Athens Flatts Condo

Key facts from Athens Flatts Condo's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title and Declaration)

Legal name

Athens Flatts Association, Inc. (Section 1.01(b))

Developer / declarant

Athens Lofts, LLC, an Alabama limited liability company (Preamble)

Governing law

Alabama Uniform Condominium Act of 1991, CODE OF ALABAMA 1975, §§ 35-8A-101 et seq. (Preamble and Section 1.01(a))

Assessments & dues

Not fixed; determined annually by budget (Sections 4.02, 4.03)

Special assessments

Allowed if Board determines assessments insufficient; also for emergency alterations (Section 4.03, Section 5.03)

Collections & liens

Association has lien for unpaid assessments, interest, costs, attorneys' fees; may foreclose as real estate mortgage; no further recording required (Section 4.07)

Reserves & fees

Assessments shall include adequate reserve fund for maintenance, repair, replacement of Common and Limited Common Elements (Section 7.03)

Pets

Yes, subject to restrictions (Section 6.02(m))

Leasing & rentals

Yes, with Board approval and use of standard lease form (Section 6.03)

Parking & vehicles

At least one covered parking space per Unit as Limited Common Element; plus open lot on first come first serve basis (max one space per Owner); spaces for passenger automobiles only (Section 2.03, Section 6.02(a))

Architectural approval

Yes, for any addition, alteration, improvement to Unit exterior or Common/Limited Common Elements; also for repairs to systems outside Unit (Section 5.02(a)(iii), 5.02(b)(iv)-(v))

Home business

Permitted within Unit if not apparent from outside, conforms to zoning, no extra traffic, consistent with residential character (Section 6.02(l))

Maintenance

Association (Common Element) (Section 1.01(e)(iii) includes roof in Co)

Insurance

Hazard insurance on replacement cost basis at 100% of replacement cost; liability insurance not less than $1,000,000; workers' compensation; fidelity bonds; other insurance as determined (Section 8.02)

Use restrictions

Yes, except penthouse may be used for live/work or professional office (Section 6.02(a))

Voting & meetings

Each Unit Owner entitled to votes as set forth in Exhibit D (Section 3.02)

Amendments

Developer may amend unilaterally while owning Units (except changes affecting other Owners' interests require Owner approval). Owner amendments require approval as per Act (not specified in text). (Sections 11.01, 11.02)

Amenities

Common Elements include exercise room; parking garage and lot (Section 1.01(e)(vi), (vii))

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