1. What are my voting rights in the Condominium Association? The unit owners of each apartment are entitled to membership in the Association. Unit owners are allocated one vote per unit regardless of the numbers of persons owning or occupying that unit.
2. What restrictions exist in the Condominium documents on my right to use my unit? Condominium property can be used only for single family residence. No nuisances shall be allowed upon the property, nor use or practice which is a source of annoyance to residents of which interferes with the peaceful possession of the other condominium parcel owners. Apartment owners must abide by the Rules and Regulations adopted by the Association. No apartment may be divided or subdivided into a smaller unit, nor may any portion of a parcel be sold or otherwise transferred without first amending the Declaration of Condominium to show the change in the apartments affected. Any sale, assignment or transfer of the property must be approved by the Association. Buyer may not have a mortgage exceeding 80% of the purchase price at the time of purchase. No apartment owner may mortgage his/her apartment or any interest in it without the approval of the Association. Total mortgage debt, home equity loan or other indebtedness shall not exceed 80% of the purchase price, or evaluation, whichever is the lesser.
3. What restrictions exist in the Condominium documents on the leasing of my unit? There are no rentals of apartments permitted in Clearview Oaks.
4. How much are my assessments to the Condominium Association for my unit type and when are they due? Monthly Management fees for the current year is attached to this form (see budget) and they are due on the first of each month. The ACH Draft is on the 5th of each month. Fiscal year begins January 1st and ends December 31st.
5. 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? No.
6. Am I required to pay rent of land use fees for recreational or other commonly used facilities? If so, how much as I obligated to pay annually? No, all unit owners pay their pro-rate share of the maintenance and operational expenses of the recreation and other commonly used facilities.
7. 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. No.
**Note: The statements contained herein are only summary in nature. A prospective should refer to all references, exhibits hereto, the sales contract and the Condominium documents.