Cottages at Second Street Condos - Lot #/

Key facts from Cottages at Second Street Condos - Lot #/'s documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

COTTAGES AT SECOND STREET CONDOMINIUM ASSOCIATION

Units / lots

40 residential units and 1 commercial unit (PAGE 9: approximately forty (40) Residen)

Developer / declarant

COTTAGES AT SECOND STREET, LLC and CLOYD INVESTMENTS, LLC (PAGE 1, Grantor(s))

Governing law

Mississippi Condominium Law, Miss. Code Ann. §§89-9-1 et seq. (Article I(A), PAGE 3)

Assessments & dues

Proportionate share of Common Expenses determined by Board based on budget (Article VI(C), PAGE 11: each Unit Owner )

Collections & liens

Association granted lien on Unit for unpaid assessments, can foreclose in accordance with Mississippi law (Article VI(E) and (F), PAGE 12-13)

Reserves & fees

Reserve fund for maintenance, repair, and replacement of Common Elements; also payments to reserve accounts (Article VI(G), PAGE 13; Article VI(C), P)

Pets

Yes, restricted to two (2) domestic animals (Article XII(C), PAGE 26)

Leasing & rentals

Yes, as allowed by local ordinance (Article XII(A)(iii), PAGE 24: Using the )

Parking & vehicles

Parking in driveways and parking areas subject to Rules and Regulations; Board may assign specific spaces (Article XII(B)(ix) and (H), PAGE 25-26)

Architectural approval

Yes, for exterior paint, additions, replacements, and alterations to Common Elements; written consent of Association or Board required (Article VIII(C)(x) and XII(B)(vii), PAGE)

Home business

Allowed if clearly incidental and subordinate to residential use, no exterior change, no advertising, no increased traffic, no noise/odors/glare etc. (Article XII(A)(iv), PAGE 24)

Maintenance

Association maintains Common Elements; Unit Owner maintains Unit including exterior (Article VIII(A) and (B), PAGE 16-17)

Insurance

Comprehensive general liability insurance covering Common Elements, commercial space, public ways; minimum $1,000,000 per occurrence; umbrella $1,000,000 (Article IX(E)(ii), PAGE 18-19)

Use restrictions

Each Residential Unit shall be occupied and used by a family, their employees, and guests (Article XII(A), PAGE 24)

Voting & meetings

Each Unit entitled to one (1) vote, value equal to percentage of undivided interest in Common Elements (Article VII(D), PAGE 14)

Amendments

Special Amendment by Declarant for agency compliance; material amendments require 67% Unit Owner and 51% Mortgagee approval; Use Restrictions amendable by 2/3rds vote (Article V(B) and Article XIII, PAGE 7 an)

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