The restrictive
covenants for the new Jeff Davis Intown Condominiums were approved by
the Fayetteville City Council last week.
Among the regulations
is a limit on the amount of units which can be "investor owned,"
meaning the unit is leased or rented to someone other than the owner.
Any lease has
to be submitted to the condominium's association, and if its statistics
indicate that the 20 percent limit on "investor owned" condos
has been reached, the application can be denied, said attorney John Kimball,
who represented the developer Alex Thompson.
The covenants
also forbid the leasing of condos "for transient or hotel purposes."
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