Paces Place Condominium Association, Inc.

Key facts from Paces Place Condominium Association, Inc.'s documents

Reflects the 1991 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Art I Sec 1 (references Condominium Act )

Units / lots

Not explicitly stated; at least 38 units appear in Exhibit B table (2006 amendment) (2006 Amendment Exhibit B table lists uni)

Governing law

Georgia Condominium Act and Georgia Nonprofit Corporation Code (Art I Sec 1, Art VI Sec 7)

Assessments & dues

Not fixed; set by Board in annual budget. (Art III Sec 15(a)-(b))

Special assessments

Borrowing for modifications/improvements exceeding $10,000 requires membership approval in same manner as special assessments per Declaration. (Art III Sec 17)

Collections & liens

Fines become a lien upon the Unit. Unpaid assessments may also become liens (implied). (Art V Sec 1 (fines become lien))

Reserves & fees

Capital Contribution Fee paid into Association's capital reserve; separate reserve fund also implied for repairs. (Third Amendment to Declaration (2009/201)

Leasing & rentals

Yes, subject to restrictions. Units in Restricted Leasing Status cannot lease if 20% or more of units (or 8 units) are in Open Leasing Status. Open Leasing Status available via waiting list. Undue hardship exceptions. (2013 Amendment to Declaration, Paragraph)

Parking & vehicles

Towing of vehicles in violation of parking rules is permitted as self-help. (Art V Sec 3)

Architectural approval

Board may establish an Architectural Control Committee for architectural standards as provided in Declaration. (Art III Sec 19)

Maintenance

Association responsible for operation, care, upkeep of Area of Common Responsibility as defined in Declaration. Board may hire personnel for maintenance of Common Elements. (Art III Sec 15(c)-(d))

Insurance

Deductible per occurrence not to exceed $20,000; no Owner assigned more than $2,500 (unless water damage deductible). (2006 Amendment to Declaration, Paragraph)

Use restrictions

Condominium shall be used only for uses set out in Declaration (presumably residential). (Art V Sec 1 (first sentence))

Voting & meetings

Each Unit entitled to one vote weighted by percentage of undivided interest in Common Elements. Owner, spouse, or proxy may vote. Voting rights suspended if delinquent >30 days or suspended for infraction. No cumulative voting. (Art I Sec 6, Art III Sec 8)

Amendments

By-Laws: affirmative vote or written consent of 66-2/3% of total Association vote; certified by President and Secretary; recorded in Fulton County land records; challenge within one year of effective date. (Art VI Sec 8)

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