Gulf Palm Villas Condos - Replat -- Use 1702

Key facts from Gulf Palm Villas Condos - Replat -- Use 1702's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Section 1(a): 'the name by which this co)

Legal name

Gulf Palm Villas Condominium

Developer / declarant

GULF COAST INDUSTRIES, INC.

Governing law

Mississippi Condominium Law, Section 89-9-1, et seq. and Section 89-1-1, et seq. of the Mississippi Code of 1972, as amended (Preamble and Section 2(f) definitions)

Assessments & dues

Set by the Board as sum or sums necessary and adequate for operation, maintenance, management of Common Area and Common Expenses, prorated equally among all Units. (Paragraph 7(c))

Special assessments

Special assessments for capital improvements, reconstruction, or unexpected repair may be levied. Any special assessment in excess of Two Hundred Fifty Dollars ($250.00) per unit per year requires approval by vote of members. Emergency spec (Paragraphs 7(d) and 7(e))

Collections & liens

Unpaid assessments plus charges constitute a condominium lien upon the Unit. The Management Body may record a notice of lien and foreclose by public sale after three consecutive weeks' advertisement. Proceeds pay costs, assessments, prior d (Paragraph 7(g)(2))

Reserves & fees

Late payment charge not exceeding Five Dollars ($5.00) or four percent (4%) of the delinquency, whichever is greater, if delinquency not paid within 30 days. (Paragraph 7(g)(1))

Voting & meetings

Each Unit allocated one (1) vote. Two classes: Class A (all Unit Owners except Developer) and Class B (Developer) with votes for each Unit owned until Developer owns only one Unit and maintains active sales program. (By-laws, Article IV, Section 9)

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