Triad Condominium

Key facts from Triad Condominium's documents

Community type

Condominium

Legal name

The Triad Condominium

Units / lots

8 initial units (4 per building); maximum 12 if all additional units are added (Exhibit C; Paragraph 7(f))

Developer / declarant

Olderman Realty and Development Company

Governing law

Georgia Condominium Act, Georgia Laws 1975, pp. 609, as amended (Paragraph 2(a))

Assessments & dues

Board annually estimates budget, sets annual assessment, gives 30-60 days written notice before fiscal year; if inadequate, Board may increase with 30 days notice; monthly installments due 1st of each month (Paragraph 11)

Collections & liens

Lien for assessments includes late charge, interest, costs of collection (court costs, sale expenses, protection/preservation expenses), reasonable attorney's fees, and fair rental value from suit until foreclosure sale (Paragraph 11)

Reserves & fees

Association may maintain reserves for operating funds, repairs, contingencies, capital improvements and other purposes; surplus common profits may be added to reserves (Paragraph 11)

Leasing & rentals

Yes, with written consent of Association and in compliance with restrictions; lease for business use only (Paragraph 13)

Parking & vehicles

Prohibited from parking or storing on property (Paragraph 10(e))

Architectural approval

Any change in exterior appearance requires prior written consent of Board of Directors (Paragraph 10(g))

Signs & flags

No advertising signs or bill boards without written authorization by Association (Paragraph 10(c))

Use restrictions

No; units restricted to 1-story commercial use; may not be used for residential purposes (Paragraph 10(b))

Voting & meetings

Each unit has 1 vote in the Association; total 8 votes initially (Paragraph 4; Exhibit C)

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