Greystone Condos

Key facts from Greystone Condos's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Preamble)

Governing law

Mississippi Condominium Law (Miss. Code Ann. §89-9-1 et seq.) (Preamble and Article 1(a))

Assessments & dues

Fixed annually by Board of Governors based on budget; no maximum stated (Article VI, Section 3)

Special assessments

May be levied for capital improvements, repair/reconstruction after damage, failure to maintain, increased insurance premiums, excessive utility use, etc.; requires written notice to members and quorum of 60% of votes for capital improvemen (Article VI, Sections 4 and 5)

Collections & liens

Assessments are a continuing lien on the unit; Association may bring action against unit owner personally or foreclose; sale or transfer extinguishes lien only as to payments due before such sale (Article VI, Section 1 and Section 9)

Reserves & fees

Association must maintain an adequate reserve fund for the periodic replacement of improvements to the Common Area and Restricted Common Area (Article VI, Section 2(d))

Pets

Yes, but subject to rules: no commercial purpose, must be accompanied and under control outside unit, no pets allowed outside unit unless accompanied. Board may adopt rules. (Article V, Section 5(e))

Leasing & rentals

Yes, but short-term lease (less than one year) is prohibited for owners other than Declarant. No subsidized rental programs (e.g., Section 8) allowed. No time-sharing. (Article V, Sections 3 and 4)

Fences

Restricted Common Areas are bounded by fencing maintained by Association; no other fences mentioned for units. (Article I(h); Article IV, Section 1(d)(i)

Architectural approval

Yes, for any exterior alteration, addition, or change; plans must be submitted to Architectural Review Committee and approved in writing. (Article XIII, Section 1(a))

Maintenance

Association (part of common area maintenance). (Article IV, Section 1(d)(i) (exterior wa)

Insurance

Association obtains insurance for all improvements (except owner improvements) against fire, extended coverage, vandalism, malicious mischief, full replacement cost; public liability coverage at least $100,000 single limit. (Article XI, Section 2)

Use restrictions

All condominium units shall be used for private residential purposes exclusively (Article V, Section 1)

Voting & meetings

Class A Members: one vote per unit owned; Class B Members (Declarant): four votes per unit owned until conversion when Class B votes cease and become Class A (Article III, Section 2)

Amendments

Requires 67% of entire membership of Board and 67% of entire votes of Association; or 80% of votes of entire membership. No amendment may change boundaries or share of common elements without consent of affected owners. No amendment to Arti (Article XV, Section 3)

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