Fountain Lake Condominium

Key facts from Fountain Lake Condominium's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Recital, Page 1: submit the lands... to )

Legal name

Fountain Lake of Bradenton Condominium Association, Inc. (Section 1.a, Page 1)

Units / lots

201 (45 one-bedroom, 156 two-bedroom) (Section 7.a, Page 10)

Governing law

Chapter 718, Florida Statutes (Condominium Act) (Section 1, Page 1)

Assessments & dues

Set by board via annual budget; Developer guarantee: $145/mo (1-bed), $165/mo (2-bed) for 2007; increasing 15% annually through 2010 (Sections 11.a, 12, Pages 20, 23)

Special assessments

Board may levy special assessments to cover unanticipated expenditures (Section 11.a, Page 20)

Collections & liens

Association has lien on each condominium parcel for unpaid assessments; may foreclose like a mortgage; also may sue for money judgment (Section 11.f,g, Pages 21-22)

Reserves & fees

Common Expenses include reserves; Developer may waive reserves for first two fiscal years (Sections 7.b(7) and 12, Pages 11, 23)

Pets

Yes, up to two domestic animals (dogs or cats), caged birds, small marine animals (Section 16.h, Page 26)

Leasing & rentals

Yes, subject to approval by Association; minimum lease term of one month; no renting of single rooms (Section 16.u,v, Page 27)

Architectural approval

Prior written consent of Association board required for any exterior changes (paint, window treatments, signs, structures, additions) (Section 16.f, Page 25)

Insurance

Owners must obtain insurance for personal property and personal liability; may need proof (Section 9.a(5), Page 14)

Use restrictions

Units used for residential purposes only (except Developer may use as models) (Section 16.a, Page 25)

Voting & meetings

Each Unit entitled to one vote; joint owners must vote unanimously unless written agreement otherwise (Section 7.f, Page 12)

Amendments

By Board majority or 10% of voting representatives; 2/3 approval required; recorded; Developer may amend unilaterally until control transferred; certain changes require unit owner joinder (Sections 13, 14, Pages 23-24)

Amenities

Surface Water Management System including lakes; parking; landscaping; no clubhouse, pool, or gym mentioned (Sections 4, 7.c, Pages 6, 11)

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