One South Main Condominium

Key facts from One South Main Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

The One South Main Condominium

Developer / declarant

Memphis Center City Revenue Finance Corporation (CCRFC) (Page 1, preamble)

Governing law

Tennessee Horizontal Property Act, Tenn. Code Ann. Section 66-27-101, et. seq. (1982, as amended) (Page 4-5, WHEREAS)

Special assessments

Board may levy special assessments during any calendar year for purposes in accordance with Declaration, Charter or Bylaws, or to keep Project as a first class commercial property. Paid pro rata according to Owner's interest in Common Eleme (Page 17, Section 18(b))

Collections & liens

All sums assessed constitute a lien on the Condominium Unit superior to all other liens except (i) tax and special assessments, and (ii) sums unpaid on a first mortgage. Lien may be enforced by foreclosure like a mortgage on real property, (Page 20, Section 22)

Reserves & fees

Mandatory for Board to establish and segregate a contingency or reserve fund out of monthly assessments for repair, replacement, and maintenance of Common Elements that must be replaced periodically. (Page 16-17, Section 18(a))

Leasing & rentals

Yes, Owner (including Declarant) may lease or sublease (during term of Lease Agreement) his entire Condominium Unit. Conditions apply. (Page 23, Section 26(i))

Fences

The obligation to maintain any fence or other structure enclosing a patio, balcony, yard or deck area originally conveyed by Declarant is that of the Association. Owner cannot make changes or alterations to such enclosures, nor to exterior (Page 13, Section 14)

Architectural approval

Yes. Structural alterations to exterior portions of Unit or to the Building(s) or to water, gas, steam pipes, electric conduits, plumbing or other fixtures require prior written approval of Board (which may be withheld for any reason). No c (Page 10, Section 9; Page 13, Section 14)

Maintenance

Association (roofs are General Common Elements per Section 1(i)(ii)) (Page 7, Section 1(i)(ii))

Insurance

Board obtains and maintains: (i) fire/lightening and extended coverage all risk on entire Project at full replacement value, with standard non-contributory mortgage clause; (ii) bodily injury and property damage liability insurance not less (Page 18-19, Section 21(a))

Voting & meetings

Owner or Owners of each Unit entitled to vote in accordance with Bylaws (Page 14, Section 16(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.