Islander Village Master Property Owners Associatio

Key facts from Islander Village Master Property Owners Associatio's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Master Property Owners Association (HOA); individual parcels may later submit to condominium or homeowner form of ownership under the Act. (Preamble, Article I, Article VII A: "mas)

Developer / declarant

Drive In, Ltd., a Florida limited partnership, and Islander Village, LLC, a Florida limited liability company, jointly referred to as Declarant (Preamble and Article II R)

Governing law

Florida Homeowners’ Association Act (Chapter 720, Florida Statutes) (Article II A)

Assessments & dues

Assessments levied in proportion to each Parcel Owner’s Common Interest (33% Affordable Housing Parcel, 67% Market Rate Parcel). (Article IV A (percentage table) and Arti)

Special assessments

Board may levy additional assessments if insufficient funds or emergency, subject to majority vote of membership at a duly called meeting with quorum. Purpose must be set forth in notice; funds used only for that purpose; excess becomes Com (Article VII E.2: "Special Assessments ..)

Collections & liens

Common Expenses and Assessments constitute a lien against each Parcel. Lien effective upon recording notice; lien secures unpaid assessments, advances, costs, attorneys' fees. Foreclosure action may be filed after 30 days' written notice to (Article VII E.6: detailed provisions (a))

Reserves & fees

Annual budget must include reserves for capital expenditures and deferred maintenance, computed based on estimated remaining useful life and replacement cost. Reserves may be waived or reduced by majority vote of voting interest at duly cal (Article VII G.1 and G.2)

Leasing & rentals

Each Parcel is leaseable without consent of Association or other Parcel Owner; subject to Monroe County Affordable Housing Code restrictions. (Article V L: "Each Parcel shall be lease)

Parking & vehicles

Prohibited in Common Properties; parking only in Parcels. (Article V M)

Fences

Fences require ARC approval; no specific standards given. (Article VII K.2.a: includes fences.)

Architectural approval

Yes. No building, fence, wall, other structure or improvement (including landscaping) may be commenced, removed, altered, painted, erected or maintained without prior written approval of the Architectural Control Committee. (Article VII K.2.a: "no building, fence, )

Maintenance

Parcel Owner responsible (since all improvements within Parcels are Owner responsibility). (Article VII J.1)

Insurance

Association shall maintain: (1) Casualty and windstorm insurance for improvements on Common Properties (none initially); (2) Comprehensive general public liability insurance for Common Properties and Limited Common Properties with minimum $ (Article IX B: 1-4)

Use restrictions

Affordable Housing Parcel for affordable housing; Market Rate Parcel for residential purposes (22 units) plus Commercial Parcel for commercial uses as approved; commercial may be converted to residential without consent. (Article V A: "Affordable Housing Parcel )

Voting & meetings

One vote for Affordable Housing Parcel, two votes for Market Rate Parcel. If a person owns more than one Parcel, one vote per Parcel. If a Parcel is converted to homeowner or condominium form, voting interest vests in that association. (Article IV D: "one (1) vote for the Affo)

Amendments

Not fully detailed in this excerpt; however some provisions require unanimous consent of Parcel Owners (e.g., change of undivided interest, alteration restrictions). General amendment likely by vote as per Florida law. (Article IV C (change of undivided intere)

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