Five Little Palms Condominium Association

Key facts from Five Little Palms Condominium Association's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (PAGE 3)

Developer / declarant

Five Little Palms, LLC (PAGE 1)

Governing law

Florida Condominium Act (Chapter 718) (Article I (Association Documents definit)

Assessments & dues

Board fixes date and amount at least 30 days in advance; notice to owners within 15 days (Article III Section 3.8)

Special assessments

Allowed with assent of 51% of votes at meeting with 30 days written notice (Article III Section 3.5)

Collections & liens

Association may record lien and foreclose; lien subordinate to institutional mortgage if recorded prior; 45-day notice required before filing lien (Article III Sections 3.11, 3.12, 3.13)

Reserves & fees

Establishment of reserve accounts for capital expenditures and deferred maintenance is a purpose of assessments (Article III Section 3.4(K))

Leasing & rentals

Yes; short-term vacation rentals or longer with prior Board approval (Article X Section 10.1; Article VIII Sec)

Parking & vehicles

Each unit has two designated parking spaces; vehicles must be current and properly licensed; commercial vehicles only temporarily (Article VIII Section 8.8)

Maintenance

Unit Owner (part of 'roof replacement' in Section 4.1) (Article IV Section 4.1)

Insurance

General liability of at least $1,000,000 covering Common Area improvements and activities; hazard insurance at not less than 75% insurable value; directors and officers liability (Article VII Section 7.1)

Use restrictions

Each unit to be occupied as a single family unit; may be used for condominium living and rentals (Article VIII Section 8.1)

Voting & meetings

Two classes: Class A (unit owners) – 1 vote per unit; Class B (Developer) – 1 vote plus 2 votes for each Class A vote in aggregate (Article V Section 5.9)

Amendments

Before Turnover Date: Developer may unilaterally amend; after Turnover Date: 75% vote of members; no amendment impairing mortgagee security without consent; Developer's written consent required for amendments affecting Developer's rights (Article IX)

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