Ocean Dunes Towers II HOA Risk Assessment: Workable with rules

02 The five questions

What the documents decide
before your first guest books.

Five dots is the best answer for an owner who wants to run the unit themselves. One dot is a red flag. Open “What the documents say” under each for the exact words.

Can you rent it your way?

Favorable

Whether the deed and rules let you rent short-term on your own terms: no requirement to use the on-site program, no minimum stay that kills weekend bookings, and no rule against saying where the condo is.

STR is expressly permitted with no minimum stay, registration, advertising rule or on-site program, and self-renting owners are recognised in the rules, but renters under 25 are barred and the board alone can tighten rules.

Short-term rentalsAllowed

Must use on-site programNo

Owner may rent it personallyYes

Off-site manager allowedYes

Owner-use limitsNone stated. Time-sharing or interval ownership of a unit is prohibited (Master Deed Art. XV).

RegistrationNo rental registration with the association is stated. Owner must keep a working unit key on deposit with the association (Rules Sec. I; Master Deed Art. XVI). Owners who rent on their own must buy temporary parking pass packets from Ponderosa Management for their guests (Rules Sec. V.C.9).

Disclaimer in your listingNot required

Vote to change rental rulesMaster Deed amendments require the affirmative vote of all members owning a unit (Art. XXVIII); rules and regulations, including the 25-and-over occupancy rule, are adopted and changed by the Board of Directors alone (Master Deed Art. XII; Rules p.1 and Revisions p.10).

What the documents say (10)

“Residential") as "used herein' shall | not be construed as prohibiting the leasing or renting of UNITS.'”Master Deed of Ocean Dunes Tower II HPR, Article XIII, Residential Use Restriction, p.5

“No UNIT shall be the subject of any scheme of time-sharing, interval ownership or similar arrangment whether governed by the South Carolina Vacation Timesharing Act or not.”Master Deed of Ocean Dunes Tower II HPR, Article XV, pp.5-6

“All present or future owners, tenants, or any other person who might use the facilities of the CONDOMINIUM in any manner, are subject to the provisions of this Master Deed and all docu- ments appurtenant hereto and incorporated herewith, and the mere acquisition or rental of any UNIT, or the mere act of occu- pancy of any UNIT, shall signify that the provisions of this Master Deed are accepted and ratified in all respects,”Master Deed of Ocean Dunes Tower II HPR, Article XXX, p.20

“If you rent your unit and your rental company issues temporary hang tags for parking, this will be an acceptable form of parking identification.”Rules and Regulations (recorded 09/15/2020), Section V Parking Rules, C.8, p.7

“If you rent your unit on your own, we have implemented a temporary parking tag for guests. Please be aware that there is a fee of $5.00 per parking pass packet; the packet includes 25 passes. The packet can be purchased at the management office, payable by check only. Please be sure to inform your rental agent that they must purchase the parking passes from Ponderosa Management.”Rules and Regulations (recorded 09/15/2020), Section V Parking Rules, C.9, p.7

“1. No person under 25 years of age is permitted to occupy a condominium unless a parent or unit owner is in residence. 2. Only unit owners, tenants, renters, or guests are allowed.”Rules and Regulations (recorded 09/15/2020), Section II General Rules, items 1-2, p.4

“Section II, tem 1. Rental Age was increased to 25 and over”Rules and Regulations (recorded 09/15/2020), Revisions 08.07.2020, p.10

“At such meeting, the amendment or amendments proposed must be approved by an affirmative vote of all the members owning a UNIT in the CONDOMINIUM and entitled to vote in order for such amendment or amendments to become effective.”Master Deed of Ocean Dunes Tower II HPR, Article XXVIII, Amendment of Master Deed, p.19

“Please advise your rental companies and tenants, that Ocean Dunes Tower II is not a resort or hotel, but a residential condominium building.”2022 Year End Newsletter with 2023 Operating Budget, Unruly/Disrespectful Renters section, p.3

“As stated in the By-laws Restated and Amended as of July 2, 1992, the Board of Directors may make and amend regulations governing the use of the property, real and personal, in the Condominium project so long as such regulations or amendments thereto do not conflict with the restrictions and limitations which may be placed upon the use of such property under the terms of the Articles of Incorporation and Master Deed.”Rules and Regulations (recorded 09/15/2020), Section IV Pet Rules, preamble, p.6

Will your guests be treated like guests?

