Ocean Marina Condominium Association

Key facts from Ocean Marina Condominium Association's documents

Community type

Condominium

Legal name

OCEAN MARINA CONDOMINIUM ASSOCIATION, INC.

Developer / declarant

SIM-PAR, INC.

Governing law

Florida Condominium Act (Chapter 718) (Section 1.2, Section 2.1)

Assessments & dues

Board of Directors prepares budget, determines assessments, allocates among owners per shares (Section 12)

Special assessments

Capital additions costing over $50,000 in aggregate per year require approval of majority of Unit Owners and Primary Institutional First Mortgagee (Section 8)

Collections & liens

Association has lien on condominium parcel for unpaid assessments; may foreclose like mortgage (Section 13.2, 13.3)

Reserves & fees

Required by the Act; budget shall include reserves as required (Section 12)

Parking & vehicles

At least one parking space assigned per Residential Unit as limited common element; unassigned spaces used as needed (Section 3.3(b))

Architectural approval

Yes, for any structural addition, alteration or improvement to a Unit or alteration to limited common elements (Section 9.1)

Insurance

Building (units and common elements) at 100% replacement value; comprehensive general liability; fidelity; flood if required (Section 14.2)

Use restrictions

Units defined as Residential Units intended for use as a residence (Section 2.18)

Voting & meetings

One vote per unit cast by Owner (Section 5.2)

Amendments

By Assoc: 50% units + 66-2/3% board (pre-turnover) or 80% units (post-turnover) or 100% board; by Developer for corrections and phase additions (Section 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.