Malaga Townhomes Condominium Association, Inc.

Key facts from Malaga Townhomes Condominium Association, Inc.'s documents

Governing law

Chapter 718 of the Florida Statutes (Condominium Act) (Section 1)

Assessments & dues

Board of Directors prepares budget and allocates assessments per Exhibit C (Section 13)

Special assessments

Defined as any assessment levied other than the annual budget assessment (Section 2.21)

Collections & liens

Association has lien on unit for unpaid assessments; lien subordinate to institutional first mortgagees; foreclosure action after 30 days notice (Section 14.2 and 14.3)

Reserves & fees

Reasonable fee not to exceed $50.00, paid with notice of sale or lease (Section 17.2(a)(iv))

Leasing & rentals

Entire units may be rented for terms of 4 months or longer; no rooms or transient tenants (Section 11.5)

Architectural approval

Board approval required for alterations to areas maintained by Association, and for balcony alterations; 75% owner approval for changes to exterior appearance (Section 9.1(b) and 9.3)

Insurance

Buildings at 100% replacement value (fire, extended coverage, vandalism, etc.); comprehensive general liability with combined single limit not less than $1,000,000 per occurrence, $1,000,000 per person, $1,000,000 property damage; workmen's (Section 15.2)

Use restrictions

Units used only for residential purposes (Section 3.6 and 11.1)

Voting & meetings

Each unit entitled to one vote (Section 7.3)

Amendments

By 75% vote of unit owners (Section 8); Developer may amend unilaterally for errors or to meet governmental requirements (Section 8.2); also as long as Developer owns units (Section 20.5); mortgagee consent required for changes affecting mo (Sections 8, 20, 20.5, 20.6)

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