4333 40 2708 0 2 9 9 DECLARATION OF CONDOMINIUM 2000 FEB 22 PM 3:33 RECORDED ANTIO MAYS WRIGHTSVILLE YACHT CLUB CONDOMINIUM CGST, INC., A North Carolina Corporation, hereafter called "Declarant", being the owner in fee simple of the property hereinafter described, hereby submits sand property to condominium ownership pursuant to Chapter 470 of the General Statutes of North Carolina, as amended, known as the "North Carolina Condon:amm Act", and to that end does hereby pablish and declare that all of the said property to be known as 'WRIGHTSVILLE YACHT CLUB CONDOMINIUM" 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 to ran with the land and shall be a burden and benefit to Declarant, its successors and assigns, and any person acquiing or owning an interest in the property and improvements, their grantees, successors, heirs, executors, administrators.
devisees and assigns.
000136 A B C ARTICLE I DEFINITIONS Act or North Carolina Condominum Act means the statutory provisions set fouth in Chapter 47€ of the North Carolina General Statutes, the North Carolina Condominium: Act, ander which the condominium is established Assessment means a share of the fands required for the payment of common expenses which from time to time is assessed against the unit owner by the Association.
Association nicans the entity responsible for the operation of the condominium pursuant to the Act which enuity mcludes all of the unit owners acting as a group in accordance with the Bylaws and Declaration.
623295 D.
Board of Directors or Board means the Board of Directors of the Association, and Directe: means a meraber of the Board.
E
ers acting as a group in accordance with the Bylaws and Declaration.
623295 D.
Board of Directors or Board means the Board of Directors of the Association, and Directe: means a meraber of the Board.
E By-Laws means the By-Laws for the government of the condomunun as they exist from time to time F: Building or Buildings shall mean all structures and improvements now or hereafter erected upon the property.
G.
Common Areas and Facilities means the portion of the condenunum property owned in undivided interest, by all of the owners, as more specifically set forth herein in Paragraph 5.
H. Common Expenses include the expenses of administration, maintenance, operation, repair and replacement (including a capital reserve for repau maintenance and replacement) of the coramon area and facilities, and other expenses declared by the Association to be corumon expenses, as further defined in the Act I Common Profits means the balance of all revenue of the Association remaining after deduction of common expenses Cendomanum means real estate portions of which are designated for separate ownership and the remainder of which is designated to: 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 uHAT OWLS RETURNED TO W 1 2708 0 3 0 0 k Condoramnum Documents means this Declaration, the By-Laws, the Pades and Regulations and all other Exhibits attached hereto and all other documents and regulations promulgated pursuant to the authority created herein and in the Act, and as such documents shall be amended from time to true.
L..
Declarant means CGST, Inc., A North Carolina Corporation, its successors and assigns M
ant to the authority created herein and in the Act, and as such documents shall be amended from time to true.
L..
Declarant means CGST, Inc., A North Carolina Corporation, its successors and assigns M Declaration raeans this justement as it may be from time to time antended or supplemented.
N.
U P Q Eligible Mortgage Holder or Eligible Holders is defined as a holde: of a first mortgage of lien on a unit that has requested notice of certain matters from the Association Ennuited Common Algas and Facilities means and mcludes those common areas facilities which are reserved for the use of a certam unit or units, to the exclusion of other units, as more specifically defined berem Morgagee shall mean a beneficiary under a mortgage or Deed of Trust.
Plans shall mean and refer to the plans and specifications of the condonumum prepared by Boney Architects, Inc, and recorded under the name of the condominium in the Office of the New Hanover County Register of Deeds recorded in Condominium Plat Book ]] at Pages 379-382.
R Property means and includes the land described in Exhibit "A" to this Declaration together with any buaidhags and improvements located thereon S F Un or Condominium Unit means a part of the property which is to be subject to puvate ownership, as designated on the Exhibits attached to this Declaration, shown on the plans as described in paragraph "Q" above, and as finther defined in the Act Unit Owner or Owner incans a prison or ernity, or any combination thereof, who owns a unt ARTICLE H DESCRIPTION OF PROPERTY All of that cesta: bact or parcel of land with the busiding and improvement thereon erected, or to be erected, situate, 'ying and being in The Town of Waghtsville Beach, New Harove: County, North Catcles and
that cesta: bact or parcel of land with the busiding and improvement thereon erected, or to be erected, situate, 'ying and being in The Town of Waghtsville Beach, New Harove: County, North Catcles and being more particularly described Exhibit "A attached herets and incorporated by reference as theagh fully set forth herem. The Property is subject to those exceptions and liens set forth on Pxlabuarached hereto and inceperated by reference as though, fully set forth herein.
