ARTICLE XIV
Rental Properties

Added language is indicated by bold, italic font.

This proposed amendment would be a new amendment, and should be accepted or rejected separate from the rest of the document.  The numbers in 14.1 and 14.2 are just proposed and certainly could be changed.  If a majority of homeowners do not want this amendment to be in there, it won’t be.  It’s up to the community.

 

14.1 Number of Rental properties. The number of rental properties in the development shall not exceed twenty percent (20%) of the total                    number of homes in the development.  (As per Utah Code 57-8a-209(9)(c): An association that permits at least 35% of the lots in the association to be rental lots may charge a lot owner who owns a rental lot an annual fee of up to $200 to defray the association's additional administrative expenses directly related to a lot that is a rental lot, as detailed in an accounting provided to the lot owner.)
14.2 Minimum Term Limits.  Rental properties shall have a minimum rental term of 12 months.  There shall be no maximum rental term.
14.3 Exemptions.  The following exemptions shall apply:
        (a)(i) a lot owner in the military for the period of the lot owner's deployment;
                (ii) a lot occupied by a lot owner's parent, child, or sibling;
                (iii) a lot owner whose employer has relocated the lot owner for two years or less;
                (iv) a lot owned by an entity that is occupied by an individual who:
                   (A) has voting rights under the entity's organizing documents; and
                   (B) has a 25% or greater share of ownership, control, and right to profits and losses of the entity; or
                (v) a lot owned by a trust or other entity created for estate planning purposes if the trust or other estate planning entity was created                           for:
                  (A) the estate of a current resident of the lot; or
                  (B) the parent, child, or sibling of the current resident of the lot;
       (b) a provision that allows a lot owner who has a rental in the association before the time the rental restriction described in Subsection (1)              (a) is recorded with the county recorder of the county in which the association is located to continue renting until:
              (i) the lot owner occupies the lot;
              (ii) an officer, owner, member, trustee, beneficiary, director, or person holding a similar position of ownership or control of an entity                       or trust that holds an ownership interest in the lot, occupies the lot; or
             (iii) the lot is transferred.