Coutet Condominium

Key facts from Coutet Condominium's documents

Community type

Condominium

Legal name

Coutet Condominium

Developer / declarant

YEATES DEVELOPMENT CORPORATION

Governing law

Condominium Ownership Act of Alabama (Section 1(a))

Assessments & dues

Each unit owner pays proportionate share based on percentage of ownership in Common Elements as set forth in Exhibit A-1 (Section 10)

Special assessments

Allowed for casualty reconstruction and repair; also for damage caused by owner neglect (Section 14(e) and Section 15(b))

Collections & liens

Unpaid assessments become a lien on the unit, junior to first mortgages (Section 10)

Parking & vehicles

No designated or reserved parking (Section 9)

Architectural approval

Alterations of Common Elements require Board approval; unit alterations within unit do not require approval (Section 16)

Maintenance

Unit owner maintains interior of unit; Association maintains Common Elements; Board may assess costs for certain limited elements (Section 15(a))

Insurance

Property damage insurance at full replacement value; liability insurance at least $1,000,000 (Section 13(f) and 13(g))

Use restrictions

No part of the Property may be used for purposes other than housing and related common purposes (Section 21(a))

Voting & meetings

One vote per unit owner; multiple owners select a representative (Section 5(a) and Articles of Incorporati)

Amendments

Declaration amendments require compliance with Act; subdivision/combination requires Board and mortgagee approval. Articles of Incorporation require 2/3 of membership. (Section 19 and Articles Article IX)

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