ARTICLE HE DESCRIPTION OF BUILDING of The Declarant has constructed upon the property desobed in Eviabit "A", attached berete, one (1) two-unt building to be used for residential, lodging, and office purposes as here provided. A plat or survey of the property showing the location of said building is recorded in the Condemuzium Pla: Book IL at Pages 379-382 the New Hanover County Registry In general the building has two stories built or wooden pilings above a garage and storage area located on the ground floo; and is constructed pumanly of wood frame on treated timber piùngs. The building contains two (2) units - Unit A located on the North side of the Building and Unit B located on the South side of the Building. Both arts consist of approximately 3552 square feet. The ground floor contams 170 square feet with 27 square feet of same being heated. The first door contains 1632 square feet of heated space and the second floor contams 1723 square feet of heated space Each unit is similar in size and design and contams a kitchen. Four bedrooms, two and one half bathrooms and a irving room BOOK 2708 PAGE 0301 In addition, the building has porches which serve each unit, walkways, stairs, parking areas and other
ontams a kitchen. Four bedrooms, two and one half bathrooms and a irving room BOOK 2708 PAGE 0301 In addition, the building has porches which serve each unit, walkways, stairs, parking areas and other appurtenances, as are more particularly delineated on the above referenced map and plans of the condominium A ARTICLE IV UNIT DESIGNATION AND DESCRIPTION Designation The unit designation of each unit, its location and dimensions, are set forth on the condominium plat referred to above Each unit is identified as either Unit A or Unit B B Description The legal description of each unit shall consist as either Unit A or Unit B which identifies such unit as shown on the plat of the condominium as referred to in Article 1(Q), "Plans of the Condemmum" Each unit is bounded both as to horizontal and vertical boundaries by the interior sua face of its perimeter walls, ceilings and floors which are shown on said plans, subject to such encroachments as are contated in the buildings, whether the same now exist or may be caused or created by construction, settlement of movement of the buildings, or by permissible repairs, construction or 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 unit, an undivided interest in the common areas and facilities Each unit owner shall own a 50% share in the common facilities pertment to each unit as set forth in Exhibit "B" attached hereto and made a part hereof The percentage of uadivided interest in the common areas and facilities appurtenant to each unt has been determmed by determining the ratio of the value of each unit to the value of all units at the time of the
tage of uadivided interest in the common areas and facilities appurtenant to each unt has been determmed by determining the ratio of the value of each unit to the value of all units at the time of the Declaration and assigning that andivided interest in the common areas and facilities to the respective unit.
Except as provided in Paragraph 26 below, the percentage of undivided interest in the common areas and facilities assigned to each unt shall not be changed without the unanimous consent of the unit owners.
ARTICLE V COMMON AREAS AND FACILITIES A. The common: areas and facines generally shall mean and refer to all of the real property, described in ARTICI E II, and all of the improvements and facies thereen which are not units, as herein above defined, and which are not eras of personal property owned, held and maintained by unit owners. Without in any way limiting the generality of the foregoing, the common area, shall include, but not be limited to, the following: 1. All of the seal property more particularly described in ARTICLE il of this Declaration 2 All foundations, columns, girders, beams, supports, roofs, ventilation fans and vents, load bearing walls, mcluding all exterior walls and all interior walls (except non-load bearing partition walls wholly within a unity of the buildings.
3 All stairways, stauwells and stars and their components if any, which give access to save that one amt.
4 All yard and garden areas, parking and drive areas, sidewalks and any other amenities 5. All installations of any facilities, apparatus, conduits, and equipment for the provision of a uality service, including, but not limited to, all water and sewer service, clecticity telephone, angation, trash
allations of any facilities, apparatus, conduits, and equipment for the provision of a uality service, including, but not limited to, all water and sewer service, clecticity telephone, angation, trash disposal, if any, and cable TV, if any, supplied for the common use and convenience of the unit uwners and which are defined as part of the units berein below 6. All other portions of the real property and the aprovements thereon which are not specifically part of the ants themselves, as herein above defined, or owned by unit owners as personal property, shall be Semmon areas and facilities intended for the common and necessary or convenient use and enjoyment.
maintenance of safety of the condominium project BOOK 2700 PAGE 0302 B. Unit Shate in Common i The undivided share in the common elements or conunon areas which are appurtenant to a unit shall not be separated therefrom and shall pass with the title to the unit, whether or not separately described 2 A share in the common areas appritenant to a unit cannot be conveyed or encumbered except together with the uni..
3 The shates in the common areas appurtenant to units shall remain undivided, and no action for partition of the common elements shat he 4.
The undivided interest of each unit owner in the common areas and facities is set forth in Exhibit "B" as attached hereto and made part hereof ARTICLE VI LIMITED COMMON AREAS AND FACILITIES The hated common areas and facilities appartenant to each unit are as follows.
A. Decks accessible only from a particula; unt, outside stairways serving less then all ants any outside entry serving less than all units and driveways, parking areas and garages serving only one unit Each limited common area is allocated to the unit of units, served by that limited common area, as shown on
y serving less than all units and driveways, parking areas and garages serving only one unit Each limited common area is allocated to the unit of units, served by that limited common area, as shown on the condominium map reſened to in Aracle 140).
B. All non-load bearing walls located entirely within the unit.
C. All materials, including, but not limited to, stads, Sheetrock, plywood, carpet, pant, paneling, tie, vinyl or brick, attached to or on the inside surfaces of perimeter walls, floors and ceilings of the units, D. All doors, windows, screens, ventilation fans and vents located entirely within the unit on extending into the uart from the perimeter walls, floors or ceilings thereof E. All air handling units, including heating and air conditioning units for a particular unit, Jucts and components and all water, power, telephone, television and cable television, electricity, plumbing, gas and sewage lines located in the unit, including all heating and an conditioning units designated as fiented common areas appurtenant to a particular unit as shown on the condominium plat whether said units are located within interior walls of an individual unit; provided, however, that the portion of any utility Imes located in a common compartment for, or installation of, such lines shall be general common areas and facilities as described above.
