Ocean Paradise Point Condominium Association, Inc.

Key facts from Ocean Paradise Point Condominium Association, Inc.'s documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

planned_community with condominium component (Section 1.5 Association defined as Ocean)

Legal name

Ocean Paradise Point Residential Homeowner’s Association, Inc.

Units / lots

16 maximum (Section 2: 'The maximum number of Units )

Developer / declarant

Ocean Key Largo LLC

Governing law

Florida Statutes (Chapter 720, Section 720.3085, 720.30851, 720.301 referenced) (Sections 4.6, 4.7, 4.9, 11.3)

Assessments & dues

Variable: determined annually by Board based on budget; for non-Developer Units, Developer guarantees monthly assessments not exceed $1,000 (including reserves) from recording until Dec 31, 2023 or Turnover, whichever first (Section 4.1 Computation of Regular Asses)

Special assessments

Allowed for unusual, non-recurring, or unbudgeted expenses; capital improvement assessments exceeding 10% of operating budget require majority Board and Member approval; general special assessments for specific non-recurring purposes; also (Section 4.2 Creation of Lien; Section 4.)

Collections & liens

Assessment constitutes a lien on the Unit/Parcel; lien perfected by recording claim of lien with notice per Florida Statutes 720.3085(4); lien relates back to recording of Declaration, but for first mortgages effective from recording of cla (Sections 4.6, 4.7, 4.8)

Reserves & fees

Board may establish reserves in its sole discretion; not required (Section 4.2.1: 'the Board may determine not to establish reserves'); excess funds may be returned or used for reserves or reduce next year's assessments (Section 4.4) (Sections 4.2.1, 4.4)

Leasing & rentals

Yes, with regulations; Units may be leased subject to Declaration, Bylaws, and Monroe County codes (Section 5) (Section 5)

Parking & vehicles

Prohibited: 'Vehicles, watercraft and trailers shall not be placed on the street' (Section 5.D.(2)) (Section 5.D.(2))

Architectural approval

Yes: prior written approval of Architectural Review Committee (ARC) for any improvement, grading, excavation, landscaping, exterior color change, or any work altering exterior appearance (Section 6). Exception for Developer’s initial constr (Section 6 preamble)

Home business

Not permitted (Section 12.3 prohibits any trade, commercial use, or business) – no exceptions noted (Section 12.3)

Use restrictions

Yes; no commercial use or business may be conducted from any Parcel or Unit (Section 12.3) (Section 12.3)

Voting & meetings

Two classes: Class A (all Owners other than Developer) – 1 vote per Unit; Class B (Developer) – 2 times the number of votes held collectively by all Class A Members plus one vote, until Turnover (Section 3.2 Voting)

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