Lakeshore Townhomes

Key facts from Lakeshore Townhomes's documents

Reflects the 1987 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Lakeshore Townhomes

Governing law

Mississippi Nonprofit Corporation Act (Miss. Code Ann. §§ 79-11-1 et seq.) (Section 1.01(a) (page 6))

Special assessments

Permitted for unforeseen or unexpected repairs and replacements; also if Board deems regular assessments insufficient (Section 4.02 (page 11); Section 4.04 (pa)

Collections & liens

Association has lien against Unit for assessments, fines, costs; can foreclose like real estate mortgages in Mississippi; recording of Declaration constitutes perfection (Section 4.09 (page 14); Section 4.09(b) )

Reserves & fees

Required; annual assessments include amounts for reserve account for maintenance, repair, replacement of Common Elements and Units (roofs, pools, paving, etc.) (Section 4.02 (page 11); Section 7.04 (pa)

Leasing & rentals

Yes, but with minimum term of 60 days (Section 6.03 (page 13))

Architectural approval

Yes, for any repairs, replacements, additions, improvements, or changes to exterior of Unit or Common Elements; also for additions/alterations that impair structural soundness or design scheme (Section 5.02(ii) and (iii) (page 15))

Maintenance

Association (Section 5.01 (page 15))

Insurance

Maximum deductible $10,000 or 1% of policy face amount, whichever is less (Section 8.01(a) (page 18))

Use restrictions

Yes, unless designated otherwise by Developer for sales office or model (Section 6.02(a) (page 12-13))

Voting & meetings

One vote per Unit owned; proxy allowed (Section 3.02 (page 11): "Each Townhome O)

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