Spring Lakes Association III
FREQUENTLY ASKED QUESTIONS AND ANSWERS SHEET
As of January 1, 2010
Spring Lakes Association III
Q:What are my voting rights in the condominium association?
A:Each unit has one vote. Refer to By-Laws, Article III, page 43 or your documents.Voting for Directors is mandated by the State Law to be by written secret ballot.
Q:What restrictions exist on my right to use my unit?
A:Refer to Article XII of the Declaration of Condominium, page 24 of your documents. Also, refer to Exhibit I, page 72 of your documents for additional Rules and Regulations. The provision regarding the occupancy by children is no longer legally enforceable. See Amendment Recorded 6/15/00.
Q:What restrictions exist on the leasing of my unit?
A:Refer to Article XIII of the Declaration of Condominium, page 25 of your documents. The application fee for approval is $50.00
Q:How much are my assessments to the condominium association for my unit type and when are they due?
A:$1,020.00 paid quarterly in advance on the first day of January, April, July and October.
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:You are not required to be a member of any other association.
Q:Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am 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? 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.