Typical

Whether a guest who booked through you gets the same resort as a guest who booked through the front desk: the same pools, parking, wristbands and check-in, or a second-class version of them.

Rental guests get the same pool and parking access as owners' guests, but there is no front desk, the owner must buy and distribute parking passes and keys, and guests can never bring pets.

Amenities for your guestsSame as program guests

Off limits to your guestsPets: renters, guests and house guests may never bring a pet (owners only)

Wristbands & parking passesNo wristbands. Each unit gets two owner parking stickers from management (more with vehicle registrations). Renter vehicles need either the rental company's temporary hang tag or a temporary parking pass that the owner/rental agent buys from Ponderosa Management at $5.00 per packet of 25 passes (check only). Vehicles without a pass or sticker are towed after a 24-hour warning; improperly parked vehicles towed without warning. RVs, trailers, large vans and boats must use the designated overflow lot.

Check-inunstated; no front desk or check-in procedure appears in any document (the management office is off-site at Ponderosa Management and the newsletter says the building is not a resort or hotel)

TrashBuilding has a trash chute (budget line 53470). Rules and newsletter prohibit placing trash or linens in hallways; cleaning companies must not sweep unit debris onto the common walkway.

ElevatorsTwo elevators; no service-elevator or vendor-hour rules stated. Rules: do not play on or hold the elevators.

Housekeeping & linenOwner arranges own cleaning company; newsletter asks owners to make cleaning companies not leave trash or linens in the hallway. The commercial unit holds the 'maid' rooms as limited common elements for maid stations or storage.

What the documents say (8)

“Failure to comply with any of these rules shall be considered sufficient cause for any action deemed necessary by the Association, including the barring of violators from the pool area; as ONLY Ocean Dunes Tower II owners (Members) and their Guests are allowed to use the pool facilities.”Rules and Regulations (recorded 09/15/2020), Section III Pool Rules, p.5

“1. Pool hours are from 9:00 A.M. until 10:00 P.M.”Rules and Regulations (recorded 09/15/2020), Section III Pool Rules, item 1, p.5

“1. Parking is limited to owners, renters and guests.”Rules and Regulations (recorded 09/15/2020), Section V Parking Rules, C.1, p.7

“5. Each unit will receive two (2) owner parking stickers.”Rules and Regulations (recorded 09/15/2020), Section V Parking Rules, C.5, p.7

“11. Vehicles without the temporary parking passes and/or owner stickers will be towed after a 24 hour warning at the owner's expense”Rules and Regulations (recorded 09/15/2020), Section V Parking Rules, C.11, p.7

“1. Only Deeded Owners are permitted to have pets on property. No guests, no renters, no long-term lessees, no house guests, etc., are permitted to have a pet (either a cat or dog) on the property AT ANY TIME.”Rules and Regulations (recorded 09/15/2020), Section IV Pet Rules, item 1, p.6

“Also, advise your cleaning company not to place trash or linens in the hallway, as well as don't use the broom to sweep debris out of the unit onto the common area walkway for maintenance to clean up!”2022 Year End Newsletter with 2023 Operating Budget, Unruly/Disrespectful Renters section, pp.3-4

“4. Drunk or disorderly conduct will not be tolerated and is grounds for eviction and/or dismissal from the property.”Rules and Regulations (recorded 09/15/2020), Section II General Rules, item 4, p.4

How much work lands on you?

Favorable

What the rules make the owner personally responsible for: a local contact who answers in minutes, keys and passes, trash, fines for guest behaviour, vendor hours and elevators.

Nothing beyond normal hosting except a key on file with the association, buying renter parking passes from the off-site manager, winterizing duties and pet/parking fines; no local-contact or response-time rule.

Locks & keysOwner must deposit a working key to the unit with the association for emergency entry (Rules Sec. I; Master Deed Art. XVI). No lock-type or smart-lock rules stated.

