Lake Placid Waterway

Key facts from Lake Placid Waterway's documents

Community type

Condominium (Section 3: 'LAKE PLACID WATERWAY, a Cond)

Units / lots

8 (initial phase) (Section 6.1: 'The Condominium will initi)

Governing law

Chapter 718, Florida Statutes (Florida Condominium Act) (Section 2: 'in the manner provided by Ch)

Assessments & dues

Developer guaranteed maximum monthly assessments per unit type: Type A $121.26; Type B $116.33; Type C $70.73; Type A+ $195.00; Type B+ $185.14; Type C+ $147.48 (Section 10.12: '$121.26 per month for a )

Special assessments

Permitted for unusual, non-recurring or unbudgeted common expenses. (Section 10: 'special assessments for unu)

Collections & liens

Association has a lien on each condominium parcel to secure payment of assessments; may foreclose the lien in its own name. (Sections 10.8-10.10: 'The Association ha)

Reserves & fees

Common expenses include amounts budgeted for reserve accounts; reserve can be waived by vote of Developer and non-Developer Unit Owners during guarantee period. (Section 10.1: 'including amounts budgete)

Pets

Yes, up to 2 small breed domesticated pets (cat or dog) per unit; in leased units, up to 2 cats. (Section 12.6: 'The Owner of each unit ma)

Leasing & rentals

Yes, but only in accordance with Section 13 and with prior Association approval. (Section 13: 'the leasing of units by the)

Parking & vehicles

Commercial vehicles not allowed except temporarily for limited business purpose or for Developer's construction, maintenance, marketing. (Section 12.10: 'Commercial vehicles, exc)

Architectural approval

Written approval of Board required for material alterations or substantial additions to unit or common elements; also for changes to exterior appearance. (Section 11.5: 'No Owner shall make or pe)

Home business

Personal library, records, phone calls, correspondence are permitted as customarily incident to residential use. (Section 12.1: 'This restriction shall no)

Maintenance

Association responsible for common elements and association property (except limited common elements specified to be maintained by owner); Unit Owner responsible for unit interior, fixtures, appliances, certain limited common elements (porc (Sections 11.1-11.2: 'The Association is )

Insurance

Association shall obtain property (all risk), flood if in flood zone, liability, automobile liability, workers compensation, and fidelity bond. (Section 15.3: 'The Association shall use)

Use restrictions

Each unit shall be occupied only as a residence and for no other purpose; no business or commercial activity except incidental personal business. (Section 12.1: 'each unit shall be occupi)

Voting & meetings

Voting interest of each unit is based on total square footage; membership consists of record owners of legal title. (Sections 4.20, 6.1, 9.4)

Amendments

Not contained in text; likely in Bylaws. Declaration refers to being amended from time to time. (Sections 4.6, 4.7, etc. mention amendmen)

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