Terrace at Frazier Homeowners Association

Key facts from Terrace at Frazier Homeowners Association's documents

Community type

condo (horizontal property regime) (Preamble, Article 1 Definition of Condom)

Legal name

The Terrace At Frazier Owners Association, Inc. (Article 1 Definition of Association)

Governing law

Tennessee Horizontal Property Act, Tennessee Code Annotated §§66-27-101 through 123 (Preamble)

Assessments & dues

Board prepares budget covering estimated Common Expenses, then levies Regular Assessments according to Percentage Interest (Section 6.2, 6.3)

Special assessments

Allowed for capital improvements, unbudgeted expenses, or to carry out Association functions (Section 6.4)

Collections & liens

Unpaid assessments and related costs constitute a lien on the Unit, enforceable by foreclosure in the same manner as a mortgage (Section 6.10)

Reserves & fees

Capital replacement reserve required as part of budget; also initial reserve contribution from first non-Developer purchasers (Section 6.3, 6.6)

Pets

Yes, household pets allowed subject to Rules; no rule may prohibit an Owner from keeping less than two dogs (Section 5.12)

Leasing & rentals

Yes, leases must be in writing and subject to Governing Documents (Section 5.5)

Parking & vehicles

Residential: minimum one assigned space per unit on Basement Parking Level; additional spaces at Developer's discretion. Commercial: spaces on Ground Level of parking garage (separately owned). Parking Area is part of Common Area for assess (Section 4.5)

Architectural approval

Written permission from Association required for exterior decorating; Board approval required for antennae, satellite dishes, and signs on Commercial Units (Section 4.3, 5.6, 5.8)

Home business

Prohibited for Residential Unit Owners (Section 5.2)

Maintenance

Association (since roof is part of Common Elements) (Article 1 Definition of Common Elements)

Insurance

Treated as Common Expense unless loss caused by negligence/willful conduct of a Unit Owner, then may be specifically assessed to that owner (Section 2.13(a)(vii))

Use restrictions

Residential Units shall be used only as a residence for a single person or family; commercial activities prohibited (Section 5.2, Article 1 Definition of Res)

Voting & meetings

Each Unit Owner has a vote equal to the Percentage Interest (based on square footage) assigned to the Unit; Developer votes its aggregate Percentage Interest as long as it owns Units (Section 3.2)

Amendments

By Developer or Association; requires approval of holders of Eligible Mortgages having at least 50% of Eligible Mortgages in effect (Section 12.4). Also requires vote of Members with aggregate Percentage Interest >50% for certain actions (S (Article 12, Section 12.4, Section 3.2(d))

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