Hatteras High Owners Association, Inc.

Key facts from Hatteras High Owners Association, Inc.'s documents

Reflects the 1985 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium with Time Share Ownership (Amendment §1 (property submitted to Unit)

Legal name

Hatteras High Owner's Association, Inc. (By-Laws Art. I, §1)

Units / lots

Maximum 64 units across up to six phases (Amendment §3.A: 'A maximum of 64 units w)

Governing law

North Carolina Unit Ownership Act (Ch. 47A) and Non-Profit Corporation Act (Ch. 55A) (By-Laws Art. I, §2, §3(a); Amendment §1.)

Assessments & dues

Board prepares annual budget for each phase, sent to unit owners with notice of annual meeting; budget adopted at annual meeting of phase members; Board solely adopts budget for surplus property (By-Laws Art. IX, §2 (paragraphs 3-4))

Special assessments

Association may make special assessments for capital improvements and operating deficits (Amendment §5.E)

Collections & liens

Unpaid assessments (with interest, costs, attorney's fees) constitute a continuing lien on the unit or time share week, enforceable as judgment liens; personal obligation of owner; priority except for real estate taxes, prior recorded mortg (Amendment §5.E, §5.F, §5.G)

Reserves & fees

Budget must include reserve fund for replacement of personal property, fixtures, etc., based on depreciation schedule; also contingency fund for casualty losses, maintained at least $2,000 unless otherwise approved (By-Laws Art. IX, §2 (penultimate paragra)

Leasing & rentals

Not explicitly addressed in By-Laws; time share weeks are conveyed and may be rented/exchanged via exchange program (Amendment §2.N, §13? not provided fully) (Amendment §2.N (Exchange Program))

Use restrictions

Units described as 'for residential purposes' in definition of Unit (Amendment §2.CC); time share units also used for occupancy (Amendment §2.CC)

Voting & meetings

One vote per dwelling unit (including time share units: one vote per unit, cast as majority of time share owners in that unit determine); Developer votes per unit owned, plus per unsold proposed developable units until control transferred ( (By-Laws Art. III, §8; Art. VIII, §1; Ame)

Amendments

By-Laws may be amended by affirmative vote of not less than 75% of undivided interest in common elements present at a meeting, and by not less than 2/3 of Board then in office; amendment must be recorded; cannot discriminate without consent (By-Laws Art. X, §7)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.