TERRACES AT REUNION CONDOMINIUM ASSOCIATION, INC. As of: May 13, 2010
Q: What are my voting rights in the condominium association?
A: Each member of Terraces at Reunion Condominium Association, Inc. (“Condominium Association”) is entitled to cast one (1) vote for each Dwelling Unit owned by him in accordance with the provisions of Paragraph F of Article IV of the Articles of Incorporation (Exhibit 2 to the Offering Circular) and Article 9 of the Declaration of Condominium of Terraces at Reunion. a Condominium (“Condominium Declaration”) (Exhibit I to the Offering Circular).
Q: What restrictions exist on my right to use my unit?
A: There are various restrictions set forth in the condominium documents, such as restrictions on pets, signs, clotheslines and window decor, to name a few. Please refer to Article 17 of the Condominium Declaration (Exhibit 1 to the Offering Circular) and the Rules and Regulations of the Condominium (Exhibit 6 to the Offering Circular). There are also various similar restrictions in documents relative to the entire Reunion community and the parcel portion of Reunion in which the Condominium is situated (See Exhibits 15 and 16 to the Offering Circular).
Q: What restrictions exist on the leasing of my unit?
A: Dwelling Unit Owners are not prevented from leasing or renting their Dwelling Unit, provided, however, that no Dwelling Unit Owner can develop or implement any multi-Dwelling Unit rental system or rental “pool” or similar program with respect to the Dwelling Units. Dwelling Unit Owners must notify the Condominium Association of
any such lease or rental (including in such notification the term of lease or rental and the name of the lessee). Please refer to Paragraph 19.2 of the Condominium Declaration (Exhibit 1 to the Offering Circular) and Section 3.2.2 of the Parcel Declaration (Exhibit 14 to the Offering Circular) (“Parcel Declaration”).
Q: How much are my assessments to the condominium association for my unit type and when are they due?
A: Please refer to Schedule IA of the Operating Budget for the Condominium Association (Exhibit 5 to the Offering Circular) for the current assessments. Assessments are due quarterly, to be paid in advance on the first day of January, April, July and October. Each Dwelling Unit Owner currently pays $3,844.00 annually.
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. You will also be a member of the Reunion Resort & Club of Orlando Master Association, Inc. (“Association”). Your voting rights are set forth in Section 6.4 of the Master Declaration of Covenants, Conditions, Restrictions and Easements for Reunion Resort & Club of Orlando, Exhibit 13 to the Offering Circular. The base assessments for the Association for the Dwelling Unit Owners is currently $852.00 annually for the year 2010. Please see Exhibits 13 through 15, inclusive, to the Offering Circular. Please note, also, that the Condominium Property is a part of and subject to assessment by the Reunion East Community Development District (“CDD”). The annual capital assessment and annual operating/maintenance assessment per Dwelling Unit by the CDD is currently $332.15 for
the fiscal year which began January 1, 2010. Please see Exhibit 16 to the Prospectus.
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: There are no rent or land use fees due for recreational or other commonly used facilities.
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.
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.
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