Lake Margot Property Owners Assocation Inc

Key facts from Lake Margot Property Owners Assocation Inc's documents

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

Community type

HOA (property owners association) (Title and recitals: "Lake Margot Propert)

Governing law

Chapter 617, Florida Statutes (2022) and common law powers (Section 9.1: "the powers and duties set )

Assessments & dues

Not fixed; determined by Board Budget approved by Majority of Members (Section 10: "The Board shall prepare a B)

Special assessments

Yes, allowed for many purposes including casualty, negligence, capital improvements (Sections 2.1 (definition), 3.6, 8.1, 11,)

Collections & liens

Yes, Association has lien on each Parcel for unpaid assessments, interest, late fees, attorneys fees; may foreclose as mortgage; may also bring money judgment (Section 11.2 and 11.3)

Reserves & fees

Incidental income used to fund reserve accounts; also referenced for capital improvements (Section 10: "Incidental income to the As)

Maintenance

Owner responsible for roof of its Building (within Parcel). (Section 7.1 (Owner maintains Parcel and )

Use restrictions

Common Areas used only for intended purposes; no obstruction, no parking except in designated spots; Lake may not be used for recreational purposes; no alteration of drainage without WMD approval (Sections 14.3 and 14.4)

Voting & meetings

Voting Interests per parcel set forth in Exhibit 5; each Owner is a Member; votes cast by record owner or designated representative; subdivision allocates votes pro rata based on acreage (Sections 5.2, 5.4, 5.5; Section 2.1 defi)

Amendments

By Association with Majority Approval of Members and Majority Approval of Board; recorded in Public Records; certificate executed by Board member. (Sections 6.1, 6.2)

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