Vance Station

Key facts from Vance Station's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

residential_subdivision (development of the Property, to be known)

Governing law

Tennessee Nonprofit Corporation Act (EXHIBIT 'C' CHARTER - 'The undersigned p)

Assessments & dues

Maximum $20 per Lot per month until December 31, 2002; thereafter fixed by Board of Directors (Article VII, Section 11)

Special assessments

May be levied with assent of Members representing two-thirds (2/3) of total votes eligible to be cast; notice of meeting 10-30 days in advance (Article VII, Section 3)

Collections & liens

Unpaid assessments become continuing lien on Lot; Board may foreclose by public sale after 21 days advertising (3 weekly publications) and written notice to Owner; sale subordinate to prior mortgages; proceeds applied to expenses, taxes, pr (Article VII, Section 5)

Reserves & fees

Annual assessment includes cost of funding reserves for replacements and general operating reserve (Article VII, Section 2(d))

Pets

Yes (Article IX(G))

Parking & vehicles

No tractor or tractor trailer may be parked on any Lot or on the streets within the development (Article IX(H))

Architectural approval

No explicit architectural control committee; however, building must conform to City of Memphis requirements and specific restrictions in Declaration (Article IX(J) and Article IX(B))

Home business

No noxious or offensive trade or activity shall be carried on upon any Lot (Article IX(F))

Signs & flags

No signs except one sign of not more than 2.0 by 3.0 feet stating 'for rent', 'for sale', or 'sold' per Lot; Declarant exempt during development and sales period (Article IX(L))

Setbacks / home size

Building setback lines shall be as shown on the final plan and/or as required by the City of Memphis (Article IX(B))

Maintenance

Not explicitly assigned; Owner responsible for exterior maintenance including roof (since Association does not cover roof) (Article V, Section 2(b) - Owner responsi)

Use restrictions

All lots shall be known and described as residential Lots; no structure other than single-family residence (Article IX(A))

Voting & meetings

Each Owner of a Lot entitled to 1 vote per Lot; Developer entitled to 3 votes per Lot until 3 years after first Lot conveyance, then 1 vote per Lot (Article III, Section 2 of Declaration; A)

Amendments

May be amended by instrument signed by Owners holding not less than 67% of votes; during first 2 years, also requires Declarant approval; Declarant may unilaterally amend for governmental agency, mortgage lender requirements, or any reason (Article XIII, Section 1)

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