Coral Cay Condominium Association, Inc.

Key facts from Coral Cay Condominium Association, Inc.'s documents

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

Community type

Covenant / Planned Community

Legal name

Coral Cay Condominium Association, Inc.

Assessments & dues

Initially $100 per month per Lot/Residence ($1,200 per year) (Section 7.4)

Special assessments

May be levied to cover unbudgeted expenses or expenses in excess of budgeted amounts, requiring affirmative vote of Owners holding not less than two-thirds of votes present at a meeting called for that purpose. (Section 7.6)

Collections & liens

All assessments, late fees, interest, costs, and reasonable attorneys' fees shall be a continuing lien upon the Lot and a personal obligation of the Owner. Association may bring action at law for money damages or foreclose the lien. (Section 7.1, 7.12)

Reserves & fees

Association shall maintain such reserves as it deems reasonable or necessary for working capital, contingencies, replacements, and other coordinating or discretionary functions. (Section 7.9)

Leasing & rentals

Yes, rental units are permitted and short-term rentals are permitted. (Section 1.25, 1.27, 11.1)

Home business

Prohibited (commercial use prohibited, including professional office use) (Section 9.2)

Signs & flags

Any Owner may display one portable, removable United States flag or official flag of the State of Florida in a respectful manner. On specific holidays, official military flags up to 4.5 feet by 6 feet may be displayed. A permanent flagpole (Section 9.4)

Maintenance

Association paints and does structural maintenance, repair, or replacement of roofs for ordinary wear and tear. (Section 5.2.2)

Voting & meetings

Two classes: Class A (Owners, one vote per Lot) and Class B (Declarant, eight votes per Lot). Class B converts to Class A after 90% of Residences conveyed to Owners or 10 years after recording, whichever first, or earlier at Declarant's ele (Section 3.2)

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