Manatee Association of Realtors Inc

Key facts from Manatee Association of Realtors Inc's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (commercial)

Legal name

Technology Terrace Condominium Association, Inc. (Section 3.4)

Developer / declarant

Manatee Association of Realtors, Inc. (Preamble)

Governing law

Florida Condominium Act (Chapter 718 Florida Statutes) (Section 2.2)

Assessments & dues

Not fixed; Board determines annually (Section 14) (Section 14)

Special assessments

Board may levy Special Assessments and Capital Improvement Assessments payable in lump sum or installments (Section 15.2). If aggregate in any year causes total Assessments to exceed 115% of prior year, Board must obtain approval of all Uni (Section 15.2)

Collections & liens

Association has lien on each Condominium Parcel for unpaid assessments, interest, attorney's fees. Lien effective from recording of Declaration; evidenced by Claim of Lien. Foreclosure action may be brought. Notice of intention to foreclose (Sections 15.3, 15.4, 15.5)

Reserves & fees

Common Expenses include reserves required by Act or otherwise established, but waiving reserves permitted (Section 3.9). Budget may fund reserves (Section 14). (Sections 3.9, 14)

Leasing & rentals

Yes, no prohibition (Section 20.2). (Section 20.2)

Signs & flags

Owner of Unit A granted privilege to install signs conforming with laws and similar architectural appearance to Developer's sign (Section 12). Tenants may have signs upon conferring with owners (Section 12). (Section 12)

Maintenance

Unit owner: maintain, repair, replace Unit and Limited Common Elements (Section 9). Association: maintain, repair, replace Common Elements and Association Property (Section 9.1). Cost of Common Elements charged as Common Expense, except if (Sections 9, 9.1)

Insurance

Unit owners should obtain coverage for personal property, structures on unit, personal liability, business interruption (Section 17.1). Not mandatory but recommended. (Section 17.1)

Voting & meetings

Each Unit entitled to number of votes equal to its percentage interest in Common Elements and Common Surplus as set forth in Exhibit C (Section 7.3)

Amendments

Amendments require affirmative vote representing 100% of voting interests of Unit Owners, except as otherwise provided (Section 8.1). Notice of proposed amendment must be included in meeting notice with 14 days written notice and copy of pr (Sections 8.1-8.4)

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