The Executive Hatch

What The Executive Hatch's governing documents say

The Executive Hatch is a condominium community in Wilmington, NC, with 9 units in Phase I and potential for up to 6 additional units. Units are sold as time-sharing condominiums, meaning ownership is for a specific period rather than full-time. The community is governed by a homeowners association, and each unit owner has an undivided interest in common areas.

• What you own & maintain: You own your unit's interior, including non-load-bearing walls, finishes, windows, doors, and mechanical equipment within the unit. You must maintain your unit and are responsible for repairs that could affect the condominium. The association maintains common areas and facilities.
• Time-sharing ownership: Units are sold as time-sharing condominium interests, meaning ownership is for a specific period (e.g., a week or month) rather than full-time. This is a key feature of the community.
• Use restrictions: Units are restricted to single-family residential use by the owner, family, guests, invitees, or lessees. Transient hotel or commercial use is prohibited. No immoral, offensive, or unlawful use is allowed, and activities that create nuisances or increase insurance rates are forbidden.
• Leasing & rentals: Leasing is permitted, but the document does not specify minimum lease terms or other rental restrictions beyond the general residential use requirement.
• Association & assessments: The Executive Hatch Homeowners Association manages the property and collects assessments from unit owners to cover common expenses. Assessments are based on each unit's proportional interest in common areas. The Declarant controlled the board until July 1, 1985, or until all units were sold.
• Future phases: The Declarant reserved the right to add up to 6 additional units in future phases, which would reduce each owner's undivided interest in common areas. The Declarant could amend the declaration without unit owner consent for five years from recording.
• What this document doesn't cover: This excerpt does not include specific rules on pets, parking, architectural changes, or age restrictions. It also lacks details on the time-sharing schedule, unit sizes beyond Phase I, and the association's bylaws or rules and regulations.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.