Lofts at 5300

Key facts from Lofts at 5300's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1, Name)

Units / lots

242 Residential Units and 4 Commercial Units (Section 4)

Developer / declarant

5300 Peachtree L.P., a Georgia limited partnership (Preamble WHEREAS)

Governing law

Georgia Condominium Act, O.C.G.A. § 44-3-70 et seq. (Section 1)

Assessments & dues

Set annually by Board based on budget; no fixed amount stated (Section 10(d))

Special assessments

Board may levy special assessment; if average total special assessments in a fiscal year exceed $200 per Unit, must be approved by majority of total Association vote (Section 10(e))

Collections & liens

Assessements are a charge on the Unit and a continuing lien; personal obligation of the Owner (Section 10(b))

Reserves & fees

Board shall annually prepare capital reserve budget; contribution set by Board (Section 10(f))

Parking & vehicles

Parking spaces assigned as Limited Common Elements; initial assignment on Exhibit D and Floor Plans; Board may reassign (Section 6(a)(v), (b))

Architectural approval

During Declarant Control Period, Declarant approval required; after, Architectural Control Committee appointed by Board approval required (Section 13(a),(b))

Home business

Allowed if: not apparent by sight/sound/smell from outside; no excessive employee/customer visits; legal; does not increase insurance; does not unreasonably increase traffic; does not materially increase use of Common Elements; consistent w (Section 14(a)(i)(A)-(G))

Signs & flags

Flags require approval; religious symbol (mezuzah) up to 3 inches wide by 7 inches high on door frame allowed without approval (Section 13(a),(b))

Insurance

Deductible per occurrence not to exceed $5,000 (Section 11(a)(vi))

Use restrictions

Residential Units for residential purposes only; home business allowed if not detectable, not increasing insurance, etc. (Section 14(a)(i))

Voting & meetings

One equally weighted vote per Unit (Section 7)

Amendments

Amendment to change Common Element percentages requires consent of all Owners and Mortgagees (or lesser as prescribed by Act); otherwise not specified (Section 5 and Paragraph 22 (not extracte)

Amenities

Swimming pool, tennis court, fitness center, club rooms, courtyards (limited common elements); rooftop facilities, bike rack, etc. (common elements) (Section 5, Section 6(a)(i))

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