Woods Saunders Condominum

Key facts from Woods Saunders Condominum's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article 2.01)

Legal name

Woods-Saunders Condominium

Developer / declarant

Woods-Saunders Condominium, LLC, an Alabama limited liability company (First paragraph)

Governing law

Alabama Uniform Condominium Act of 1991, Ala. Code §35-8A-101 et seq. (Preamble)

Assessments & dues

$195 per unit per month as per initial budget (Exhibit F)

Special assessments

Board may levy additional assessments if funds insufficient for any reason. (Article 4.04)

Collections & liens

Automatic lien on unit for delinquent assessments; enforceable by foreclosure like real estate mortgages. (Article 4.08)

Reserves & fees

Maintain adequate reserve for periodic maintenance, repair, replacement of Common Elements. (Article 2.10(a) and 4.02(f))

Architectural approval

Written approval required for any exterior change, alteration, or addition. (Article 6.05)

Home business

Permitted if not apparent, no outside traffic, conforms to zoning, no increased insurance, not a nuisance. (Article 6.01)

Maintenance

Association (structural portions of buildings). (Article 2.10(a))

Insurance

Casualty at 100% replacement cost of structures; liability $1M/$1M/$50k or combined $1.05M; fidelity bond at least 3 months aggregate assessments plus reserves; D&O insurance. (Article 5.02)

Use restrictions

Each unit used for residential purposes only; limited home business allowed under conditions. (Article 6.01)

Voting & meetings

Each Unit Owner has one vote per unit. (Article 3.06 and Exhibit E)

Amendments

Not fully detailed; amendment requiring change in common interest or boundaries needs approval of Owners and Mortgagees; Declarant may amend without approval when changes affect only unsold units. (Article 2.03)

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