Falling Waters North Preserve

Key facts from Falling Waters North Preserve's documents

Reflects the 1998 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Heading and §1.1)

Legal name

FALLING WATERS NORTH PRESERVE, INC. (§2.2, §14)

Developer / declarant

NORTH PRESERVE DEVELOPMENT CORPORATION, a Florida Corporation (§2.12, also page 1 text)

Governing law

Chapter 718, Florida Statutes (Condominium Act) (§1. Purpose)

Assessments & dues

Assessments are levied against each unit in proportion to their ownership share of common elements (1/90th each) to meet common expenses. (§17.1, §8 (last sentence))

Special assessments

Defined as any assessment levied against unit owners other than the assessment required by a budget adopted annually. (§2.19)

Collections & liens

Association has a lien on each condominium parcel for unpaid assessments, interest, and reasonable attorney's fees. Lien effective from recording claim of lien. Lien continues for 1 year unless enforcement action commenced. Claim of lien se (§17.4)

Reserves & fees

Interest at the highest rate allowed by Florida law on sums not paid within 10 days of due date. Payments applied first to interest, then to administrative fee, costs and attorney's fees, then to delinquent assessment. (§17.3)

Leasing & rentals

Yes, but with Association approval (except to a unit owner). (§11.1.2, §11.2.1.2)

Architectural approval

Yes, for alterations in portions of a unit that are to be maintained by the Association (e.g., structural changes). Also needed for construction of carports/garages on parking spaces after Developer has conveyed all units. (§9.1.3, §12.2)

Maintenance

Association (part of structural portions of building - floor and ceiling slabs). (§9.1.1.1 (floor and ceiling slabs))

Insurance

Deductible amounts under insurance policy are a common expense if reconstruction or repair is Association's responsibility; unit owner's expense if unit owner's responsibility. (§16.6)

Use restrictions

Each unit shall be occupied only as a residence and for no other purpose. (§10.1.1)

Voting & meetings

One vote per unit. On matters requiring membership vote, each unit has one vote. (§14.7)

Amendments

Adding land to condominium requires 67% vote of unit owners (amendment to Declaration). Alteration of common elements requires two-thirds (2/3) vote if cost is common expense. Voting on litigation requires two-thirds (2/3) of voting interes (§9.2.2, §9.2.3, §14.8, §12.1.2.6)

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