1236 Drexel Condominium Association, Inc.

Key facts from 1236 Drexel Condominium Association, Inc.'s documents

Community type

Condominium (Section I, Submission Statement)

Governing law

Chapter 718, Florida Statutes (Section I, Submission Statement)

Assessments & dues

Initial monthly assessments per unit listed: $159.99 to $210.89 (Section XIV, Maintenance Guarantee (tabl)

Special assessments

Board may levy special assessments to meet needs, including for insurance deficiencies, etc. (Section XIII.E: 'the Board of Directors )

Collections & liens

Association has a lien on each Unit for unpaid assessments, interest, costs, and attorneys' fees. Lien may be foreclosed like a mortgage. Priority and collection as per Act. (Section XIII.K: 'The Association is here)

Reserves & fees

Reserve fund required for capital expenditures and deferred maintenance (roof replacement, building painting, pavement resurfacing, items > $10,000). Separate from operating funds; can only be used for other purposes by majority vote. (Section XIII.F: 'The Board of Directors.)

Architectural approval

Board of Directors consent required for structural modifications, alterations, or replacements to Unit, exterior doors, water/gas/electrical/plumbing/air-conditioning equipment or utilities. Also for changes to exterior appearance. (Section X.D: 'No owner of a Unit shall m)

Signs & flags

Exhibit no sign, advertisement, or notice except as approved by Association (except Developer). (Section XVIII.F: 'Exhibit no sign, adver)

Maintenance

Association maintains roof (common element). Roof Terrace Limited Common Elements maintained by Association but improvements by unit owner are unit owner's responsibility. (Section X.A.6: 'All Roof Terrace Limited)

Insurance

All-risk insurance, flood insurance, vandalism and malicious mischief insurance on insurable improvements (except floor/wall/ceiling coverings) and personal property of Association. Liability insurance with minimum $1,000,000 per occurrence (Section XIX.A and B: 'public liability i)

Use restrictions

Each Unit shall be utilized only for residential purposes. (Section III.I: 'Each Unit shall be utili)

Voting & meetings

Each Unit shall be entitled to one vote (Section IX.D: 'Each Unit shall be entitl)

Amendments

General: Board or 51% of members propose; requires either 66-2/3% of Board and 66-2/3% of members, or 80% of members. For corrections: Association may amend with 33-1/3% Board and 10% of members, or 25% of members, or unanimous written agre (Article VIII, Amendment to Declaration)

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