Tracewood Subd

Key facts from Tracewood Subd's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

residential subdivision with owners association (Preamble and Article I Section 1.01)

Units / lots

42 (original plat) (Exhibit A)

Developer / declarant

Imperial Developments Tracewood LLC (Preamble)

Assessments & dues

Maximum $1,560 per Lot per year until January 1, 2009 (Section 4.03)

Special assessments

May be levied for construction, reconstruction, repairs, or other purposes approved by two-thirds of each class; also for owner-caused repairs or violations (Section 4.05)

Collections & liens

Each assessment is a charge on the land, a continuing lien, binding on lot and personal obligation of owner; foreclosure by judicial action or power of sale under Mississippi law; lien subordinate to first mortgages (Sections 5.01, 5.03, 5.04)

Reserves & fees

Association establishes reserves including general operating reserve and replacement reserve (Section 4.02(g))

Pets

Yes, dogs, cats, other household pets allowed subject to restrictions (Section 8.07(a))

Home business

Not allowed (Section 8.01)

Signs & flags

One sign of not more than 6 square feet for sale or rent, no price unless Board approval; Developer may erect sign up to 4 ft x 8 ft on its Lots (Section 8.08)

Use restrictions

Lots may be used only for single family and duplex residences; no business buildings or business conducted; Declarant may permit model home (Section 8.01)

Voting & meetings

Class A (all Owners except Declarant): 1 vote per Lot; Class B (Declarant): 3 votes per Lot; Class B converts to Class A when Developer ceases to own Lots or Dec 31, 2010, but can be reinstated for future phases; if multiple owners of a Lot (Section 2.04, 2.07)

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