FinesPet violations: $50 per day until a guest's/renter's pet is removed (24-hour grace); $50 per occurrence for leash/clean-up violations, escalating by $50 per occurrence under the pet form. Damage from vandalism assessed against the violator. Towing at owner's expense. Owner is liable under the deed for repair costs caused by lessees, guests or agents to the extent not covered by association insurance, and for any insurance-rate increase caused by use of the unit. Smoking within the pool fence or within 30 feet of the building can cost pool privileges for the day. No general fine schedule for renter conduct is stated.

Contractors & vendorsNone stated beyond cleaning-company conduct (no trash/linens in hallways, no sweeping onto walkways). Structural alterations, balcony enclosures and exterior changes need written association consent.

AlsoOwner must winterize the unit (heat on, water off when vacant) and maintain all in-unit systems; a freeze-related pipe burst may not be insured. Owner pays the association's insurance deductible share for in-unit items (Art. XX). Association may levy additional assessments at any time in the Board's sole discretion if the budget proves insufficient or in emergencies. Attorney-fee shifting is one-way: the association recovers fees when it wins a default proceeding, the owner never does (Master Deed Art. XXIX.C).

What the documents say (5)

“It is the responsibility of each owner to provide a working key to the Association for his/her/their unit.”Rules and Regulations (recorded 09/15/2020), Section I Unit Access, B, p.3

“If it is found a guest, renter, long-term lessee, or house guest has a pet on-site, they will have 24 hours to remove the pet or the Owner of the unit will be subject to a $50 per day immediate fine until the animal is removed.”Rules and Regulations (recorded 09/15/2020), Section IV Pet Rules, item 1, p.6

“B. The owner or owners of each UNIT shall be liable for the expense of any maintenance, repair or replacement oma k necessary by his act, neglect or carelessness, or by tifa Od Qaye 133 member of his family, or his or their guests, employees, agents or lessees, but only to the extent that such expense is not met by the proceeds of insurance carried by ASSOCIATION.”Master Deed of Ocean Dunes Tower II HPR, Article XXIX.B, Remedies in Event of Default, pp.19-20

“9. Any damage caused by such acts will be assessed against the violator(s).”Rules and Regulations (recorded 09/15/2020), Section II General Rules, item 9, p.4

“Please be reminded that if a freeze occurs, and the heat is not on in a unit and a pipe bursts causing damage - there may not be any insurance coverage. lf you rent your unit, please make your rental agent aware of their responsibility to you to maintain your unit as well.”2022 Year End Newsletter with 2023 Operating Budget, Homeowner Interior Maintenance Responsibility, p.2

Is the money healthy?

Typical

Whether the association can pay for the building without surprise bills: reserves, special assessments, insurance deductibles, how fast dues are rising, and how much of the fee passes through to a master association.

Reserves are well funded (23.4% of budget, $203k balance) and no special assessment is stated, but insurance jumped 28% as a separate add-on assessment, dues rose 5.74%, the wind deductible is 2% of building value, 2022 ran an $18k operating loss with only $31k operating cash, and the board may assess at will.

2023 budget$435,432

Dues change+5.7% on the year

Reserves23% of budget

Reserve balance$203,327

Special assessments2023 $68,195 budgeted 'Insurance Assessment Income' (2022: $53,147); per-unit share not stated in any document (about $804 per residential unit per year, roughly $67 a month, if apportioned by the 1.1792% interest as Master Deed Art. XXVI.A requires; our calculation) Annual insurance assessment collected to fund the property insurance premium; the financial report carries 'Deferred Insurance' that is reduced 1/12th 'until the insurance assessment is due', and 84 x $360 x 12 plus the commercial $289 x 12 equals $366,348, within $500 of budgeted Association Fees plus Capital Reserve Contributions ($365,852) and far short of the total with the insurance line, so the insurance assessment appears to be billed separately from the $360 monthly figure (the documents do not say so explicitly); the December 2022 report also says income ran over budget 'due to the insurance assessment coming in higher than budgeted'

InsuranceInsurance expense rose from $53,147 (2022 budget) to $68,195 (2023), +28.3%. Policy renews each August 20; premium is prepaid at renewal ($43,444.87 prepaid at 12/31/2022). Post-hurricane roof damage was not claimed because the cost is under the 2% wind deductible; repair to be paid from reserves. A fire pump failure required a paid fire watch for over 20 weeks ($23,705.59 charged to reserves in December 2022) which the newsletter says 'has put a large dent in our insurance funds'. Under Master Deed Art. XXIII, if casualty insurance proceeds are insufficient the association pays the shortfall from the Reserve for Replacements and, if that is insufficient, levies an assessment on all owners. The newsletter's 2023 look-ahead also lists finishing the painting of all unit doors and reviewing proposals to coat the east and west sides of the building, with no cost or funding source stated.

