Potters Commons

Key facts from Potters Commons's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Developer / declarant

FaxonGillis Homes, Inc.

Governing law

Tennessee Nonprofit Corporation Act (Exhibit C, recital)

Assessments & dues

Maximum $25.00 per Lot per month until December 31, 2004; thereafter set by Board. (Article VI Section 11)

Special assessments

Levy allowed with assent of Members representing 2/3 of total votes eligible; notice 10-30 days prior. (Article VI Section 3)

Reserves & fees

Association may establish reserves, including general operating reserve and/or reserve for replacements. (Article VI Section 2(d))

Pets

Only generally recognized domestic animals (e.g., dog or cat) may be kept as pets; no raising, breeding, or keeping of other animals. (Article VIII H)

Fences

Fences must be wood, stone, brick, or ornamental metal; no fence may be constructed closer to the street than the building setback line. (Article VIII E)

Architectural approval

Prior written consent of Architectural Committee required for any structure, fence, barrier, exterior alteration, landscaping change, or new use. (Article VII Section 2)

Setbacks / home size

As shown on final plan and/or as required by the City of Memphis. (Article VIII B)

Insurance

Policy may contain reasonable deductible; amount paid by party responsible for repair. (Article X Section 1)

Use restrictions

All lots are residential; only one single-family residence and garage per lot. (Article VIII A)

Voting & meetings

Each Lot Owner has 1 vote per Lot owned; Developer has 3 votes per Lot until 3 years after first conveyance, then 1 vote per Lot. (Article III Section 2)

Amendments

By instrument signed by Owners holding 67% of votes; during first 3 years also approved by Declarant; Declarant may unilaterally amend for 5 years for governmental/lender requirements or orderly development. (Article XII Section 1)

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