| Q: |
What
are my voting rights in the condominium association? |
| A: |
Each
Unit in the condominium is entitled to one (1) vote. Each unit
has a one/twelfth (1/12) voting right. |
| Q: |
What
restrictions exist in the condominium documents on my right to
use my unit? |
| A: |
Each
Unit must be used for single family residential purposes and no
other, except such other uses as may be permitted by the
Charlotte County Zoning Code. No Unit may be divided or
subdivided into a smaller Unit, nor any portion thereof sold or
otherwise transferred. No Unit Owner shall permit any use of his
Unit which will increase the rate of insurance upon the
Condominium Property, nor shall any immoral, improper, offensive
or unlawful use be permitted. All valid laws, zoning ordinances
and regulations of all governmental bodies having jurisdiction
thereof shall be observed. All lease in excess of sixty (60)
days shall be in writing in accordance with the Declaration of
Condominium. |
| Q: |
What
restrictions exist in the condominium documents on the lease of
my unit? |
| A: |
Each
Unit Owner has the absolute right to lease his or her Unit. |
| Q: |
How
much are my assessments to the condominium association or my
unit type and when are they due. |
| A: |
The
total monthly per unit assessment would be $473.33 excluding
reserves. The total annual per Unit assessment would be
$5,680.00 also excluding reserves. your assessments are
currently $473.33 per month, paid monthly. |
| Q: |
Do
I have to be a member in any other association? If so, what is
the name of the association and what are my voting rights in
this association? Also, how much are my assessments? |
| A: |
Yes.
The underlying property is subject to certain easements, covenants,
and restrictions which have been recorded in the Public Records
of Charlotte County, Florida. The easements, covenants, and restrictions
are enforced by the Palm Island North Property Owner's
Association, Inc. You automatically become a member of the Palm
Island North Property Owner's Association, Inc. by purchasing a Unit
in Palm Island Bay Villas. The Palm Island Bay Villa's
Condominium Association Inc. is entitled to twelve (12) votes in
the Palm Island North Property Owner's Association, Inc. The
total monthly per unit assessment would be $200.00 excluding
reserves. The total annual per Unit assessment would be
$1,200.00 also excluding reserves. your assessments are
currently $200.00 per month, paid monthly |
| Q: |
Am
I required to pay rent or land use fees for recreational or
other commonly used facilities? If so, how much are I obligated
to pay annually? |
| A: |
No. |
| Q: |
Is
the condominium association or other mandatory membership
association involved in any court cases in which it may face
liability in excess of $100,000.00? If so, identify each such
case. |
| A: |
No. |
|
| NOTE: |
THE
STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A
PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES, EXHIBITS
HERETO, THE SALES CONTRACT, AND THE CONDOMINIUM DOCUMENTS. |