Wind deductibleWind & Hail deductible of 2% of the total value of the building (2022 newsletter, A Look Ahead)

DelinquencyAssessments due on the 1st, in arrears if not received by month-end. Rules policy: payments more than 30 days late incur a late charge plus 10% per annum interest; collections and late fees start once the balance exceeds $50; payments apply to late charges, fines and fees before assessments; payment plans only for hardship. Deed Art. XXVI.G: Board may accelerate the annual assessment on 10 days' notice and after 20 days may foreclose the lien; owner personally liable plus attorney fees. Delinquent receivables were $4,504.45 at 12/31/2022 (down from $12,299.75 the prior month). In a lien foreclosure the association is also entitled to rental from the owner from the delinquency date and to a receiver for the unit (Art. XXVI.J), and in any default proceeding the association recovers its attorney fees if it wins while the owner never can (Art. XXIX.C).

What the documents say (19)

“The 2023 Annual Operating Budget has been adopted at a 5.74% increase to the monthly assessments. Therefore, the monthly assessment will be $360.00 for all units and $289 for the commercial space.”2022 Year End Newsletter with 2023 Operating Budget, 2023 Operating Budget, p.1

“Please be reminded that the monthly assessments has remained the same for over twelve years, with just a slight increase in 2022.”2022 Year End Newsletter with 2023 Operating Budget, 2023 Operating Budget, p.1

“41000 Association Fees $249,114 $268,852 ($19,738) Re 41200 Capital Reserve Contributions $97,000 $97,000 $0 ... 41645 Insurance Assessment Income $53,147 $68,195 $15,048) Total Income $400,646 $435,432”2022 Year End Newsletter with 2023 Operating Budget, 2023 Approved Summary Budget Analysis, Income, p.5

“50500 Insurance Expense $53,147 $68,195 $15,048”2022 Year End Newsletter with 2023 Operating Budget, 2023 Approved Summary Budget Analysis, Administrative Expense, p.5

“55100 _ Reserves Expense $97,000 $102,100 $5,100 ... Total Expenses ___$400,646 $435,432 __ $34,786”2022 Year End Newsletter with 2023 Operating Budget, 2023 Approved Summary Budget Analysis, Other Expenses, p.5

“Reserve Funding — Increased by $5,100 or 5.25%.”2022 Year End Newsletter with 2023 Operating Budget, Expenses explanations, p.1

“As of the end of the month the Cash – Reserve Savings totals $203,326.71.”Financial Report for December 31, 2022 (unaudited), Reserve Fund Statement, p.3

“Cash-Operating: $31,046.98– Decrease from the previous month which was $32,684.45.”Financial Report for December 31, 2022 (unaudited), Balance Sheet Items, p.1

“At the end of the month, the financials reflected an excess of income over expenses totaling ($18,064.26). This is mainly due to mandated illumination of the stairwells.”Financial Report for December 31, 2022 (unaudited), Equity, p.1

“Deferred Insurance: $51,136.56 (reduced 1/12th until the insurance assessment is due).”Financial Report for December 31, 2022 (unaudited), Liabilities, p.1

“$$6,040.00– Roof – Down payment for the approved roof repairs. $23,705.59 – Fire Watch”Financial Report for December 31, 2022 (unaudited), Reserve Fund Statement, Expense, p.3

“the cost will not exceed the Association Wind & Hail Insurance deductible of 2% of the total value of the building. Therefore, a claim was not filed.”2022 Year End Newsletter with 2023 Operating Budget, A Look Ahead, Roof repair, p.2

“Due to the building being on fire watch for over 20 weeks, the expense has put a large dent in our insurance funds.”2022 Year End Newsletter with 2023 Operating Budget, A Look Ahead, Fire Pump, p.2