F The united common areas and faciles which are appartenant to any unit(s) shall not be separated theretion and shall pass with title to any unit(s), whether or not separately described in the deed of conveyance ARTICLE VII USE The buildings and each of the wants shall be used for residential, lodging and office purposes, which shall
o any unit(s), whether or not separately described in the deed of conveyance ARTICLE VII USE The buildings and each of the wants shall be used for residential, lodging and office purposes, which shall include the rental of any amts by the owner(s) thereof pursuant to rules and regulations established by the Association and other uses reasonably incidental thereto, including meetings by persons owning or occupying BOOK 2700 PAGE 9303 such unns, and uses allowed by applicable ordinances of the Town of Wrightsville Beach Each unitowe shall have the right to use the comunion areas and facilities in accordance with the purposes for which they are tended and for all purposes mcidental to the use and occupancy of his or her unit and such night shall be apputienant to and run with his or her unit, provided. however, that no person shall use the common areas and facilities or any part thereof in such manner as to interfere with or restrict or impair the use thereof by others entitled to the use thereof or in any manner contrary to or not in accordance with this Declaration, the By-Laws, and such Rules and Regulations as may be established from time to time by the Board of Directors. The uses contemplated by this Paragrapia cannot be changed, amended or modified without the written comment of the owners of all units.
ARTICLE VHI PROCESS AGENT William OJ Lynch, 10. S. Thid Sheet, Wilmungton, NC 28402, is hereby designated as the person to receive service of process many action provided for in the Act. The 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 ARTICLE IN MAINTENANCE A Allileo and wall covering, heating, electrical, telephone, cabinets, partition walls, suspended ceilings
of Change in the Office of the Register of Deeds of New Hanover County ARTICLE IN MAINTENANCE A Allileo and wall covering, heating, electrical, telephone, cabinets, partition walls, suspended ceilings and other Extures and equipment located within the unit, and all windows or doors opening into the unit, as well as plumbing and HVAC units serving the unit shall be maintained (and, if owner desues, insured) by the owner Any replacement or substitution of such fixtures and equipment shall be compatible with any common areas and facilites effected thereby. The Association shall not be responsible for reparing, maintaining, or maining sach fixtures and equipment. If the Association receives any misurance proceeds for damage or destruction of any of the foregoing facilities which an owner is required to maintain, then the Association shall pay such proceeds to the sweet B. Mantenance replacement, and operational costs of any common area audos equipment, fixtures of faces used only by all units will be a cominum expense of the homeowners.
C. All parts of a condominium unit shall be kept in good condition and repan by and at the expense of the owner The unt shall be maintained by the owner in a clean and safe condition, free of nuisance. Each uni owner will promptly comply with any requirements of the insurance underwriters of the insurance for the common areas and facilities when so requested in writing by the Board or its designated agent. Any failure of an owner to repair, maintam or replace as may be required pursuant to the Condominium Documents or a determination by the Board or as designated agent when 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 another owne
he Board or as designated agent when 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 another owne may, upon written notice to the owner of the nature of the required repair, maintenance or replacement, be repaired or replaced by the Association at the expense of the unit owner and shall be collected by special assessment as provided here and in the BY-Laws Such assessment may include the cost to the Associatios, noured the abatement of any nuisance maintamed by the unit owner therem ARTICLE X EASEMENTS A back ent owner shall have an easement in common with the other owners of all other units to use all pipes, wires, ducts, cables, conduits, public utility lines and other cominion facilities serving such other nuits and focated in such unit. The Association shall have the night, to be exercised by the Board of Directors on its agents, to eater cach unit from time to time at reasonable hours as may be necessary for the operation of the 270 3 0 3 0 4 Condominium to inspect the same, to remove a violation theretom and to maintam, repair or replace the common facilities, if any, contamed there or elsewhere in the building.
B. Fach unit and all common areas and facilities and limited common areas and facilities are hereby subject to an easement for the repair, maintenance, expansion, reduction, inspection, removal, relocation or other service of or to all gas, electricity, television, telephone, water, plumbing, sewer, utility, dramage or other lines ot other comnion areas and facilities, whether or not the cause of any or all of those activities originates in the unt in which the work must be performed.
ing, sewer, utility, dramage or other lines ot other comnion areas and facilities, whether or not the cause of any or all of those activities originates in the unt in which the work must be performed.
C Easements are hereby declared and granted, and the Board may hereafter declare, grant or assume casements for utility purposes for the benefit of the property, moluding the right to install, lay, maintain, repaa and replace water lines, pipes, sewer lines, gas mains, telephone and television, wires and equipment and electrical conduits, and wues over, under, along and on any portion of the common areas, each unit owner hereby grants to the Board, or its designee, an revocable power of attorney to execute, acknowledge, and record, for and in the name of the Association or cach unit owner such instruments as may be necessary to effectuate the foregoing.
