In 2008 the state of Tennessee passed The Tennessee Condominium Act. This act set the legal ground rules for condominium sales, association rules and ownership. This is a copy of the act: http://www.bpjlaw.com/upl_docs/tncondoact.pdf
The Catholic Dioceses and Cloister Home Owners Association reached an agreement within the new law which allowed new owners to obtain a mortgage and title insurance when they bought a Cloister Condominium. The former leasehold arrangement made sale of a Cloister Condo nearly impossible as the future life of the individual condo leases became shorter than 30 years.
A small group of mostly confused old ladies, apparently frightened of any change in their lives, objected to the purchase arrangement and declined to purchase “Fee Simple” ownership. They were advised that the cost of ownership would increase over time. So far it has increased from $12,000 to $14,000 and will continue to increase according to the notices we have been given from the Catholic Dioceses.
Recently we have seen news coverage in both The Tennessean and The West Side News. Here are what appear to me to be the real facts. (I have bought the Fee Simple ownership and am familiar with the situation. I feel I have made a good investment.)