“Whereas, Article XXVI, Section G of the Master Deed states, "any assessment not paid within 30 days after the due date shall bear interest from the due date at the rate of ten percent (10%) per annum.”Rules and Regulations (recorded 09/15/2020), Section VII Assessments, p.9

“Should the Board of Directors at any time determine, in the sole discretion of said Board of Directors, that the assessments levied are or may prove to be insufficient to pay the costs of operation and management of the CONDOMINIUM, or in the event of emergencies, said Board of Directors shall have the authority to levy such additional assessment or assessments as it shall deem to be necessary.”Master Deed of Ocean Dunes Tower II HPR, Article XXVI.C, p.14

“A. All assessments levied against the owners of UNITS and said UNITS shall be uniform and, unless specifically otherwise provided for in this Master Deed, the assessments made by ASSOCIATION shall be in such proportion that the amount of assessment levied against each owner of a UNIT and his UNIT shall bear the same ratio to the total assessment made against all owners of UNITS and their UNITS as does the undivided interest in COMMON ELEMENTS appurtenant to each UNIT bear to the total undivided interest in COMMON ELEMENTS appurtenant to all UNITS.”Master Deed of Ocean Dunes Tower II HPR, Article XXVI.A, p.14

“may be paid by ASSOCIATION out of its Reserve for Replacements Fund, and if the amount in such Reserve for Replacements Fund is not sufficient, then ASSOCIATION shall levy and collect an assessment against the owners of all UNITS and said UNITS in an amount which shall provide the funds required to pay for said repair, replacement or reconstruction.”Master Deed of Ocean Dunes Tower II HPR, Article XXIII, Use and Distribution of Insurance Proceeds, p.11

“More funds were booked for the month due to the insurance assessment coming in higher than budgeted. The income will be offset with the expense.”Financial Report for December 31, 2022 (unaudited), Operating Income/Expense Statement, Income explanation, p.2

“Review proposals for the coating of the east and west side of the building.”2022 Year End Newsletter with 2023 Operating Budget, A Look Ahead, p.2

Who's really in charge?

Favorable

Who holds the power the documents hand out: an owner-elected board, or a developer or commercial-unit owner with deed-level rights over rentals, guest services and the building's name.

Owner-elected board with developer control long expired and no rental monopoly, but a protected commercial unit can run rental/management operations, a developer deck easement persists, and the unanimous deed-amendment rule makes any deed change impractical.

StructureOne association

Commercial unitYes, with its own deed rights

BoardFirst board of five directors; size of later boards set by the by-laws (not in this set). Directors elected by owners at the annual members' meeting (second Saturday in March) for two-year staggered terms; non-cumulative voting with as many votes per unit as seats to fill. Board may employ a managing agent (currently Ponderosa Management, LLC).

Developer rightsDeveloper (Sands Development South Carolina, Inc.) right to appoint a board majority expired April 1, 1986. Developer keeps a perpetual easement over the eastern parking area to build, own and maintain a recreational deck (assignable), must maintain and insure it, and its reserved rights cannot be amended without its consent.

Commercial-unit rightsOne first-floor commercial unit (0.9468% interest, $289/month) usable 'for any lawful purpose including ... offices and reception areas for the purpose of general rentals, management, sales of UNITS'; the association may take no action that limits its permitted activities; it may alter its unit and its limited common elements (the 'maid' rooms) without board consent. No exclusive rental, check-in or guest-service rights are granted to it.

VotesOne membership per unit; majority of units represented at a quorum meeting binds members unless the documents require more; proxies allowed per meeting; special meetings on request of owners of a majority of units.

Changing the deedMaster Deed: proposed by board majority or owners of a majority of units, then must be approved by an affirmative vote of ALL members owning a unit; percentage interests and assessment basis need all owners plus mortgagees; developer/lender reserved rights need their consent. Articles of Incorporation: proposed by board majority or owners of a majority of property value (approval threshold on a missing page). Rules: adopted and revised by the board.

Disputes or lawsuitsNo litigation stated. Operational issues in the 2022 newsletter: hurricane roof damage under the wind deductible (repair from reserves, multiple proposals sought), fire pump on back-order with a 20-plus-week paid fire watch, mandated stairwell lighting causing a 2022 operating loss, recurring complaints about unruly renters, cleaning companies and dogs in the building, and owner complaints about rental company conduct; the 2023 look-ahead also lists finishing the painting of all unit doors and reviewing proposals to coat the east and west sides of the building. The deed lets the association recover attorney fees in any default proceeding it wins but says an owner is never entitled to them (Art. XXIX.C).