D In the event that by reason of the constraction, reconstruction, settlement or shifting of the building.
any portion of the common areas and facilities encinaches upon any unit, or any unit encroaches upon any other unit, or any unit encroaches upon the common areas and facilities, (whether the same now exists er may be caused or created by existing repairs, construction of alteration), valid cross-easements for the maintenance of such encroachment are hereby established and shall exist for the benefit of such unit or coramon elements so encroaching so long as all or any part of the building containing such unit or common elements so encroaching shall remam standing, provided however, that in no event shall a valid easement for any encroachment be created in favor of the owner of any unt or in favor of the owners of the common elements if such encirachment occurred due to the willful conduct of said owner or owners.
ment for any encroachment be created in favor of the owner of any unt or in favor of the owners of the common elements if such encirachment occurred due to the willful conduct of said owner or owners.
Eingress and egress is reserved for pedestrian traffic over, through and across salewalks, paths, walks.
and lanes as the saine kein tie to time may exist upon the common areas and facilities, and, for velacufar traffic over, through and across such portions of the common areas and facilities as from ume to time may be paved and intended to: such purposes, for all unit owners in WRIGHTSVILLE YACHT CLUB CONDOMINIUM, then guests, families, anatees, lessees, the Association, the Declarant, is successors and assigns F. In case of any emergency originating in or threatening any unit or the common Areas and facilities.
regardless whether the unit owner is present at the time of such emergency, the Board of Directors or any other persea authorized by a, shall have the right to enter any unit for the purpose of remedying or abating the causes of such entergency and making any other accessary repans not performed by the wait owners, and sach ught of entry shall be immediate.
G. All casements and rights described herein are easernents appurtenant, running with the land, and shall mure to the benefit of and be binding on the undersigned, then successors and assigns, and any other owner.
purchase moityagee and other person having an interest in said land, or any part or pection thereof, regardless of whether or not reference to said easement is made in the respective deeds of conveyance, or in any mortgage >: trust deed on other evidence of obligation, to the easements and rights described in this Declaration ARTICLE X PARTITIONING
sement is made in the respective deeds of conveyance, or in any mortgage >: trust deed on other evidence of obligation, to the easements and rights described in this Declaration ARTICLE X PARTITIONING The common area and facilities shall remam undivided, and no unit owner or any other person shall have the night to bang any action to partition any part thereof, unless the property has been removed from the provisions of the Act. Nothing herein contamed, however, shall be deemed to prevent ownership of a dwelling unit by the eneties jointly, or in common, or in any othe: form permatted by law except the seling of any unt "meshates" is hereby expressly prohibited.
BOCK FAGE 2708 0305 ARTICLE XI COMMON EXPENSES, COMMON PROHTS The unit owners are bound to contribute pro rata, in the percentages computed according to Chapter 470 of North Carolina General Statute which percentages are set forth in Exhibit "B" 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 assessed 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 er other reserve funds of any other matters reasonably necessary and appropriate for the maintenance of the property as determined by the Board of Directors in accordance with the Condomimam Documents, shall be distributed among the unit owners according to the percentages for each unit set forth in Exhibit "B" ARTICLE XII
rmined by the Board of Directors in accordance with the Condomimam Documents, shall be distributed among the unit owners according to the percentages for each unit set forth in Exhibit "B" ARTICLE XII TAXES Each condomum unit and its percentages of undivided interest in the common areas and facilities set forth in Exlubit "B" 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 Lach unit holder shall be liable solely for the amount of taxes against his individual art and shall not be affected by the consequence resulting from the tax delinquency of any other unit owner. Neither the building, the property, nor any of the communion areas and facilities shall be deemed to be a separate parcel for purposes of taxation.
ARTICLE XHI LIENS A. With the exception of liens which may result from the initial constraction of this condonumum, no hens of any nature may be created subsequent to the recording of this Declaration against the condominium property as a whole (25 distinguished from an individual unit, together with its undivided common interest in the common areas and facilities) except with the unammous consent of the unit owners and the holders, if any, of prior hens theicon.
B. No labor performed or materials furnished to the common areas and facilities shall be the basis for a len thereon unless authorized by the Condominiura Documents or expressly authorized by the board, m which event, sarae might be the basis for the filing of a lien against all condominium: Units in the proportions for which the owners thereof are able for common expenses
ly authorized by the board, m which event, sarae might be the basis for the filing of a lien against all condominium: Units in the proportions for which the owners thereof are able for common expenses C Unless otherwise provided by law, in the event a lien against one or more condominium units becomes effective, rach owner thereof may relieve his condomarum unit of the hen by paying the proportionate amount attributable to his condommium unit. Upon such payment, it shall be the duty of the hieno: to release the len of record for such condonerom unit 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 iate allowed by law, and shall create a hen to the extent of such assessment, together with interest thereon, in favor of the Association against the unit of the defauiting owner and shall be enforced as provided by § 470-3-116 of the North Carolina Condominium Act.
563K PAGE 2708 0306 B. All hens provided for hetem shall be subordinate, and are hereby subordinated, to the lien of any first mortgage given to any lender to secure a loan, recorded in the Office of the Register of Deeds of New Hanover County, North Carolina, prior to the recording of said liens ARTICLE XIV NATURE OF INTEREST IN UNIT A. Every unit together with its undivided common interest in the common areas and facilities, shall for all purposes be a separate parcel of real property, and the unit owner thereof shall be entitled to the exclusive ownership and possession of such unit subject only to the Condominium Documents and the covenants, restrictions, easements, regulations, resolutions and decisions adopted pursuant thereto
he exclusive ownership and possession of such unit subject only to the Condominium Documents and the covenants, restrictions, easements, regulations, resolutions and decisions adopted pursuant thereto B. The owner shall be euntled to use the common areas and facilities in accordance with the purpose for which they are intended, but no such use shall hinder or encroach upon the lawful rights of the owners of other units.
