Ponce Square Condominium Association, Inc.

Key facts from Ponce Square Condominium Association, Inc.'s documents

Community type

non-residential condominium (ARTICLE III: USE, page 1)

Legal name

PONCE SQUARE CONDOMINIUM ASSOCIATION, INC. (ARTICLE IV(C), page 2)

Governing law

Florida Condominium Act (F.S. 718) (ARTICLE I, page 1; ARTICLE IV(K), page 3)

Assessments & dues

Not fixed; set annually by Board in Budget. Developer guaranteed assessments for initial 13 months (guaranteed amount per Exhibit C). (ARTICLE XVII, Sections 17.3 and 17.4, pa)

Special assessments

Permitted for extraordinary expenses, reconstruction, etc. May require owner approval for amounts over thresholds ($250,000 triggers possible termination). (ARTICLE XIV, Section 14.5.4, pages 17-18)

Collections & liens

Association has a continuing charge and lien on each Unit for unpaid assessments. Lien effective upon recording claim of lien. Foreclosure available as for a mortgage. (ARTICLE XVII, Sections 17.8 and 17.10(c))

Reserves & fees

Reserve accounts for capital expenditures and deferred maintenance required per F.S. 718.112(2)(f). Developer may waive reserves for first two years. (ARTICLE XVII, Section 17.6, page 23)

Leasing & rentals

Yes, with Board approval. Leases must be in writing, subject to all provisions of Declaration, and contain certain clauses. Board may require uniform provisions. (ARTICLE XVI, Sections 16.2 and 16.4, pag)

Architectural approval

Yes, for any exterior alteration or addition. Interior combination of units also requires Board approval of contractor, plans, specifications, and financial ability. (ARTICLE XII, Sections 12.1.2 and 12.1.3,)

Maintenance

Not explicitly assigned; roof is part of Common Elements? Since upper boundary is roof surface, roof likely Common Element maintained by Association. But unit includes upper surface? The Declaration defines upper boundary as upper surface o (ARTICLE V, Section 5.2(a), page 4; ARTIC)

Insurance

Association obtains: (a) property insurance on Common Elements at full replacement cost, including extended coverage, sprinkler leakage, vandalism, windstorm, water damage; (b) comprehensive public liability insurance; (c) flood insurance u (ARTICLE XIII, Section 13.1.3, pages 13-1)

Use restrictions

Not allowed; condominium is non-residential. (ARTICLE III: USE, page 1: "This is a non)

Voting & meetings

One vote per Unit. If multiple owners of a Unit, they collectively have one vote; vote cast by designated person via certificate. (ARTICLE X, Section 10.2, pages 9-10)

Amendments

Scrivener's errors or immaterial defects may be corrected by Developer or Board without owner consent. Other amendments require approval per Condominium Act and additional requirements not fully detailed in excerpts. Special amendment proce (ARTICLE XIX, Section 19.11, pages 27-28;)

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