Penthouse Condo

Key facts from Penthouse Condo's documents

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

Community type

Condominium

Legal name

Penthouse Condominiums

Developer / declarant

Penthouse Association

Governing law

Section 89-9-1 et seq., Mississippi Code Annotated of 1972, as amended (Mississippi Condominium Law) ([[DOC 125473]] PAGE 1)

Assessments & dues

Board of Directors fix assessments based on estimated requirements; monthly assessments due on 1st of month, delinquent on 21st ([[DOC 125473]] PAGE 17 (Article 5.1, 5.3)

Special assessments

May be levied for capital improvements or emergency contingencies; over $150 per unit requires 2/3 vote of Owners voting in person or by proxy at a duly called meeting ([[DOC 125473]] PAGE 5 (Article I, defini)

Collections & liens

Unpaid assessments after 90 days become a lien on the Unit; Association may record notice of lien, foreclose via power of sale (citing Section 89-1-55 Mississippi Code), and recover costs, attorney's fees, and reasonable rent during foreclo ([[DOC 125473]] PAGE 19-20 (Article 5.7, )

Reserves & fees

Association may establish adequate reserve funds for replacement of Common Elements components, funded by regular monthly payments (Article 7.4) ([[DOC 125473]] PAGE 27 (Article 7.4))

Pets

Not specifically addressed

Leasing & rentals

Yes, but with Board approval and subject to restrictions ([[DOC 125473]] PAGE 12-13 (Article 3.13 )

Architectural approval

Board must answer within 30 days after receipt of notice of proposed alterations; failure to answer within 30 days constitutes no objection ([[DOC 125473]] PAGE 11 (Article 3.8))

Home business

Permitted only as incidental to residential use: maintaining personal professional library, records, and telephone calls; no other business uses ([[DOC 125473]] PAGE 6 (Article 2.7 a (1))

Signs & flags

Not specifically addressed; included under signs prohibition ([[DOC 125473]] PAGE 8 (Article 2.7 e (4))

Maintenance

Association responsible (Common Elements include roof). ([[DOC 125473]] PAGE 17 (Article 5.2: 'ro)

Insurance

Association shall obtain blanket property insurance covering Common Elements and Units for full insurable replacement cost, including fire, vandalism, malicious mischief, and extended coverage; also liability insurance with limits: $100,000 ([[DOC 125473]] PAGE 15-16 (Article 4.4 a)

Use restrictions

Each Residential Unit shall be used for residential purposes or such other uses permitted by the Declaration; incidental professional work allowed (library, records, phone calls) ([[DOC 125473]] PAGE 6 (Article 2.7 a))

Voting & meetings

One vote per Condominium Unit; voting may be in person or by proxy ([[DOC 125473]] PAGE 15 (Article 4.3 b an)

Amendments

Not explicitly described in the provided text; the Declaration may be amended by instrument executed by Association as Attorney-In-Fact (Article 6.3 b). ([[DOC 125473]] PAGE 26 (Article 6.3 b))

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