ARTICLE XV INSURANCE A. Amount and Scope of Insurance. All insurance policies upon the property (except personal property within a unit and limited common areas and facikties) shall be secured by the Board or by the Managing Agent.
if so designated by the Board, who shall have the authority to, and shall obtain such insurance against (I) loss or damage by fire or other hazards normally insured against, and (it) such other risks, including public ability insurance, as from time to time shall be customarily required by private institutional Mortgage Investors 101 projects similar in construction, location and for such amounts as the responsible authority shall determine However, such liability coverage shall be for at least $ 300,000.00 for bodily injary, including deaths of persons and property damage arising out of a single occurrence. Coverage under this policy shall include, withou limitation, legal liability of the insured for property damage bodily injuries and deaths of persons in connection with the operation, maintenance or use of the comunion areas and legal liability arising out of lawsuits related to employment contracts of the Owners Association. The foregoing shall not preclude the Board from obtaining insurance coverage on all or a portion of the limited coramon areas and facilities. In obtaining such coverage
acts of the Owners Association. The foregoing shall not preclude the Board from obtaining insurance coverage on all or a portion of the limited coramon areas and facilities. In obtaining such coverage the responsible authority shall consider the reasonable requirements of holders of first liens on individual pous B Insurance Provisions The Board of Directors shail make diligent efforts to ensure the said insurance policies provide for the following 1. A waiver of subrogation by the insurer as to any claims agamst the Association, any officer, director. agent or employee of the Association, the unit owners and then employees, agents, tenants and mavitees 2 A waiver by the insuret of its right to repair and reconstract instead of paying cash.
3. Coverage may not be canceled or substanually modified (including cancellation for nonpayment of premum without at least thirty days prior written notice to the named insured and all mortgagees 4. Coverage will not be prejudiced by act or neglect of the unit owners when said act or neglect is not within the conuol of the Association or by any failure of the Association to comply with any warranty or condition regarding any portion of the property over which the Association has no control, 5. The master policy on the property cannot be canceled, invalidated on suspended on account of the conduct of any one or more individual unit owners.
2708 0307 6. The maste: policy on the property cannot be canceled, validated or suspenried on account of the conduct of any officer or 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.
emand 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 hability arising out of his interest in the common elements or membership in the Association.
3.1f, at the time of a loss under the policy, there is other insurance in the name of a unnt owner covering the same risk covered by the policy, the Association's policy shall provide primary insurance coverage C Piemums All msmance premiums on the propaty and for the benefit of the Association purchased by the Board or the Managing Agent and any deductibles payable by the Association on account of a 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 assurance trustee or to such attorney-at-law et mistianiion with wast powers as may be approved by the Board of Directors. The sole duty of the insurance trustee shall be to receive such pieceeds 2s are paid and to hold the same in trust for the purposes elsewhere stated here or stated in the By-Laws and for the benefit of the nait owners and their mortgagors, as their interests may appear Any portion of the condominium for which insurance is required which is damaged or destroyed shall be repaired or replaced promptly by the Association unless the condominium is terminated, or repau or replacement would be illegal, or one hundred percent (100%) of the unit owners decide not to rebuild. Proceeds of insurance shall be disbursed first for the repair o: restoration of the damaged property and unit holders and
legal, or one hundred percent (100%) of the unit owners decide not to rebuild. Proceeds of insurance shall be disbursed first for the repair o: restoration of the damaged property and unit holders and lienholders are not entitled to receive payment of any portion of the proceeds unless there is a surplus of proceeds after the property has been completely repaired or restored. The cost of repan or replacement in excess of insurance proceeds and reserves is a common expense.
If the entire condonarem is not repared or replaced, the insurance proceeds atributable 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 heated 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 henholders, as their interests may appear, andre: the remainder of the proceeds shall be distibuted to all the unit owners or heaholders, as their interests may appest.
in proportion to their common element interest. If the unit owners vote not to rebuild any unit, that units 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 must for the mortgagee and the unit owner as the respective interests may appear F Policies. All insurance policies purchased by the Board of Directors shall be with a company or
wner shall be held in must for the mortgagee and the unit owner as the respective interests may appear F Policies. All insurance policies purchased by the Board of Directors shall be with a company or companies licensed to do busmess in the State of North Carolina and holding a rating of “AAA” or better bị the current issue of Best's insurance Reports. All insurance policies shall be written for the benefit of the Board of Duecters and the unit owners and their mortgagees as their respective interests may appear, and shall provide that all proceeds thereof shall be payable to the Board of Duectors as insurance trustee The originals of all such policies and the endorsements thereto shall be deposited with the Board of Directors and duplicates of said policies and endorsements and all renewals thereof, or certificates thereof. together with proof of payment of premiums, shall be delivered to the unit owners at least ten days prior to the expiation date with respect to the then current policies. Duplicates shall also be obtained and issue by the Association to each mortgagee if any.
upon request of such mortgagee at any time BOOK FACE 2703 0308 ARTICLE XVI DAMAGE AND DESTRUCTION Except as herein otherwise provided, damage to or destruction of the common areas and facities, shall be promptly repaired and restored by the Board using the proceeds of any insurance available for those purposes.
