Terrace IV at Lakewood National

Key facts from Terrace IV at Lakewood National's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Phase Condominium (Section 1.3 (Name) and Recital B of Amen)

Legal name

Terrace IV at Lakewood National Condominium Association, Inc. (Section 2 Definition of Association)

Units / lots

60 (if all phases submitted) (Section 3.12: 'a total of sixty (60) Uni)

Developer / declarant

Lennar Homes, LLC, a Florida limited liability company (Opening paragraph of Declaration and Sec)

Governing law

Florida Condominium Act (Chapter 718 Florida Statutes) (Section 2 (Act definition))

Assessments & dues

By Association budget adopted annually; Special Assessment is any assessment outside the annual budget (Section 2 (Special Assessment definition)

Special assessments

Permitted; defined as any Assessment levied other than the required annual budget assessment (Section 2 (Special Assessment definition)

Collections & liens

Association has a lien for unpaid assessments (Section 14.4); effect of foreclosure described in Section 14.6-14.7 (Section 14 (as listed in Table of Conten)

Parking & vehicles

Each unit entitled to exclusive use of one (1) covered parking space assigned to that unit; spaces are limited common elements (LCE) numbered 'P' with unit number (Section 3.14.2)

Architectural approval

Unit owners must obtain prior written approval from the Board for alterations, except Developer; approval may be unreasonably withheld for certain Limited Common Element improvements (Section 11.1, Section 11.2, Section 3.14)

Signs & flags

Regulated under Section 18.15 (Signs) – details not in excerpt (Table of Contents, Section 18.15)

Maintenance

Unit owner responsible for maintenance of interior of unit, covered screened lanais, parking space pavement surface cleanliness, and certain limited common elements. Association responsible for common elements. (Section 3.14.1, Section 3.14.2, Section )

Insurance

Required: property insurance, liability, workers' compensation, flood insurance, fidelity insurance, directors and officers insurance, windstorm coverage, and other insurance as determined by Board (Section 15.3 (as listed in Table of Cont)

Voting & meetings

One vote per Unit, cast by Unit Owner (Section 5.2; Section 2 (Voting Interest )

Amendments

Section 7 governs amendments; by Association (Section 7.1) or by Developer (Section 7.2); phase additions by Developer alone without unit owner consent (Section 7 (Table of Contents) and Sectio)

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