Watch Hill Properties LLC ("WHP")
Represents the Unit Owner and is the exclusive real estate broker for the "Ocean House Rental Program", (the "Rental Program").
WHP sponsors the Unit Owner into the Rental Program as the Owner's "exclusive broker agent" byway of the "Broker Sponsorship Agreement" executive by and between WHP and the Unit Owner.
Ocean House Management LLC ("OHM")
The "hospitality / reservation company" (by assignment from WHP) to advertise the Program Units in a "rent pool" marketed as the "Watch Hill Inn Villa Residences" seeking annual rent from the Rental Program, in addition to enjoying personal owner occupancy.
Unit Owner when accepted into the Rental Program, signs an agreement with OHM referred to as the Unit Reservation Management Agreement (the "URMA") which defines the obligations of the parties. The Owner is defined as the "Participating Owner".
In addition, the Owner or renter who is accepted into the Program have access (when "in-occupancy") to the amenities offered at the, Watch Hill Inn, Ocean House, and Weekapaug Hotels which are linked here.
The services noted above are only for the Unit Owners in the Rental Program referred to as the "Participating Owners".
WHP has no obligations to "Non-Participating Owners" interior content or use of their unit, except in the case for exigent circumstances, at additional costs.
WHP in its capacity as the "Association's Property Management", receives an annual compensation fee approved by the Executive Board as noted in the "Association's Annual Budget". The sole purpose of which is to maintain the "Association's Common Elements".
WHP makes recommendations to all unit owners for its "winterization" and "summarization" work projects necessary to protect the integrity of the property from inclement weather, exigent and or safety circumstances.
WHP may perform "additional work" at its published hourly rates to determine job cost estimates subject to the owner's approval and prepayment.
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OWNER | OCEAN HOUSE MANAGEMENT | WATCH HILL PROPERTIES
WHP as the Owner's "exclusive rental agent" receives a standard 10% Broker's Commission from the owner's "Net Income" payable on a monthly basis.
The Revenue breakdown is as follows:
Gross Rent Revenue 100%
OHM receives 50% of the Gross Revenue
Owner receives 50% of the Gross Revenue
Owner pays WHP a 10% Commission Fee
Owner's Net Income 45% of the Gross Revenue
Ocean House Rental Program
Watch Hill Properties LLC Relationship
- Daily Review of arrivals and departures including their vehicles.
- Monthly Overview and Validation of rent allocations and booking patterns.
- Best Efforts to monitor the maximum occupancy of the Unit per the URMA.
- Annual Recommendations in conjunction with OHM for maintaining the Unit in accordance with the "Program Interior Standards" as defined in the URMA.
- Review of the URMA as may be amended from time to time.
- Standby to operate a limited Rental Program it has assigned to OHM in the event Ocean House is damaged by an Act of God, (subject to WHP arrangement with OHM).
Amenities are subject to change.
Watch Hill Properties, LLC.
The URMA is a perpetual document that automatically renews annually provided tthe Unit is in "good standing" at all times as defined in the URMA.
The Unit Owner may opt in or out of the voluntary Rental Program with specified advanced written notice to OHM and WHP per the URMA.
Exclusive Buyer's Agency
Broker's Commission Fee includes: (subject to change)