What the documents say (8)

“Provided, however, that no action shall be permitted which would Limit the owners of the Commercial UNIT from carrying on its permitted activities.”Master Deed of Ocean Dunes Tower II HPR, Article XII, p.5

“The Commercial UNIT may be used for any lawful purpose including, but not limited to, offices and reception areas for the purpose of general rentals, management, sales of UNITS located in Ocean Dunes Tower II and other related and/or unrelated properties.”Master Deed of Ocean Dunes Tower II HPR, Article XIII, p.5

“GRANTOR expressly reserves unto itself, its successors and assigns a perpetual easement over the parking area located on the eastern side of the building. This easement is reserved for the purpose of constructing and maintaining a deck for recreational facilities to be owned by GRANTOR, it successors and assigns,”Master Deed of Ocean Dunes Tower II HPR, Article I-A, p.1

“The power of the owner to designate Directors as above referred to shall terminate on the lst day of April, 1986.”Master Deed of Ocean Dunes Tower II HPR, Article XXXI, p.21

“The term of the Directors so selected at the Annual Meeting of members each year shall be for two (2) years expiring at the second Annual Meeting following their election,”Master Deed of Ocean Dunes Tower II HPR, Exhibit D By-Laws, Art. 4 (page 4 of By-Laws), scan p.34

“the affirmative vote of the owners of a majority of the UNITS represented at any duly called members! meeting at which a quorum is present shall be binding upon the members.”Master Deed of Ocean Dunes Tower II HPR, Exhibit D By-Laws, Art. 2(f), scan p.32

“Accrued Expenses: $2,354.46 – Ocean Dunes Tower shared expenses invoice and elevator maintenance.”Financial Report for December 31, 2022 (unaudited), Liabilities, p.1

“In any proceeding arising because of an alleged default by the owner of any UNIT, the ASSOCIATION, if successful, shall be entitled to recover the costs of the proceedings, and such reasonable attorney's fees as may be determined by the Court, but in no event shall the owner of any UNIT be entitled to such attorney's fees.”Master Deed of Ocean Dunes Tower II HPR, Article XXIX.C, Remedies in Event of Default, p.20

04 The money

What you pay, and where it goes.

An HOA fee is a share of a budget. The budget tells you whether the fee is buying upkeep or catching up on it.

Regular assessments, 2023

Unit type	Per month	Per year
Residential unit (all 84 units, each 1.1792% interest)	$360	$4,320
Commercial unit (0.9468% interest)	$289	$3,468

What the dues cover

cable television (budget $19,355)internet (budget $7,308)water & sewer (budget $19,000)trash removalpest controlcommon-area electricitywatchman serviceselevator and generator maintenancepool maintenancefire alarm/sprinkler maintenancemaintenance staff / building supervisorproperty insurance (via separate insurance assessment)in-unit electric: unstated (association pays only utilities 'not billed to the owners of the separate UNITS')

Where the budget goes

Reserves Expense (capital reserve funding)$102,100 · 23%

Maintenance Staff$74,400 · 17%

Insurance Expense$68,195 · 16%

General Maintenance$22,000 · 5%

Management Contract (Ponderosa Management)$20,172 · 5%

Cable Television$19,355 · 4%

Water & Sewer$19,000 · 4%

The figures, in the documents' words (19)

“The 2023 Annual Operating Budget has been adopted at a 5.74% increase to the monthly assessments. Therefore, the monthly assessment will be $360.00 for all units and $289 for the commercial space.”2022 Year End Newsletter with 2023 Operating Budget, 2023 Operating Budget, p.1

“Please be reminded that the monthly assessments has remained the same for over twelve years, with just a slight increase in 2022.”2022 Year End Newsletter with 2023 Operating Budget, 2023 Operating Budget, p.1

“41000 Association Fees $249,114 $268,852 ($19,738) Re 41200 Capital Reserve Contributions $97,000 $97,000 $0 ... 41645 Insurance Assessment Income $53,147 $68,195 $15,048) Total Income $400,646 $435,432”2022 Year End Newsletter with 2023 Operating Budget, 2023 Approved Summary Budget Analysis, Income, p.5

