Concord Estates

Key facts from Concord Estates's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners association (Article 1.01 defines Association as Conc)

Developer / declarant

Concord, LLC, a Tennessee Limited Liability Company (Preamble (page 1))

Governing law

Tennessee Nonprofit Corporation Act (Exhibit B, Article VII (page 10))

Assessments & dues

Maximum $50.00 per Lot, subject to increase as per Article 3.03. (Article 3.03 (page 4))

Special assessments

May be levied for capital improvements related to Maintenance Responsibilities (Article 3.02), with assent of 2/3 of votes of each class at a meeting called for that purpose. (Article 3.04 (page 4))

Collections & liens

Annual and special assessments are a continuing lien on the Lot. Association may foreclose the lien or bring an action at law against the Owner. Lien is subordinate to first mortgage. Sale or transfer under mortgage foreclosure extinguishes (Articles 3.01, 3.08, 3.09 (pages 3-5))

Reserves & fees

Not specifically named, but delinquent assessments bear interest from due date at rate set by Association, not to exceed maximum interest permitted under Tennessee law. (Article 3.08 (page 4))

Home business

No business activity of any kind whatsoever shall be conducted in any building or on any portion of the Property, except Declarant during development and sales period. (Article 5.02(c) (page 5))

Use restrictions

No Lot shall be used except for residential purposes only. All dwellings are single-family houses. (Article 5.01 and 5.02(a) (pages 5-6))

Voting & meetings

Class A (owners) - 1 vote per Lot; Class B (Declarant) - 5 votes per Lot. Class B converts to Class A when Class A votes equal Class B or August 1, 2013, whichever earlier. (Article 2.02 (page 2) and Exhibit B, Art)

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