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FREQUENTLY ASKED QUESTIONS AND ANSWERS SHEET
| ISLAND HOUSE SOUTHEAST CONDOMINIUM ASSOC. | As of 8/25/98 |
| Name of Condominium Association | (Date) |
- Q: What are my voting rights in the condominium association?
- A: ONE VOTE PER UNIT.
- Q: What restrictions exist in the condominium documents on my right to use my unit?
- A: REFER TO ARTICLE XI "USE RESTRICTIONS" IN THE DECLARATION OF CONDOMINIUM.
- Q: What restrictions exist in the condominium documents on the leasing of my unit?
- A: EACH UNIT SHALL BE LIMITED TO TWO (2) RENTALS PER CALENDAR YEAR WITH EACH RENTAL BEING FOR A MINIMUM PERIOD OF THIRTY (30) DAYS.
- Q: How much are my assessments to the condominium association for my unit type and when are they due?
- A: ASSESSMENTS ARE DUE THE 1ST OF EACH QUARTER. EACH UNIT OWNER IS ASSESSED FOR A PROPORTIONATE SHARE OF THE COMMON EXPENSES. SEE ATTACHED UNDIVIDED SHARE BREAKDOWN.
- 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: NO.
- 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.
There are two penthouses on the penthouse floor of the apartment building which are described as Penthouse North and Penthouse South.
C. Appurtenances to Dwelling Units. The owner of each dwelling unit shall own a share and a certain interest in the condominium property which share and interest are appurtenant to his dwelling unit, including but not limited to the following items which are appurtenant to the several dwelling units as indicated:
1. Common elements and common surplus. The undivided share in the land and other common elements, and in the common surplus, which is appurtenant to each dwelling unit is as follows:
| Dwelling Unit | Undivided Share | Dwelling Unit | Undivided Share |
| 102 | 2.12 | 204 | 2.90 |
| 201 | 3.40 | 205 | 3.51 |
| 202 | 3.30 | 206 | 3.19 |
| 203 | 3.24 | 207 | 3.96 |
| 208 | 3.85 | 401 | 3.57 |
| 301 | 3.46 | 402 | 3.46 |
| 302 | 3.35 | 403 | 3.40 |
| 303 | 3.30 | 404 | 3.07 |
| 304 | 2.96 | 405 | 3.68 |
| 305 | 3.57 | 406 | 3.35 |
| 306 | 2.43 | 407 | 4.13 |
| 307 | 4.01 | 408 | 4.01 |
| 308 | 4.72 | Penthouse North | 7.03 |
| | | Penthouse South | 7.03 |
2. Storage space. The common elements upon the ground floor include storage spaces, one of which will be assigned to the exclusive use of each dwelling unit owner.
3. Association membership. The membership of each dwelling unit owner in the Association and the interest of each dwelling unit owner in the funds and assets held by the Association.
D. Liability for common expenses. Each dwelling unit owner shall
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