The provisions of these Documents are applicable to the Association, and are expressly subject to the terms, provisions, covenants, and conditions contained therein. The Binding Documents being those recorded with the local governing authority, the City of Emerald Isle North Carolina, are the Covenants and Restrictions, By-Laws, Articles of Incorporation, upon which compliance is required by the Association Members and subject to the terms, provisions, covenants, and conditions contained in those Documents.
Initially in Phase I there will be 80 units, with a vision of 20 new units to replace the office location in Phase II. The developers are under no obligation to replace the office with the additional 20 units and they NEED NOT BE BUILT.
2. How much do the rooms rent for?
Owners are free to set their own rental rate for their unit. For reference the 2007 pricing grid for room rental is located on the web site, but a price increase is anticipated due to the multi-million dollar renovation and increase of room size
3. What is a condo-tel?
It is a motel unit owned with individual ownership that has to be on the rental market and can not be a permanent or secondary residence. This is not a time share and there is no pooling of rental income.
4. Is there any limit to amount of use an owner can stay in their unit?
The units must comply with Emerald Isle zoning laws on use as a hotel, and cannot be used as a primary or secondary residence. The owner may only make transient use of the unit in the same manner as a hotel guest. Owners must be able to demonstrate to the Town a relatively consistent history of rentals to third party hotel guests as evidence that it is operated as a hotel unit.
5. How do rental companies decide which units are rented first?
Rental companies usually have a rotation basis unless a specific unit is requested.
6. How much are the monthly association dues and what do they cover?
$225.00 which is to cover estimated budget payments for the following: Electricity, gas, water, sewer, cable, wireless internet, PBX phone system, landscaping, pest control, building maintenance, trash removal, pool maintenance, advertising budget (See public offering statement for more information).
7. What other known expenses are there associated with owning an Islander Unit?
Property taxes, annual Insurance currently in the amount of $450, recommended renters insurance.
8. What renovations are going to be done?
The exterior fronts will be extended 6 feet, new doors, windows, A/C, carpet, counters, sinks, plumbing fixtures, furnishings and lighting.
9. When will the renovations be started and completed?
Approximate start date is Sept 2007 with projected completion April 2008
10. Can I have an adjoining door to an adjoining room?
Yes, if you own the adjoining room or have permission from adjoining owner.
11. What is the difference in the prices of the units?
Size of unit, proximity to the ocean.
12. What is the procedure of obtaining an Islander unit?
A. Tour property and select available unit
B. Review Public offering statement and sign
C. Enter into a Offer to Purchase Contract with 10% earnest money
D. You will be notified two weeks before closing date (projected time – April 2008)
13. If I change my mind can I get my earnest money back?
Only within the first seven days of signing the Offer to Purchase Contract (7 day Rescession Period – See Public Offering Statement for more information).
14. What are the hours and seasonal operation of the swimming pool?
Presently the hours are from 9am until 10pm from mid April through Mid October, but will be up to the Home owners Association.
