Firefly Commons

Key facts from Firefly Commons's documents

Community type

Leasehold Condominium (Bylaws 1.01: 'administering Firefly Comm)

Legal name

Firefly Commons

Developer / declarant

Firefly Commons, LLC (Articles 'INCORPORATOR': 'The name and a)

Governing law

Alabama Uniform Condominium Act of 1991; Alabama Nonprofit Corporation Law; Code of Alabama (1975) (Bylaws 1.01: 'organized pursuant to the )

Assessments & dues

Not a fixed amount; determined by annual budget; each Unit Owner pays 1/12 of share of Common Expenses or Limited Common Expenses per year as shown by budget, on or before first day of each month; Common Expenses allocated in proportion to (Bylaws 9.02; 9.04)

Special assessments

Supplemental Assessments permitted if monthly Assessments insufficient/inadequate to cover estimated Common Expenses or Limited Common Expenses for remainder of fiscal year; Board prepares supplemental budget, delivers copies to each Unit O (Bylaws 9.09)

Collections & liens

Unpaid Common Expenses/Limited Expenses/Assessments plus costs, reasonable attorney fees, and interest constitute lien; if not paid within 30 days from due date, Association may foreclose lien per Act after 30 days prior mailed notice to Ow (Bylaws 9.06; 9.08)

Reserves & fees

Association shall establish and maintain adequate reserve fund for periodic maintenance, repair, replacement of improvements to Common Areas, funded from regular Assessments; budget includes reserve accounts for working capital expenditures (Bylaws 9.02; 9.05)

Maintenance

Board may bring class action on behalf of Owners regarding roof and structural components of building or other improvement (Bylaws 7.01(19))

Voting & meetings

Voting on percentage basis equal to Unit's assigned percentage in Declaration; vote not divisible; voting member designation per Declaration; unanimous vote required to decide any question (Bylaws 4.01; 4.02)

Amendments

Bylaws may be amended in same manner and subject to same provisions as amendments of Declaration of Condominium; no amendment may adversely affect rights of Eligible Mortgagee without its consent; no amendment conflicting with Articles, Dec (Bylaws 12.01; 12.02; 12.03)

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