and the unir owners of all units shall be hable for assessment of any deficiency, in accordance with them undivided interests in the common areas and facilities, provided, however, if one hundred percent (100%) of the units resolve not to proceed with reconstruction or resteration, the property shall be enthes (1) sold or
ts in the common areas and facilities, provided, however, if one hundred percent (100%) of the units resolve not to proceed with reconstruction or resteration, the property shall be enthes (1) sold or otherwise transferred as hereinafter provided, or (ii) deemed to be owned as tenants in-conuaon by the um owners, and subject to the provisions of Section 470-2-118 of the Act as the same exists at the date hereof or as antended hereafter. Any reconstruction or repart shall be substantially in accordance with the plans and specifications of the original building and improvements, unless other pians and specifications are approved by the Board and by all stitutional lenders holding deeds of must on the units.
ARTICLE XVII EMINENT DOMAIN A. If a unn is acquired by eminent domain, or if part of a unit is acquired by eminent demas leaving the cat owner with a remnant which may not practically or lawfully be used for any purpose permitted by the Declaration, the award must compensate the unit owner for his unit and its interest in the common elements.
whether or not any common elements are acquired Unless the condemner acquires the right to use the unit's interest in contanon elements, that units cadivided interests are automatically reallocated to the remaining mats in proportion to the respective undivided interests of these units before the taking, exclusive of the unt taken.
and the Association shall promptly prepare, execute, and record an amendment to the Declaration reflecung the realiocations. Any renant of a unit remaining, after part of a unit is taken under this Subsection is inercafter common area.
B Fxcept as provided in Subsection A, if part of a son is acquired by emment demam, the award must
t of a unit remaining, after part of a unit is taken under this Subsection is inercafter common area.
B Fxcept as provided in Subsection A, if part of a son is acquired by emment demam, the award must compensate the unit owner for the reduction in value of the unit and of its interest in the common electients, that unit's undivided interests are reduced in proportion to the reduction in the size of the unit, or on any other basis specified in the Declaration, and (ii) the portion of the undivided interests divested from the partially acquired unit is automatically reallocated to that unu and the remaining units in proportion to the respective undivided interests of those units before the taking, with the partially acquired unit participating the reallocation on the basis of its reduced undivided interests.
C. It part of the common area is acquired by emment domain, the portion of the award not payable to unit owners unde: Subsection A must be paid to the Association. Unless the Declaration provides otherwise, any porten of the award attributable to the acquisition of a limited common area must be apportioned among the owners of the units to which that limited common area was allocated at the time of acquisition D. The court decree shall be recorded in every county in which any portion of the condome is located.
ARTICLE XVH RIGHTS OF ELIGIBLE MORTGAGE HOLDERS To the extent permuted by law, an eligible mortgage holder upon written request to the Homeowners Association, ideeafying the name and address of the holder, will be entitled to timely written notice of BOOK PAGE : 703 03 09 A.
aw, an eligible mortgage holder upon written request to the Homeowners Association, ideeafying the name and address of the holder, will be entitled to timely written notice of BOOK PAGE : 703 03 09 A.
Any conderanation loss or casualty loss which affects a material portion of the projector any units on which there is a first mortgage held by such eligible mortgage holder B. Any delinquency payment of assessments or charges owed by an owner of the unit. subject to a first mortgage held by such eligible holder, which remains uncured for a period of sixty days.
Any lapse, cancellation, or material modification of any insurance policy or fidehty bond maintained by the Homeowners Association: 1) Any proposed action which would require the coment of a specified percentage of eligible mortgage holders E. In addition to the foregoing rights, the eligible mortgage holders shall be afforded the following nghas subject to the extent permitted by law and as allowed by the North Carolina Condominium Stakates 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 or a substantial taking in condemnation of the project property must require the approval of at least 5 12, of the votes of the unit estates subject to eligible mortgage holders.
2. Unless otherwise provided in the Declaration or By-Laws, no reallocation of interest in the common areas resulting from a partial condemnation or partial destruction of the project may be effected without the prior approval of eligible holders holding mortgages on all remaining unit estates whether existing in whole or in part, and which, Pave at least 5 1 of the vetes of such remaining uait estates subject to eligible holders of mortgages.
holding mortgages on all remaining unit estates whether existing in whole or in part, and which, Pave at least 5 1 of the vetes of such remaining uait estates subject to eligible holders of mortgages.
3. If a professional management is ever used to administer the condominium, any decisions to establish self management by the Association shall require the prior consent of owners of unit estates to which at least 67% of the votes of the Owners Assocnion are allocated and the approval of eligible holders holding mortgages on unit estates which have at least 51% of the votes of the unit estates subject to eligible holder monigages ARTICLE XIX UNITS SUBJECT TO CONDOMINIUM DOCUMENTS All present and fit eowners, tenants and occupants of unus and then guests or mvitees, shall be subjec 10, and shall comply with the provisions of the Condominant Documents, and as the Condomar Documents may be amended from time to time. The acceptance of a deed of conveyance or the entering into of a lease 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 estate in such unit as though such provisions were made a part of each and every deed of conveyance or icase. I allure to comply with the provisions of the Cordommium Documents shall enatle the Association or any other owner to seek legal and/or equitable relief, including costs and reasonable attorney's fees incurred in cafor_mg such compliance ARTICLE XX AMENDMENT OF DECLARATION
enatle the Association or any other owner to seek legal and/or equitable relief, including costs and reasonable attorney's fees incurred in cafor_mg such compliance ARTICLE XX AMENDMENT OF DECLARATION This Declaration may be amended by the vote of not less than ail of the wait owners cast at a meeting dely held in accordance with the previsions of the By-Laws No such amendment shall be effective until ピュンマ 2708 0310 recorded in the Office of the Register of Deeds fo: New Hanover County The By-Laws may be amended in accordance with the procedure set forth in such By-Laws.
