The Lofts at 503

Key facts from The Lofts at 503's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1)

Legal name

The Lofts at 503 Condominium

Units / lots

Initially 9; as amended, 26,999 sq ft of unit area comprising numerous units (see Table A in Second Amendment) (Section 3 Table A (original) and Second )

Developer / declarant

Todd R. Stam (Recitals and signature page)

Governing law

Montana Unit Ownership Act, Montana Code Annotated § 70-23 et seq. (Recitals and Section 1)

Assessments & dues

By Board resolution based on annual budget; assessments may be regular or special. (Section 9.D)

Special assessments

Allowed for any purpose contemplated by Declaration or Unit Ownership Act. (Section 9.D(3))

Collections & liens

All assessments constitute a lien against the unit; may be foreclosed without waiving lien. (Section 9.D and Section 10.F)

Reserves & fees

Initial reserve account may be established up to three times the monthly assessment of total assessments. (Section 9.D(7))

Pets

Pets permitted subject to rules and regulations. (Section 7.B(4))

Leasing & rentals

Yes, but not for transient hotel purposes (less than 30 days or with hotel services). (Section 7.B(1))

Architectural approval

Prior Board approval required for any exterior alteration of unit or building outside unit boundaries. (Section 10.C)

Home business

Home-based businesses and hobbies permitted if approved by Association, not open to public, conducted by telephone/computer, no employees or clients visiting. (Section 7.B(3))

Maintenance

Roof is a general common element, maintained by Association. (Section 4 (list includes roof))

Insurance

All-risk replacement cost policy for property (fire, extended, vandalism, malicious mischief, etc.) and comprehensive liability policy ($1,000,000 minimum). (Section 11.B)

Use restrictions

Units for residential use except first floor/ground (part of Unit 1) and basement may be commercial use allowed by zoning. (Section 7.A)

Voting & meetings

Each unit owner has vote equal to undivided percentage of interest in general common elements. (Section 8.C)

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