Peninsula at Key Largo Yacht Club

Key facts from Peninsula at Key Largo Yacht Club's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential development with separate Lot and Dock Slip ownership, governed by a property owners association (not a condominium) (Background Statements; Article 1)

Legal name

THE PENINSULA AT KEY LARGO YACHT CLUB PROPERTY OWNERS ASSOCIATION, INC. (Section 1.1)

Governing law

Chapter 617, Florida Statutes (not-for-profit corporation) and Florida law generally (Section 4.1: "organized under Chapter 61)

Assessments & dues

Board of Directors adopts a budget annually. If increase exceeds 115% of prior year's assessments, upon written request of 3 Voting Members a special meeting is called and Voting Members enact budget by majority vote. Otherwise Board's budg (Section 7.5)

Special assessments

Board may levy common special assessments. If total special assessments in a fiscal year exceed 1/2 of that year's annual assessment, then approval of Voting Members (including Special Voting Member) by majority vote is required. (Section 7.9)

Collections & liens

Unpaid assessments become a continuing lien on the Lot (or Dock Slip and the Lot to which it is appurtenant). Association may foreclose like a mortgage. Also personal obligation of owner. Lien subordinate to first or second institutional mo (Sections 7.1, 7.13, 7.14, 7.15)

Reserves & fees

Annual assessment may include provisions for reserve funds for maintenance, repairs, and replacements of Common Property elements. No capital reserves contemplated in initial budget. (Section 7.8)

Pets

Yes, but only on Common Property if leashed. Owner must remove waste. Board may adopt rules, including exclusion of pets from Common Property. (Section 8.3)

Leasing & rentals

Not explicitly addressed in this excerpt. (Rights of use delegated to lessee, but no general leasing restriction stated.) (No provision found)

Parking & vehicles

Not specifically addressed; covered by Board rules. (Section 8.5)

Architectural approval

Yes. So long as Developer has special voting rights, approval of Developer required for any improvement, permanent landscaping, structural or externally visible alteration (including paint color change, screening) on Common Property, Lot, o (Article 12)

Maintenance

Association: Common Property (roads, walkways, landscaping, entry features, fixtures, equipment, concrete dock, submerged lands under dock slips, dock pilings and piers, bulkheading/rip‑rap). Owners: maintain Dock Slips in good and clean co (Article 6, Section 8.8)

Insurance

Subject to reasonable deductible as Board determines. (Section 10.1)

Use restrictions

Lots shall be used only for residential purposes, including customary recreational uses in similar waterfront communities. Dock Slips only for private recreational vessel docking, no commercial use. (Sections 8.1, 8.8)

Voting & meetings

Each Lot has one vote on all matters. Each Dock Slip has one vote on matters affecting only Dock Slips. Developer has additional 10 votes (Special Voting Rights) until December 31, 2015 or earlier termination. Voting Members designated per (Sections 4.3, 4.4)

Amendments

Before termination of Developer's special voting rights: Developer may unilaterally amend by recorded instrument, or with Developer's written consent. After termination: affirmative vote or written consent of not less than 2/3 of total vote (Article 18)

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