No amendment shall be allowed which acts to the detriment of the Declarant or any right reserved to Declarant by this Declaration, or any concomitant document drawn in connection with this condominium project, without the express written approval of the Declarant.
ARTICLE XXI TERMINATION Except as provided in Article XVil above, this Declaration may be terminated, and the condomum property removed from the provisions of the North Carolina Condominium Act, only by an mstument meeting the requnements of NCGS. 47C-2-118 and executed by all of the unit owners and duly recorded, which said mistrument shall provide either that the property is to be sold following termination or is not to be sold following termination. If the property is to be sold upon termination, title to the real estate in the condominium vests in the Association upon termination. If the condoniniunt is not to be sold upon termination, title to all the real estate of the condominium vests in the unit owners as tenants in common m proportion to their respective interests as herein provided. While the tenancy in common exists, and duong the period between teinimation and sale of the property, each cat owner and his successors and Assigns
n to their respective interests as herein provided. While the tenancy in common exists, and duong the period between teinimation and sale of the property, each cat owner and his successors and Assigns have an exclusive right to occupancy of the portion of the real estate that formerly constituted his unit.
Following the termination of the condemmat, he proceeds of any sale of real estate, together with the assets of the Association, are held by the Association as trustee for unit owners and holders of liens ou the units as then taterests may appear. Following termination, creditors of the Association holding itens on the units, which were recorded before termination, may enforce those hens in the same manner as any herholder. All other creditors of the Association are to be treated as if they had perfected hens on the units immediately before teinmation The respective interests of unit owners referred to are as follows A. Except as may be otherwise provided hetem, the respective interests of unit owners are the tast market value of their units. limited common elements, and common element interests inmediately before the termination, as determined by one 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 fifty percent (50%) of the votes in the Association are allocated The proportion of any unit owner's interest to that of all unit owners is determined by dividing the fan market value of that und owner's unit and common element interest by the total fair market values of all the units and common ciemats.
rest to that of all unit owners is determined by dividing the fan market value of that und owner's unit and common element interest by the total fair market values of all the units and common ciemats.
B. If any unit or any buited common element is destroyed to the extent that an appraisal of the fan market value thereof prior to destruction cannot be inado, 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 ARTICLE XVI hereof that the property shall not be repared or reconstructed after fire or other opsualty, the condonimain will be terminated and the Condum:mom Documents revoked. The determination not to repair or reconstruct after fice or other casualty shall be evidenced by a certificate of the Association providing that all liens affecting all of the units are transferred to the percentage of undivided interest of the Unit owners as set forth herein above, and certifying as to facts effecting the termination, which certificate shall become effective upon bong duly recorded in the New Hanover County Register of Deeds BOOK PAGE 2703 0 31 1 ARTICLE XXII HOMEOWNERS ASSOCIATION It is the intention of Declatant that all rights of the Association shall be vested in a nonprofit Association known as WRIGHTSVILLE YACHT CLUB CONDOMINIUM ASSOCIATION, 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 Bylaws heremafter adopted and all govering laws as they shall be amended from time to time.
The homeowner membership list will be comprised of those persons or entities navning unds an
aration and the Bylaws heremafter adopted and all govering laws as they shall be amended from time to time.
The homeowner membership list will be comprised of those persons or entities navning unds an WRIGHTSVILLE YACHT CLUB CONDOMINIUM. The annual meeting of members shall be held at Wrightsville Beach, North Carolina, on the 3rd Wednesday of July, or such other time as designated by the directors The first directors and officers will hold office until new directors are elected in accordance with the By-laws ARTICLE XXII INVALIDITY The invalidity of any provision of this Declaration shall not unpair 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.
ARTICLE XIV WAIVER No provisions contained in this Declaration shall be deemed to have been abrogated or waived by season of any failure to enforce the same, respective of the number of violations or breaches which may occur.
ARTICLE XXV PERPETUAL NONEXCLUSIVE EASEMENT IN COMMON AREAS The common area and facilities shall be, and the same are, hereby declared to be subject to a perpetual nonexclusive casement in favor of all of the owners of condomumom units in the condommium fer then use and the use of their immediate families, guests, and invitees for all proper and normal purposes and for the furnishing of services and facilities for which the same are reasonably intended. Notwithstanding anything above provided in this ARTICLE, WRIGHTSVILLE YACHT CLUB CONDOMINIUM OWNERS ASSOCIATION, herein identified, shall have the exclusive right to establish the Rules and Regulations pursuant to which the owner of
rovided in this ARTICLE, WRIGHTSVILLE YACHT CLUB CONDOMINIUM OWNERS ASSOCIATION, herein identified, shall have the exclusive right to establish the Rules and Regulations pursuant to which the owner of any condominium unit, his family, guests and invitees, may be entitled to use the Common Areas and Facilities, including the right to make and to establish Rules and Regulations concerning the use thereof ARTICLE XXVI LAW CONTROLLING This Declaration and the BY-Laws attached hereto shall be construed under and controlled by the of the State of North Carolina 300K PAGE 2708 0312 ARTICLE XXVH ARBITRATION AND AWARD Any concern or claim arising under this declaration which remains uniesolved and deadlocked between the unit owners for a point in excess of ninety days maybe submitted to arbitration in New Hanover County.
