RULES AND REGULATIONS from by-laws dated August 28, 2004
Leasing of Units
The following administrative Rules and Regulations are adopted by the Hatchery Hill Condominium Homeowner’s Board of Directors for the purpose of assuring that the Condominium shall be operated in an efficient and orderly manner so as to create a pleasant living environment for all Condominium Unit Owners.
All provisions set forth in the Declaration of Condominium of Hatchery Hill Condominium dated February 26, 1999, are still in force. This Amendment to the Hatchery Hill Condominium Rules for the Use of the Condominium (“The Rules”) has been adopted by the Board of Directors of Hatchery Hill Condominium as permitted under the Condominium Rules (By-laws, Page 35).
The rules and regulations set forth below are meant to clarify and augment Section A. General Use and Occupancy, Item (2) of The Rules which states:
“Each of the units shall be occupied and used only as a residence by the respective owners thereof, their tenants (prior approval having been obtained), their families, servants and guests and for no other purpose. With prior approval of the Board of Directors, an owner may rent his unit for a specified reasonable period of time, providing the owner will return and re-establish residence. The owner will be totally responsible for the conduct and actions of such tenants.”
Amendment effective as of May 28, 2010
The amendment to this Section A of The Rules is a follows:
(2) Each of the units shall be occupied and used only as a residence by the respective owners thereof, their tenants (prior approval having been obtained), their families, servants and guests and for no other purpose.
a) No more than 10% of the units (6 of 60 units) in the Association may be leased to tenants at the same time. Requests for permission to lease a unit, which are filed when 10% of the units are already leased, will be denied.
b) The Owner must provide evidence (for example: MLS, FSBO, Realtor contract, etc.) to the Board that he/she has had his/her unit on the market at a fair, reasonable, and realistic competitive price for at least 6 months (180 days) before the Board will consider the leasing option.
c) The Owner must appear before the Board to present their rationale to request Board approval to rent their unit and begin the search process. Approval/rejection is at the discretion of the Board.
d) The Owner must provide evidence to the Board of a leasing applicant’s background and credit check as well as a history of any previous rentals.
e) Owner must have the leasing applicant attend a monthly Board meeting to meet the Board members, answer questions, and seek approval. The leasing applicant must agree to abide by the By-laws and all rules and regulations of the association. Approval/rejection of the leasing applicant will be made by the Board within a reasonable period of time.
f) Once approved, a leasing applicant may only sign a provisional, one-year contract, and the following rules will apply:
(i) A one-time processing “Right to Lease” fee of $200 must be paid to the Association and a charge of 150% (1 ½ times) the monthly association fee will be applied to the Owner’s account. (Completion of an ACH direct withdrawal form will be required.)
(ii) The Owner must make a continuing effort through the term of the lease to sell his/her unit and provide evidence thereof to the Board.*
(iii) At the end of the one-year lease, the lessee must vacate the unit, and the owner will either 1.) re-occupy the unit, 2.) sell it, or 3.) pay the mortgage without a lessee.
(iv)The owner will be totally responsible for the conduct and actions of such tenants.
(v) Tenants will be allowed access to the same amenities as the owners in our Association.
g) The effective date of this amended Section A shall be May 28, 2010 and will pertain to all rental applications submitted as of this date. Existing leases on record with the Board as of May 28, 2010 will continue to be valid. However, upon the expiration of those leases, this amended Section A shall also apply to those unit Owners and their tenants.
Failure to comply with any of the above shall result in a $150 fine/penalty for each violation and termination of the renters lease per Wisconsin State Statute.
* Section f(ii) was removed at the February 2012 HOA Board Meeting.