Ace Properties

Key facts from Ace Properties's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Commercial Association

Legal name

Brooks Park Owners Association, Inc. (Recitals E)

Units / lots

5 Lots (A through E) (Recitals D, Article 1.11)

Developer / declarant

Ace Properties, an Alabama general partnership (First paragraph, Recitals A)

Special assessments

Special assessments only; determined by majority vote of Board at uniform rate per Lot (Article 4.03)

Collections & liens

Assessment constitutes a lien on each Lot; can be foreclosed like a mortgage; power of sale granted; subordinated to first mortgage; foreclosure sale extinguishes prior assessment lien (Article 4.04, 4.05)

Reserves & fees

Interest from 30 days after due date at AmSouth Bank Base Rate plus 3 points, floating, not exceeding Alabama usury limit (Article 4.04)

Architectural approval

Yes, for any exterior alteration, remodeling, replacement, renovation, restoration that materially changes exterior appearance; also for any new use (other than office use); plans and specifications must be submitted to Architectural and Re (Article 6.02)

Insurance

Each Owner shall procure and maintain fire and extended coverage, and general public liability insurance covering structures on their Lot in amounts reasonably required by Association (Article 4.07)

Amendments

Developer may amend while owning any Lot; after all Lots sold, amendment requires 80% vote of Owners (each Lot one vote); amendment must be recorded (Article 9.04)

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