River Market Tower Hpr :river Market Place

Key facts from River Market Tower Hpr :river Market Place's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal Property Regime (condominium) (Page 1, first WHEREAS)

Legal name

River Market Tower Horizontal Property Regime

Units / lots

134 (Section 2, page 3)

Developer / declarant

River Market Tower, LLC

Management

Moses Tucker Real Estate, Inc. initially manages the Regime under Management Agreement dated January 9, 2009. Can only be removed for gross dereliction of duty, fraud, embezzlement, or by vote of members owning 75% or more square footage. (Bylaws Art II Sec 7(e), page 63)

Governing law

Act 60 of the First Extraordinary Session of the 1961 General Assembly of the State of Arkansas, as amended, codified at Ark. Code Ann. Section 18-13-101, et seq. (Page 1, first WHEREAS)

Assessments & dues

Board fixes assessments from time to time in accordance with basic values of each Unit as set forth in Master Deed. Unit owners contribute pro-rata toward expenses of General Common Elements and Limited Common Elements (among appurtenant ow (Section 5 and Bylaws Art II Sec 7(h), pa)

Collections & liens

Nonpayment constitutes a lien on the Unit superior to all liens except tax liens and recorded mortgages. Board entitled to all rights and remedies allowed by law. (Section 5, page 10-11)

Leasing & rentals

Yes, parking licenses may be assigned only to a tenant or lessee of the Residential Unit Owner. (Section 3(b) and Section 9, pages 5 and )

Architectural approval

Written Board approval required for: alterations to Limited Common Elements (Section 3(b)); penetration of load-bearing walls, structural alterations, exterior additions/changes (Section 6(c) and 6(e)); antennas and installations on roof; s (Section 3(b), Section 6(c), Section 6(e))

Home business

Quiet office use permitted in Residential Units; traffic levels must remain customary; Board may deem excess traffic a nuisance. (Section 6(e) Nuisances, page 14)

Maintenance

Unit Owner maintains interior of Unit (walls, ceilings, floors, doors, fixtures) at own cost. Owner maintains plumbing and utilities exclusively serving Unit. Corporation maintains General Common Elements, balcony railings, exterior, and Li (Section 6(c) and Section 5, pages 11 and)

Insurance

Regime maintains property, casualty and liability insurance for Building, General Common Elements and Limited Common Elements; also errors & omissions and officer/director liability insurance. (Section 5, page 10)

Use restrictions

Units 101-103 for retail/commercial/office only; Units 601-1906 for primarily residential use with quiet office use allowed (no more than one office per floor on floors 6-19, excluding home office). (Section 2, page 3)

Voting & meetings

Each Unit Owner votes a number equal to the percentage of basic value of the Regime appertaining to the Unit. Plurality vote for directors, no cumulative voting. (Bylaws Art III Sec 4, page 65-66)

Amendments

Master Deed: unanimous consent of all Unit Owners, except Grantor may amend without consent until January 1, 2016 to comply with FHA/FNMA/FHLMC requirements or make corrective changes. Bylaws: amended as provided in Bylaws. (Section 12, pages 23-24)

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