Southbridge Professional Plaza Condominium Association, Inc.

Key facts from Southbridge Professional Plaza Condominium Association, Inc.'s documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1.3)

Governing law

Florida Condominium Act (Chapter 718, Florida Statutes) (Section 2.1)

Assessments & dues

Board of Directors prepares and adopts budget, determines amount, allocates equally per unit (1/10 share each) (Section 13.1, Section 5.1)

Special assessments

Board may levy Special Assessments and Capital Improvement Assessments; if aggregate exceeds $25,000 or causes total assessments to exceed 115% of prior year, requires majority approval at quorate meeting. Also, separate assessments requiri (Section 13.2(c), Section 13.3 last sente)

Collections & liens

Association has lien for unpaid assessments, interest, fees, costs. Lien effective upon recording claim of lien. Foreclosure action allowed. Money judgment also available. Acceleration of installments after 30 days notice and recording of l (Section 14.2, 14.3, 14.4)

Reserves & fees

Association must maintain a Capital Reserve for capital expenditures. Board determines appropriate level. Budget must disclose percentage of annual assessment added to reserve. Reserves may be waived or reduced annually as provided by Act. (Section 13.3)

Leasing & rentals

Not explicitly prohibited; Developer may lease Units. (Section 3.5(k) (selling, renting or leas)

Parking & vehicles

Non-exclusive parking easement for each Unit Owner, guests, invitees. Parking shall be non-exclusive. (Section 3.5(d))

Signs & flags

Developer may erect signs for sales/lease promotion. (Section 3.5(f))

Maintenance

Association: Common Elements and Limited Common Elements (including exterior walls, roof, floor/ceiling joists, water/wastewater lines, parking areas, drainage, landscaping). Unit Owner: everything inside unit boundaries (exterior doors/win (Section 7.1(a) and (b))

Insurance

Association obtains insurance on Condominium Property, Units, Common Elements for fire, extended coverage, vandalism, malicious mischief; also flood, public liability/property damage ($1M minimum per accident), worker's comp, employer's lia (Section 15.2(a))

Use restrictions

Not explicitly defined but implied by general restrictions. (Section 3.5(k): Unit Owners shall not in)

Voting & meetings

Each Unit entitled to one vote cast by its Owner; total votes equal number of Units (Section 5.2)

Amendments

Unit Owners: 75% vote at meeting, or 90% written consent without meeting. Developer: may amend until 51% of Units sold unilaterally for certain changes; may record Special Amendments for compliance with FNMA etc. until all Units sold or Jan (Section 6.1, 6.2, 6.3)

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