Prohibition Of Leasing
Community Association just passed amendment as follows: The purchase of property solely for the purpose of leasing is strictly prohibited. An owner may not lease to tenants unless he has first occupied residence for one year. Cumulative lease period may not exceed three years at whick point owner must reoccupy or sell property. - No case law in state of Tennessee. Has anyone experienced this? 
Usually I would say that you would be grandfathered in. With the three year clause, I think that you have up to 3 years to sell the property. I don't know if an association could place that into the bylaws. You could fight it, if you have the time and money, or you could move on and buy many more houses with the same money....
Just my 2 cents
I have never heard of such rulings by an association. Just curious....you mention leasing in your post, how about simply renting month to month. Is this permitted?
I was always under the impression that unit owners make up the associations. Why would they ever want to restrict themselves these rules?
Repoman
I am assuming that you already own this property. If your purchase was recent, you might argue that you purchased with intent to lease and at the time of purchase there was no such restriction and that you have been harmed by their new ammendment. There are such restrictions in some high-end complexes here in CA, so you may not be able to get this removed. You can likely run the argument I suggested above by an attorney and see if it flies (the attorney will likely find a better argument than mine). The attorney might provide you with what you need to get grandfathered at very little cost or at least provide you with room to negotiate with the board.
Good luck on this,
Ed
Regaliv,
This sort of things occurs all the time in Condo's. My first suggestion is if you live there is put yourself in to become a member of the board. You can always light a fire from within.
As has been pointed out you can always threaten an action as you have been damaged.your intent was to always lease and now the entire pattern of your life has been ruined and you have taken to strong drink, funny cigarettes www.etc.etc.
Of course as is the custom here in Calif. you could just ignore the entire matter and just go on about your business. Let them bring an action, I would not hold my breath as the steam may have run out with the mention of costs, atty fees etc. etc.
With no case law in state, this throws a heavy burden on the attorney's cause now they got to argue in present time and actualy dream up some causes.
Thank your stars it is a Condo not a Co-op yip!!
Frankly sounds like the major tennancy is composed of very elderly persons who wish to converse and associate only with their peers. You might bring an attractive young lady into the pool area wearing a minimum amount of swim attire. The resulting action might cause a few over due heart attacks and to coin a phrase, the matter just might pass away. Amen
Litigus Lucius
[ Edited by regaliv on Date 11/20/2003 ]