Magnolias of Cool Springs Prd

Key facts from Magnolias of Cool Springs Prd's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (Art. I Sec. 1)

Legal name

Magnolias of Cool Springs Homeowners Association, Inc. (Art. I Sec. 1)

Units / lots

45 (Lots 47 through 91 inclusive) (Exhibit A and Art. VI Sec. 2 (1/45th sha)

Assessments & dues

Determined annually by Board of Directors; each Owner pays 1/45th of total Association expenses (Art. VI Sec. 2)

Special assessments

Allowed with assent of 2/3 of votes eligible; written notice 10–30 days before meeting (Art. VI Sec. 3)

Collections & liens

Unpaid assessments create a lien; Association may foreclose by power of sale (advertising 21 days, 3 weekly publications) or judicial action; lien subordinate to prior mortgages (Art. VI Sec. 5, 7, 8)

Reserves & fees

Funding of reserves (general operating and replacement) included in annual expenses (Art. VI Sec. 2(d))

Pets

Dogs, cats, or other household pets allowed, but not bred or maintained for commercial purposes (Exhibit B, Section 2(c))

Architectural approval

Written consent required for any structure, fence, barrier, exterior alteration (including paint, re-roofing), landscaping changes, or new use (Art. VII Sec. 2)

Signs & flags

Only two 'for rent' or 'for sale' signs per lot, max 6 sq ft each; no other advertising signs except Developer during sales period (Exhibit B, Section 2(d))

Setbacks / home size

Buildings shall be located in accordance with City of Lakeland and Shelby County zoning; in no case nearer than 30 feet from any street right-of-way (Exhibit B, Section 1(f))

Insurance

Association obtains insurance on Common Area improvements and public liability ($1,000,000 single person, $1,000,000 per occurrence, $30,000 property damage minimum) (Art. X Sec. 1)

Use restrictions

Lots shall not be used except for residential purposes (Exhibit B, Section 1)

Voting & meetings

Each Owner of a Lot = 1 vote per Lot; Developer = 3 votes per Lot owned for first 3 years after first Lot conveyance, then 1 vote per Lot (Art. III Sec. 2)

Amendments

Amendment requires instrument signed by Owners holding at least 67% of votes; during first 3 years also approved by Declarant. Declarant may unilaterally amend for 3 years for governmental or mortgage lender requirements. (Art. XIV Sec. 1)

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