New Ideal Condominium

Key facts from New Ideal Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Association: New Ideal Condominium Association, Inc.) (Section 1.01(b) (Page 6): 'New Ideal Con)

Units / lots

46 initially, with reserved right to create up to 48 units (Section 2.01 (Page 10): 'forty-six (46) )

Governing law

Alabama Uniform Condominium Act of 1991, CODE OF ALABAMA 1975 §§ 35-8A-101 et seq. (Page 5, WHEREAS clauses)

Assessments & dues

Board adopts annual budget, ratifies by majority of Unit Owners present; if rejected, prior year budget continues. Additional assessments may be levied if insufficient. (Section 4.03 (Page 15))

Special assessments

Permitted. May be levied if insufficient reserve fund or for emergencies. (Section 4.08 (Page 17): 'Special assessm)

Collections & liens

Association has a lien for unpaid assessments, interest, late penalties, costs, attorneys' fees. Lien effective from recording of Declaration (no further recordation needed). Foreclosure similar to real estate mortgages with power of sale; (Section 4.07 (Page 16-17))

Reserves & fees

Required: adequate reserve fund for periodic repair/replacement of Common Elements and Limited Common Elements. (Section 4.08 (Page 17): 'shall include a)

Pets

Yes, subject to restrictions (Section 6.02(l) (Page 23-24))

Leasing & rentals

Yes, Units may be leased. (Section 6.03(a) (Page 24))

Parking & vehicles

Not explicitly mentioned (No provision)

Fences

Not explicitly mentioned; no structures without approval. (Section 6.02(m) (Page 24): 'No structure)

Architectural approval

Yes, prior written consent of Association for any addition, alteration, improvement to Unit or Common Elements. (Section 5.02(b)(iv) and (v) (Page 19))

Home business

Allowed within residential units only if not visible from outside, complies with zoning, does not generate traffic, consistent with residential character, not a nuisance. Defined broadly. (Section 6.02(o) (Page 24))

Signs & flags

Not explicitly mentioned (No provision)

Maintenance

Roof is Common Element unless designated as part of Unit on Plan; Association responsible for Common Elements. (Section 1.01(f)(iii) (Page 6): 'The roof)

Insurance

Not detailed in the text provided; insurance article begins page 24 (Section 8.01-8.08) but specifics not fully extracted due to page limits? Actually, there is Article VIII but only sections 8.01-8.08 listed. Master policy coverage not det (Table of Contents Pages 3-4: Articles VI)

Use restrictions

Units on second, third, fourth levels restricted to residential use. First-level units may be used for commercial, retail, office, or residential. Certain businesses prohibited: nail salons, dry cleaners with on-site cleaning, porn shops, a (Section 6.02(a) (Page 22))

Voting & meetings

Each Unit Owner is entitled to number of votes as set forth in Exhibit D. Votes cast by record owner or authorized proxy. Majority vote unless specified otherwise. (Section 3.02 (Page 9): 'votes for a Unit)

Amendments

Amendments by Unit Owners (Section 11.01). Effectiveness (Section 11.02). Also Developer can amend Plan without other approval for boundary changes, etc. (Section 2.02). (Section 11.01 (Page 33), Section 11.02 ()

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