Princeton Place at Wiggins Bay Condominium One

Key facts from Princeton Place at Wiggins Bay Condominium One's documents

Community type

Condominium (Section 1.3)

Legal name

Princeton Place at Wiggins Bay Condominium One Association, Inc. (Section 2.4)

Developer / declarant

DCA at Wiggins Bay, Inc., a Florida corporation (Section 2.16; Introduction)

Governing law

Chapter 718 of the Florida Statutes (Florida Condominium Act) (Section 1.3; Section 2.1)

Assessments & dues

Initial regular monthly Assessment not to exceed $49.65 per Unit during developer guarantee period (Section 13.6(i))

Special assessments

Permitted; defined in Section 2.27; must be for specific purpose and notice given; excess funds become Common Surplus (Sections 2.27, 13.9)

Collections & liens

Association has lien for unpaid Assessments; may foreclose like mortgage; 30-day notice required before foreclosure judgment (Sections 13.2, 13.3)

Reserves & fees

Not specifically set; interest at highest rate allowable by law from due date (Section 13.2)

Architectural approval

Yes; consent of Board of Directors and/or Architectural Control and Maintenance Standards Committee required for any additions, alterations, or improvements (Section 9.1)

Insurance

Reasonable deductible as determined by Board (Section 14.2(a))

Voting & meetings

Each Unit entitled to one vote; voting interest defined (Section 5.2; Section 2.32)

Amendments

Amendments may be proposed by majority of Board or 1/3 of Voting Interests; material amendments (listed) require 67% of Voting Interests and approval of Institutional First Mortgagees holding 51% of mortgage votes; other amendments require (Section 6.1, 6.2)

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