Grand Reserve Condm

Key facts from Grand Reserve Condm's documents

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

Community type

Condominium (Paragraph 1 and Paragraph 2)

Units / lots

182 in initial phase (Paragraph 6(b))

Developer / declarant

Grand Reserve Condominiums, LLC, a Florida limited liability company (Paragraph 5(t))

Governing law

Florida Condominium Act (Chapter 718, Florida Statutes) (Paragraph 5(a))

Assessments & dues

Based on percentage shares of Common Expenses set forth in Exhibit B, calculated from unit area (unit area divided by total unit area) (Paragraph 12)

Special assessments

Capital Improvement Assessment for additions, alterations, or improvements to Common Elements costing in excess of $25,000 in any calendar year; such expenditures require approval of Unit Owners of a majority of Units represented at a meeti (Paragraph 8(f))

Collections & liens

Association may acquire a Unit as a result of foreclosure of the lien for assessments (exempt from certain approval requirements) (Paragraph 17(a)(7))

Reserves & fees

Common Expenses include all reserves required by the Act or otherwise established by the Association (Paragraph 5(m))

Architectural approval

Yes, for any exterior change, alteration, or construction (including painting, landscaping); during Developer control, Developer's approval required; after, Architectural Review Committee (ARC) approval (Paragraph 16(a) and 16(b))

Signs & flags

One portable, removable United States flag may be displayed in a respectful way (Paragraph 16(a) and 16(b))

Maintenance

Association maintains roof(s) and roof support systems, including joists and cross braces even if located within a Unit (Paragraph 15(b)(i))

Voting & meetings

One equally weighted vote per Unit (Paragraph 11)

Amendments

By affirmative vote of 66% of all Condominium Parcels at a meeting; may also be amended by Developer for certain purposes (to comply with agency requirements, correct errors, etc.) until December 31, 2006. Amendments must be recorded. (Paragraph 14(a), 14(b))

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