Southgate (FL)

Key facts from Southgate (FL)'s documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

Southgate of Sanford Property Owners’ Association, Inc. (Doc 2, Article I, Section A)

Governing law

State of Florida (Doc 1, Section 9(c))

Assessments & dues

Initial budget attached as Exhibit E; Common Assessments remain constant for first 5 years after recording (Doc 2, Article VII, Section 3)

Special assessments

May be levied by Board only under extraordinary circumstances; requires 85% vote of total Association for capital improvements (Doc 2, Article VII, Section 4)

Collections & liens

Association has a lien on each Parcel for unpaid assessments, interest, late charges, costs, attorneys' fees; may enforce as mortgage foreclosure; subordinate to first mortgage of Institutional Lender (Doc 2, Article VII, Sections 6, 9, 16)

Reserves & fees

First 5 years after recording must include line item for reserves; after 5 years, reserve fund requires majority vote at budget meeting; reserve contribution stops when collected reserves/Common Surplus reaches $100,000 (Doc 2, Article VII, Sections 3 and 7)

Voting & meetings

One membership per Parcel; one vote per Parcel (see Exhibit E) (Doc 2, Article III, Sections 3 and 4)

Amendments

Not explicitly detailed in the scanned text for the Declaration; Article 1 of Doc 2 references amendments; Doc 1 allows modification/cancellation by recorded amendment. More specific process not available from text. (Doc 1, Section 1)

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