Natures Landing Condominium Association, Inc.

Key facts from Natures Landing Condominium Association, Inc.'s documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Art. 1.2: "Condominium")

Legal name

Natures Landing Condominium

Developer / declarant

Cedar Key Building and Development, Inc.

Governing law

Chapter 718, Florida Statutes (Condominium Act) (Art. 1.1, Art. 2.1)

Assessments & dues

Set by Board annually based on estimated net charges; assessed per unit percentage. (Art. 6.1)

Special assessments

Capital assessments require approval of not less than 2/3 of owners (Art. 6.3). Supplemental fund for capital additions over $5,000 requires majority owner approval (Art. 6.2). (Art. 6.2, 6.3)

Collections & liens

Association has lien for unpaid assessments, interest, and attorney's fees. Lien subordinate to prior recorded mortgages. May foreclose like mortgage. (Art. 6.5)

Reserves & fees

Operating reserve fund for unforeseen contingencies, deficiencies from unpaid assessments, and emergency expenditures authorized by Board. (Art. 6.1(f))

Maintenance

Association maintains and operates common elements, and also maintains portions of units that support building (outside walls, floor/ceiling slabs, load-bearing walls, conduits for utility services). Unit owner maintains interior surfaces, (Art. 7.2, 7.3, 7.4)

Insurance

All buildings and improvements insured at full replacement cost (excluding foundation and excavation). Coverage includes fire, extended coverage, vandalism, malicious mischief, windstorm, water damage. Also public liability, workers' compen (Art. 6.9)

Use restrictions

All units shall be occupied and used as residences by owner, family, social guests, and tenants. (Art. 5.1(a))

Voting & meetings

Until unit owners other than Developer own 15% of units, Developer elects all board. After 15%, unit owners elect at least 1/3. Majority control triggers per Art. 4.4. Each vote cast as single vote; fractional votes not allowed; joint owner (Declaration Art. 4.4 and 4.7; Articles o)

Amendments

Declaration amendments: prior to turnover, by Developer with consent of 2/3 owners and all mortgage holders if material. After turnover, by resolution and 2/3 vote of entire membership (Art. 11.2). Articles of Incorporation: adopted by majo (Art. 11.1, 11.2; Articles of Incorporati)

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