Citrus Residences Condominium Association, Inc.

Key facts from Citrus Residences Condominium Association, Inc.'s documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1: "CITRUS RESIDENCES, a Condomi)

Units / lots

12 (Phase I), potentially 16 total if Phase II added (Section 10: "each Unit within Phase I wi)

Developer / declarant

Citrus Residences, Inc., a Florida corporation (Opening paragraph)

Governing law

Chapter 718, Florida Statutes (Condominium Act) (WHEREAS paragraph and Section 2(o))

Assessments & dues

Not fixed; set by Board based on estimated Common Expenses (Section 16(c): "Assessments for Common E)

Special assessments

Board may levy additional assessments if needed to meet Common Expenses or in emergencies (Section 16(d))

Collections & liens

Association has a lien on each Unit for unpaid assessments; may foreclose like a mortgage. Lien relates back to recording of Declaration, but for Institutional Mortgagees, after recording claim of lien. (Section 16(f) and 16(i))

Reserves & fees

Association may create reasonable contingency or reserve requirements for replacements and operating deficiencies (Section 16(b): "creation of reasonable c)

Leasing & rentals

Developer may lease units; no explicit restriction on Unit Owner leasing (Section 8 (Developer's right to lease); )

Architectural approval

Implied for exterior changes: Unit Owner must obtain prior written consent of Commercial Owner before altering exterior appearance (Section 17(b): "no such maintenance repa)

Home business

Not explicitly addressed (No provision)

Signs & flags

Developer may place signs on Common Elements during sales/leasing; Unit Owner signage not addressed (Section 8)

Insurance

Recommended but not required; each owner should obtain own coverage for unit, contents, liability, living expenses (Section 19(a): "Each Unit Owner should o)

Use restrictions

Yes, multi-family residential condominium (Section 3(a): "multi-family residential )

Voting & meetings

One vote per Condominium Unit; if multiple owners, one designated voter (husband and wife excepted) (Section 13(c) and 13(d))

Amendments

Generally 67% of total voting interests; for corrections 51%; Developer may amend without owner consent while in control for corrections, additions, approvals. Certain changes require affected owner/mortgagee consent. (Section 14)

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