Oak Shores Condominiums

Key facts from Oak Shores Condominiums's documents

Community type

Condominium (Name: Oak Shores Condominium (Section 1.)

Legal name

Oak Shores Condominium Association, Inc.

Units / lots

176 (Section 2 (Buildings definition): "a tot)

Governing law

Mississippi Condominium Law (§ 89-9-1 et seq.) (Section 2 Definitions: "Act" means the M)

Assessments & dues

determined annually by Board (Section 10.1: "Board shall from time to )

Special assessments

allowed for specific purposes, must be noticed, and excess returned to Owners (Section 10.6)

Collections & liens

Association has lien on Unit for assessments, may foreclose (Section 11.4, 11.5)

Reserves & fees

required in annual budget for repair and replacement of Common Elements; Developer may waive initially (Section 10.5)

Leasing & rentals

Yes, with approval (lease or sublease must be approved) (Section 15.1: "occupants of an approved )

Architectural approval

Yes, except for Developer; Owners must obtain Board approval for exterior alterations (Section 7.3)

Home business

Prohibited for Owners; Developer permitted commercial activity (Section 15.1: "no commercial occupation )

Maintenance

Owner responsible for equipment on roof serving their Unit; roof structure likely common element (Section 6.1: "heating and air-conditioni)

Insurance

Reasonable deductible determined by Board (approved by Developer while it owns a Unit) (Section 12.2.1)

Use restrictions

Each Unit shall be used as a residence or for home occupation (Section 15.1)

Voting & meetings

one vote per unit (Section 2 Definitions: "Voting Interest")

Amendments

By Board resolution or owners of majority of Units; Developer may amend for corrections without joinder; certain amendments require consent of affected owners and mortgagees (Section 5)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.