Bay Terrace

Key facts from Bay Terrace's documents

Reflects the 1992 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1, 2)

Developer / declarant

Bay Terrace, Inc., a Florida corporation not for profit (Recital and Section 1)

Governing law

Florida Condominium Act, Chapter 718, Florida Statutes (Section 4 (Definitions))

Special assessments

May be levied without unit owner approval except as provided; for reconstruction, a special assessment not exceeding $5,000 per unit may be levied without vote; otherwise requires approval of owners of at least 19 units. (Sections 10, 16.2(B), 16.3(B))

Reserves & fees

Amounts budgeted for the purpose of funding reserve accounts are included in common expenses. (Section 10.1)

Leasing & rentals

Generally prohibited. Board may grant exception only under unusual circumstances to avoid undue hardship; term not to exceed 1 year; no precedent set. (Section 13)

Home business

Restriction not to prohibit maintaining personal/professional library, records, handling telephone calls or correspondence from the unit. Such uses are customarily incident to residential use. (Section 12.1)

Insurance

Each unit owner responsible for insuring his own unit and personal property, including floor, wall, ceiling coverings, all alterations, additions, improvements. Expected to carry homeowner's insurance with endorsements for leakage, seepage, (Section 15.1)

Use restrictions

Each unit shall be occupied only by one family as a residence and for no other purpose. No business or commercial activity, including public lodging establishment. (Section 12.1)

Voting & meetings

One vote per unit; total of 28 voting interests; each unit owner collectively entitled to one vote. (Section 4.18)

Amendments

Declaration amendment requires affirmative vote of at least eighty-five percent (85%) of all unit owners (as per Certificate of Amendment for this restatement). Bylaws and Articles require majority of total membership. (Certificate of Amendment)

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