OWNERS FREQUENTLY ASKED QUESTIONS (FAQ)


Q: What are my voting rights in the Condominium Association?

A: Each unit owner is entitled to 1 vote for each unit owned. If a unit is owned by more than one person, the persons owning the unit are entitled to cast a single vote.

Q: What rights do I have to attend Board of Directors meetings?

A: Each owner is entitled to attend all Board of Director meetings. Agendas are posted on all bulletin boards at Coral Falls at least 48 hours in advance of the meeting. Notices for the annual meeting and budget meetings are mailed to all owners at least 14 days before the meeting day.

Q: What restrictions exist on my right to use my unit?

A: Each unit may be used for residential purposes only.

Q: What restrictions exist on the leasing of my unit?

A: No unit may be rented, leased or loaned more than once for any 7 day period. No more than 6 people may occupy a leased unit at any time.

Q: What are the Associationís assessments for my unit, and when are they due?

A: An assessment of $953 is due on January 1, April 1, July 1, and October 1.

Q: Do I have to be a member in any other Association?

A: Yes. As an owner at Coral Falls Resort, you are also required to pay Lely Resort fees (LCCD) which is $681 $648 per year (as of 2009 2014) and is collected with your taxes..

Q: Do I have to join the new Players Club?

A: No. Membership in the Players Club is optional.

Q: Is the 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.