An approved lease must be for the entire dwelling and for a term of at least 6 months. Any lease or rental approved by the Board of Directors must comply with any and all other conditions of the Covenants, and must be reviewed annually by the Board before renewal.Permission to lease or rent must be requested by the owner in writing prior to any such agreement with lessee or renter, and must state the exact compelling reasons for the request, and all related circumstances. Permission to lease or rent will only be considered upon a showing of hardship by the owner. Hardship will not be considered because of overextending of finances or inability to pay, and will only be considered if the owner has occupied the house as their primary residence for one year preceding the proposed lease, and owns no other dwellings at Lake Caroline in the owner’s name, spouses name, or a business name.The determination of ‘hardship’ for this purpose shall be at the sole discretion of the LCOA Board of Directors.Any lease existing prior to the filing of this Regulation with the Chancery Clerk of Madison County, Mississippi shall be considered “grandfathered” until the expiration of the then existing lease under the following conditions:
- the lease must be submitted for approval by the Board of Directors within sixty (60) days of the recording of this Regulation with the Chancery Clerk of Madison County, Mississippi;
- the lease must be for the entire dwelling;
- the remaining term of the existing lease must not exceed one (1) year;
- any lease or rental approved by the Board of Directors must comply with the other conditions of the Covenants,
- Tenant(s) must observe all covenants and rules and regulations of the development, and
- Any extension beyond the existing lease must comply with the above conditions for new leases.
Any lease not submitted to the Board of Directors within sixty (60) days of the recording of this Document with the Chancery Clerk of Madison County, Mississippi shall not be afforded any protections provided under this Regulation, including but not limited to being “grandfathered” in as an existing lease. Any lease created after expiration of the previous lease shall be considered to be in violation of this Regulation unless approved in writing by the Board of Directors.
Notwithstanding other conditions of this provision, permission to lease may be granted, at the discretion of the LCOA Board of Directors, if leasing is proposed to a current owner of property at Lake Caroline who is in the process of building a home on that property in which they will reside.
Lake Caroline Amenities such as pool use, lake use, etc., may be granted to lessee if lease has been prior approved by the Board of Directors, and lessee agrees to comply with all Covenants, Bylaws, Rules and Regulations, and agrees to periodic property inspection as required by the Board of Directors.
These Rules and Regulations shall be enforced by the Board of Directors, and will include any and all procedures there existing for levying of fines and/or associated penalties. In addition, the Board of Directors may take any and all legal action necessary to enforce these Rules and Regulations. Further, the Board of Directors is authorized to fine any owner or lessor of dwellings that violate this Rule and Regulation $500.00 per month, which fine shall constitute a lien against that property, and be subject to any and all legal means of collection.
Such fine shall begin to accrue 60 days after the Lake Caroline Owners Association has mailed notice of the violation of this Regulation to the record owner of the lot by certified mail, if the violation has not been corrected in that time, and shall continue to accrue monthly until the violation has been corrected and the fine paid in full.
Tenant(s) must observe all covenants and rules and regulations of the development. No lots or dwellings shall be sold under any time-sharing, time interval, or assumption of right-to-use programs.