North Carolina, in accordance with Article 45 A Arburation and Award NCGS & 1-567.1.
IN WITNESS WHEREOF the Declatant has caused this Declaration to be executed by its President and attested to by its Secretary all of this the 22nd of Febn:ary, 2000 NEW SEA 6.0 RPORATE لله rate Seal; CGST, INC.
By: - Tum " B Attest w President STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER 1. V.M. STRACHAN , a Notary Public for said County and State, do hereby certify that FRED B GRAHAM, JR. personally came before me this day and acknowledged that he is A Secretary of CGST, INC A North Carolina Corporation, and that by authority duly given and as the act of the corporation the terrgoing instrument was signed in its name by its President. sealed with its corperate seal, and attested by humself as Its Secretary Witness my hand and official stamp or seal, this 22 day Thway.
My Commission Expires: 2-20-2001 SEAL 2000.
U.m. Strachan Notary Public OFFICIAL SEAL -New Mac Cacety
ttested by humself as Its Secretary Witness my hand and official stamp or seal, this 22 day Thway.
My Commission Expires: 2-20-2001 SEAL 2000.
U.m. Strachan Notary Public OFFICIAL SEAL -New Mac Cacety V. M. STRACHAN Notary Public My Commnnsion Exp AMV Muffinstones-vingts deYachaClub, Decinpidivod f.
2000 STATE OF NORTH CAROLINA New Hanover County The Foregoing Annexed Certificate(s) of V.M. Strachan Notary (Notaries) Public is are certified to be correct.
This the by 22 day of Эева D'A Sue Oots, Register of Deeds Patricia Barnes Deputy/Assistant કરવા PAGE 2708 0 31 3 EXHIBIT. A PROPERTY DESCRIPTION TRACT ONE: Located in the Town of Wrightsville Beach, New Hanover County, North Carolina, and move particularly described as follows; All of Tract CZ as shown on a plat enilited "Causeway Properties Division” recorded in Map Book 16 at Page 345 in the New Hanover County Reglatry, reference to which la hereby made for a more particular description.
There is also comeyed herewith that tract of land bounded (1) on the cast by the western One of Tract C2 sa shown on saỗi map, saki line being depland on the map as running South 34 degrees 32 minutes 30 seconds Went 90.53 feet and South 35 degrees 45 minutes 59 seconda West 18.36 feet, (li) on the west by a line one foot East of and parallel to the cantemmost face of the bulkhead located inmediately West of sild Teset C2 and (ill) on the North and South by the Nonh and South [[rea of sald Tract C2 extended westwardly to their Intersection with the line lying one foot east of the bulkhead mentioned in (li) above.
Together with an Infefcuible and perpetual landscape and maintenance easement over and acrosa that certain area shown as "Landscape and Maintenance Essement in favor
bulkhead mentioned in (li) above.
Together with an Infefcuible and perpetual landscape and maintenance easement over and acrosa that certain area shown as "Landscape and Maintenance Essement in favor of Tract C2” on salð plat, såld easement being in favor of the owners of Tract C2, which casement shall run with the land, with the right to construct install, repair, operate, Inspect, maintain, replace and/or remove trees, shrubs, grass and other landscaplog, and -- any oppurtenances necessary or appropelate la connection therewish including invigation system, but Grantee shall ont have the right to erect or install any structures within sald“, easement àrea. The owners of Tract C1 is shown on sald plat may not use the landscape' and maintenance easement area without the written consent of Grättre, kes successors er aulges. Grantee shall hold harmless and indemnify the owners of sald Trict C1 fmm any unð ell claims for personal Injury or property damage caused by use of salt essement, and shall have in effect at all times lability Insurance to cover such Intemallication obligations of Granton, for nitzessors or wilgns. The foregoing terms of the landscape and maintenance extemen shall be binding on the successors and assigna of the owners of Tratus Cl & ..
2: Together also with an Indifeasible and perpetual vasement over and sowas that portion of Trict Cl which adjains the northweitem line of Tract C2 hereby conveyed, which essement shall run with the land, for (1) Ure unobstructed view of the owners of Tract C2, (II) the unobstructed and uninhibited passage of tie and sunlight over and upon said rasements and (III) for the Installation and maintenance of landscaping fest Granzor, and
f the owners of Tract C2, (II) the unobstructed and uninhibited passage of tie and sunlight over and upon said rasements and (III) for the Installation and maintenance of landscaping fest Granzor, and Grantor's successors and assigna, shall not be responsible for any damage to landscaping located within this easement caused by the maintenance of the tell held which la focated within this casement sulp). It in the intera that no structures or other obstructions will be constructed or suffered upon tha essement strip which would Interfere with the view from Tract C2 or the passage of alê and sunlight over the easement alta,