Collin County Hangar

What Collin County Hangar's governing documents say

Collin County Hangar (McKinney, TX) is a non-residential leasehold condominium community for aircraft hangars — you own your hangar unit and share common elements, but the land is leased from the City of McKinney. The association, CCHOA NORTH, manages the common areas and carries master insurance. This is not a residential community; units cannot be used as private residences.

• What you own & maintain: You own your hangar unit (interior surfaces of perimeter walls, floors, ceilings) and an undivided interest in common elements (10% per unit based on square footage). You maintain the unit; the association maintains and repairs common elements.
• Use restrictions: Units may not be used as private residences. No obstruction of common elements, no nuisances, and all use must comply with FAA, TxDOT, city regulations, and the underlying ground lease.
• Leasing & rentals: Units may be leased or subleased, subject to the 40-year ground lease between the association and the City of McKinney. No minimum lease term is specified in this declaration.
• Assessments & fees: Regular assessments are based on each unit's square footage (10% each for the 10 units). Special assessments exceeding 20% of the prior year's budget require a majority vote of owners (excluding declarant). Initial assessment is due at closing.
• Insurance: The association must carry property insurance on units and common elements at full replacement value and liability insurance with minimums of $1M per person, $5M per accident, and $1M property damage.
• Governance: The board of directors manages the association; owners vote in proportion to their undivided interest (10% per unit). Amendments to the declaration require a meeting of owners.

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.