Magnolia Ridge Condominium I Association Inc

Key facts from Magnolia Ridge Condominium I Association Inc's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Magnolia Ridge Condominium I Association, Inc.

Governing law

Chapter 718, Florida Statutes (The Condominium Act) (Article I)

Assessments & dues

Board of Directors estimates common expenses and assesses unit owners in proportion to their percentage shares as set forth in Article IV D. (Article XVI C)

Special assessments

Board may levy additional special assessments if assessments are insufficient to pay common expenses or in emergencies. (Article XVI D)

Collections & liens

Association has a lien on each condominium unit for any unpaid assessment and interest; lien superior to homestead, subordinate to institutional mortgagee as provided by Florida Statute. (Article XVII)

Reserves & fees

Common expenses include creation of reasonable contingency or reserve requirements, i.e., reserve for replacements, operating reserve to cover deficiencies in collections. (Article XVI B)

Voting & meetings

One vote per unit owned; majority of votes of unit owners present and voting controls unless otherwise specified. (Article XI C, D)

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