The Preserve at Lake Charm

Key facts from The Preserve at Lake Charm's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential (WHEREAS, Declarant intends to develop th)

Legal name

The Preserve at Lake Charm Homeowner’s Association, Inc. (WHEREAS (last) and Section 1.3)

Developer / declarant

ILM Properties, LLC., a Florida not-for-profit limited liability company (First page and Section 1.16)

Governing law

Florida Statutes Chapter 720 (Section 5.8: financial report required a)

Assessments & dues

Maximum $3,000 per lot per year until January 1 after first lot conveyed (Section 7.4)

Special assessments

Unbudgeted expenses or expenses in excess of budget; requires 2/3 vote of members present (Section 7.6)

Collections & liens

All assessments together with late fees, interest, costs, and attorneys' fees are a continuing lien on the Lot and a personal obligation of the Owner. (Section 7.1)

Reserves & fees

Four required accounts: routine infrastructure maintenance, capital repair/streets, capital repair/drainage pond, capital repair/other infrastructure; separate accounting; deposits based on City-approved estimates with specific schedules (Sections 5.5, 5.6, 5.7)

Architectural approval

Yes, by ACC; but Approved Builder (NVR) exempt from ACC review per Second Amendment (Article VIII (reference) and Second Amen)

Maintenance

Association maintains Common Area, Surface Water Management System, Community Walls; Owner maintains lot and residence (Sections 5.2.1, 5.2.8, 6.2)

Insurance

Association required to carry liability insurance for streets, sidewalks, drainage system as mandated by City of Oviedo (Section 5.14)

Voting & meetings

Two classes: Class A (Owners, 1 vote per Lot) and Class B (Declarant, 9 votes per Lot owned). Class B converts to Class A upon earlier of 90% lots conveyed or 10 years after recording, or Declarant’s written notice. (Section 3.4)

Amendments

While Class B membership exists, amendment requires Declarant's written consent; after, owner vote required? Not specified but Article 4.7 prohibits amendment without Declarant consent while Class B exists (Section 4.7)

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