501 First Residences Condominium Association, Inc.

Key facts from 501 First Residences Condominium Association, Inc.'s documents

Reflects the 2025 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Section 1.3 - name of condominium)

Units / lots

477 (Section 3.1 - one Building with 477 Unit)

Governing law

Florida Condominium Act (Chapter 718, Florida Statutes) as it exists on the date hereof and as it may be hereafter renumbered (Section 1.2; 2.1)

Assessments & dues

Assessments are shares of Common Expenses and Residential Limited Common Expenses, allocated according to percentages on Exhibit 3-1 and 3-2 (Section 2.3; Section 2.54; Section 3.3(a)

Special assessments

Defined as assessment against each Owner for nonrecurring purposes not in nature of capital improvements, or when funds not available from regular periodic assessments (Section 2.57)

Collections & liens

Association has lien rights for Charges (valet parking costs) as per Section 3.4(k)(iv); but general assessment lien not detailed in this excerpt (Section 3.4(k)(iv) - valet parking costs)

Reserves & fees

Reserves required by Act (Chapter 718) or otherwise established by Association, including for Residential Limited Common Elements (Section 2.19(b); Section 2.54(b))

Leasing & rentals

Not explicitly stated; Transient Rental defined as rental for period less than one month, but no prohibition or allowance on leasing is clear; residential use and Zoning Regulations may imply leasing is allowed subject to restrictions (Section 2.60 - Transient Rental defined;)

Signs & flags

Developer may erect signs, displays and promotional material on Condominium Property for sales/leasing (Section 3.4(f)); Commercial Unit Owner may place signage in Assigned Areas/Terrace LCE without Association approval (Section 3.3(d)) (Section 3.4(f); Section 3.3(d))

Maintenance

Repair and replacement of roofing systems serving Building is Association responsibility (costs are Common Expenses or Residential Limited Common Expenses), except when damage caused by Unit Owner's improvement (Section 3.3(b) - Association responsible)

Insurance

Association maintains insurance including fire, windstorm, flood, liability, officers and directors insurance; self-insurance fund permitted (Section 2.19(m)). The 'Insured Property' is defined in Section 2.39. (Section 2.19(m); Section 2.39)

Use restrictions

Not explicitly stated; but Zoning Regulations and Transient Rental restrictions imply residential use, except Commercial Unit has separate provisions (Section 2.60 (Transient Rental defined);)

Voting & meetings

Membership in the Association with full voting rights appurtenant to each Unit (Section 3.1(d) - membership with full vo)

Amendments

Amendment of Declaration referenced in Sections 6.1, 6.2, 6.5, but text of those sections not provided. However, reclassification of Common Elements as Limited Common Elements requires vote to amend Declaration under 6.1 or 6.5, and such am (Section 3.3(h); Section 2.47)

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