FAQ's

IMPERIAL LAKES ESTATES CONDOMINIUM ASSOCIATION, INC.

QUESTION AND ANSWER SHEET

As of 1/1/23

What fee payments are required of unit owners?

Each unit owner is required to share equally in all of the expenses of the Association. An annual budget is prepared by the Board of Directors and used as a basis for the quarterly maintenance fee. The current fee effective 4/1/2022 is $474.00.

Are there restrictions on the use of units?

Yes. All sales and leases of units must have prior Board approval. Units are single family residences. Commercial use is prohibited. Additional restrictions exist regarding parking, signs, fences, antennas, exterior changes, speed limits, use of lakes and other subjects. Further information regarding restrictions is provided in the Declaration of Condominium.

What are my voting rights and are Board meeting open to owners?

Only unit owners may vote. Only one vote per unit may be cast. Elections to the Board must be done by ballot, but a signed proxy is allowed for other matters. All meetings are open to members. Residents are welcome to attend. Notice of meetings are posted on the club house bulletin board per (Click on this link to see) 718 FS.

Is the Condominium currently in litigation where it may face liability in excess of $ 100,000?

Yes, possible amount of $100,000.

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?

No. All recreational and common area use facilities are included with your membership.

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.

12/22