Princeton Heights

Key facts from Princeton Heights's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

subdivision consisting of 17 residential lots and common areas (WHEREAS on page 1)

Developer / declarant

Princeton Heights, LLC

Governing law

Tennessee Nonprofit Corporation Act (Exhibit C (Bylaws) reference to statute)

Assessments & dues

Initial annual assessment estimated $800 per lot, payable quarterly. No assessment due until a home is completed and sold to a purchaser who intends to use it residentially. (Article VII, Section 7.09)

Special assessments

Association may levy a special assessment applicable to that year only for capital improvements or other purposes deemed necessary, with approval of Membership at a meeting called with 10-30 days written notice. (Article VII, Section 7.03)

Collections & liens

Unpaid assessment becomes a continuing lien on the Lot. Association may foreclose via power of sale (subordinate to prior mortgages) after 21 days advertising by 3 weekly publications and written notice to Owner. Also may collect rents. Sal (Article VII, Section 7.05)

Reserves & fees

Annual expenses include cost of funding reserves established by Association (general operating reserve and/or reserve for replacements). (Article VII, Section 7.02(d))

Voting & meetings

Each Lot owner has 1 vote per Lot owned; Declarant has 3 votes per Lot until 80% of all Lots sold, then 1 vote per Lot. No vote if >30 days delinquent in assessments. (Article IV, Sections 4.03, 4.04; Bylaws )

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