Monroe Terrace

Key facts from Monroe Terrace's documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association

Legal name

MONROE TERRACE HOA

Units / lots

7 (townhome lots) (Same as total_lots)

Developer / declarant

WO SFR LLC

Governing law

Tennessee Condominium Act of 2008 (TCA 66-27-415); also general Tennessee law (Section 6G; Section 6F)

Assessments & dues

Board prepares annual budget, approves, distributes to owners at least 30 days before fiscal year start; assessment based on budget and allocated equally (Section 6F)

Special assessments

May be levied for major expenditures or unexpected costs; requires vote of membership (Section 6B)

Collections & liens

Association retains lien for unpaid assessments; priority per TCA 66-27-415 (limited priority over first mortgage up to 6 months assessments not exceeding 1% of principal). Foreclosure by power of sale or court; sale after 21 days advertisi (Sections 6G, 21A-21I)

Reserves & fees

Capital expenditure reserve for future significant repairs, replacements, or improvements; funded from annual assessments (Section 6A, 6E)

Pets

Dogs and cats generally allowed subject to restrictions; Board may prohibit any pet deemed nuisance or threat (Section 14A)

Leasing & rentals

Long-term (180 days or more) and short-term (less than 180 days) rentals allowed subject to conditions and restrictions (Section 17A, 17B)

Parking & vehicles

Not permitted; no parking on streets within Community (Section 11D)

Home business

Allowed if incidental to residential use; no excessive traffic/noise/parking; no on-site sale of goods (except mail/phone/online); no exterior signs or window displays; no client visits; must comply with all laws (Section 10B)

Signs & flags

One 'For Sale' sign allowed, max 24x30 inches; no political campaign signs; no politically charged displays; no advertising for home-based businesses (Section 8E, 8F, 8G, 10B4)

Use restrictions

All properties shall be used primarily for residential purposes; no commercial, industrial, or retail use except home-based businesses as allowed (Section 10A)

Voting & meetings

One vote per lot; co-owners must designate single representative; proxy allowed (Section 3B)

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