Derby Downs Homeowners Association

Key facts from Derby Downs Homeowners Association's documents

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

Community type

residential_subdivision (Preamble – known as Derby Downs, to be d)

Legal name

Derby Downs Homeowners Association

Units / lots

70 (Phase I lots 1-70) (Article I Section 1 - 'Lots 1 through 70)

Developer / declarant

Community Ventures Limited Partnership I

Assessments & dues

Maximum $30.00 per month per lot until January 1, 1993 (Article IV Section 3(a) - 'set at a rate)

Special assessments

May levy a special assessment for capital improvements, requiring assent of two-thirds of each class of members. (Article IV Section 4 - 'assent of two-th)

Collections & liens

Assessments are a continuing lien; can foreclose via trust conveyance with power of sale after notice. Personal obligation also exists. (Article IV Sections 1 and 8 - detailed t)

Reserves & fees

Capital replacement reserve account funded by two months' assessments at closing. (Article IV Section 7 - 'capital replacem)

Pets

Dogs, cats, or other household pets traditionally recognized as household pets in this geographic area may be kept, but not for commercial/breeding purposes. (Article V Section 4)

Parking & vehicles

Prohibited on lots unless in garage or basement; on street limited to 24 hours per year. (Article V Section 3(b))

Architectural approval

Yes. No structure may be erected, placed, or altered until construction plans, specifications, location, grade, exterior materials, colors, driveway/sidewalk, and landscape plan are approved in writing by Developer (or assign). (Article VI Section 1)

Home business

Prohibited, including practice of medicine, dentistry, etc. Exception: builder may use new house as office for up to 18 months after completion. (Article V Section 7 - 'No trade or busin)

Signs & flags

One sign for sale not exceeding 12 square feet. Developer may erect larger signs and lot number signs. Must comply with local laws. (Article V Section 8)

Setbacks / home size

Minimum building setback lines as established in the Chattanooga Subdivision Regulations. Developer may vary or permit encroachments in its discretion where not in conflict with zoning. (Article VI Section 4)

Maintenance

Owner: repair and maintain residence and lot in good condition. Association: maintain common areas (open spaces, entrance ways, streets, park easements, medians, streetlights, walls, crosswalks, sidewalks, storm drains, basins, landscaping, (Article V Section 6(a) (owner duty); Art)

Insurance

Association must acquire and maintain liability insurance adequate to insure against all risk to persons and/or property within the common area, together with all risk of losses to improvements therein. (Article III Section 3(a))

Voting & meetings

Two classes: Class A (lot owners, one vote per lot, no split vote) and Class B (Developer, sole voting power until conversion). Class A cannot vote while Class B exists. (Article III Section 2)

Amendments

This Declaration may be amended by written instrument signed by owners with 75% of votes in the Association and recorded. Articles I and certain provisions require Developer consent. (Article VII Section 3)

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