)