Tyrone Outparcel Land Condominium Association

Key facts from Tyrone Outparcel Land Condominium Association's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Land Condominium (Section 3.5)

Legal name

Tyrone Outparcel Land Condominium Association, Inc. (Preamble; Section 2.5)

Units / lots

5 (initially: Unit 1, Unit 2, Unit 3, Unit 4, Unit 5) (Section 4.1)

Developer / declarant

Seritage SRC Finance LLC, a Delaware limited liability company (Opening paragraph)

Governing law

Florida Condominium Act (Chapter 718) (Section 2.1)

Assessments & dues

Board prepares budget and allocates based on unit's undivided interest in Common Elements (Section 9.1)

Special assessments

May be levied by Board for expenses not included in annual budget or of nonrecurring nature; requires prior written consent of Developer as long as Developer owns any Units. (Section 9.3)

Collections & liens

Association has lien for unpaid assessments; may foreclose like a mortgage; may accelerate installments; may appoint receiver to collect rent (Section 10.2-10.5)

Reserves & fees

Greater of $100 or 5% of each delinquent installment. (Section 10.2)

Insurance

Treated as Common Expense; may be specifically assessed if loss due to gross negligence of Unit Owner (Section 11.3)

Use restrictions

All Units may be used for any purpose permitted by law, subject to Pad Declarations and REA (Section 12.2)

Voting & meetings

Unit 1: 64 votes; each Outparcel Unit: 9 votes; total 100 votes; FCPT may cast Outparcel votes until conveyed to third party (Section 6.2)

Amendments

By affirmative vote of majority of total voting interests, except Material Amendment requires 75% and joinder of affected Unit Owners and mortgagees; Developer has unilateral right to modify boundaries of its units and subdivide Unit 1 (Article 7, Section 16)

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