“50500 Insurance Expense $53,147 $68,195 $15,048”2022 Year End Newsletter with 2023 Operating Budget, 2023 Approved Summary Budget Analysis, Administrative Expense, p.5

“55100 _ Reserves Expense $97,000 $102,100 $5,100 ... Total Expenses ___$400,646 $435,432 __ $34,786”2022 Year End Newsletter with 2023 Operating Budget, 2023 Approved Summary Budget Analysis, Other Expenses, p.5

“Reserve Funding — Increased by $5,100 or 5.25%.”2022 Year End Newsletter with 2023 Operating Budget, Expenses explanations, p.1

“As of the end of the month the Cash – Reserve Savings totals $203,326.71.”Financial Report for December 31, 2022 (unaudited), Reserve Fund Statement, p.3

“Cash-Operating: $31,046.98– Decrease from the previous month which was $32,684.45.”Financial Report for December 31, 2022 (unaudited), Balance Sheet Items, p.1

“At the end of the month, the financials reflected an excess of income over expenses totaling ($18,064.26). This is mainly due to mandated illumination of the stairwells.”Financial Report for December 31, 2022 (unaudited), Equity, p.1

“Deferred Insurance: $51,136.56 (reduced 1/12th until the insurance assessment is due).”Financial Report for December 31, 2022 (unaudited), Liabilities, p.1

“$$6,040.00– Roof – Down payment for the approved roof repairs. $23,705.59 – Fire Watch”Financial Report for December 31, 2022 (unaudited), Reserve Fund Statement, Expense, p.3

“the cost will not exceed the Association Wind & Hail Insurance deductible of 2% of the total value of the building. Therefore, a claim was not filed.”2022 Year End Newsletter with 2023 Operating Budget, A Look Ahead, Roof repair, p.2

“Due to the building being on fire watch for over 20 weeks, the expense has put a large dent in our insurance funds.”2022 Year End Newsletter with 2023 Operating Budget, A Look Ahead, Fire Pump, p.2

“Whereas, Article XXVI, Section G of the Master Deed states, "any assessment not paid within 30 days after the due date shall bear interest from the due date at the rate of ten percent (10%) per annum.”Rules and Regulations (recorded 09/15/2020), Section VII Assessments, p.9

“Should the Board of Directors at any time determine, in the sole discretion of said Board of Directors, that the assessments levied are or may prove to be insufficient to pay the costs of operation and management of the CONDOMINIUM, or in the event of emergencies, said Board of Directors shall have the authority to levy such additional assessment or assessments as it shall deem to be necessary.”Master Deed of Ocean Dunes Tower II HPR, Article XXVI.C, p.14

“A. All assessments levied against the owners of UNITS and said UNITS shall be uniform and, unless specifically otherwise provided for in this Master Deed, the assessments made by ASSOCIATION shall be in such proportion that the amount of assessment levied against each owner of a UNIT and his UNIT shall bear the same ratio to the total assessment made against all owners of UNITS and their UNITS as does the undivided interest in COMMON ELEMENTS appurtenant to each UNIT bear to the total undivided interest in COMMON ELEMENTS appurtenant to all UNITS.”Master Deed of Ocean Dunes Tower II HPR, Article XXVI.A, p.14

“may be paid by ASSOCIATION out of its Reserve for Replacements Fund, and if the amount in such Reserve for Replacements Fund is not sufficient, then ASSOCIATION shall levy and collect an assessment against the owners of all UNITS and said UNITS in an amount which shall provide the funds required to pay for said repair, replacement or reconstruction.”Master Deed of Ocean Dunes Tower II HPR, Article XXIII, Use and Distribution of Insurance Proceeds, p.11

“More funds were booked for the month due to the insurance assessment coming in higher than budgeted. The income will be offset with the expense.”Financial Report for December 31, 2022 (unaudited), Operating Income/Expense Statement, Income explanation, p.2

“Review proposals for the coating of the east and west side of the building.”2022 Year End Newsletter with 2023 Operating Budget, A Look Ahead, p.2

Ocean Dunes Towers II.

The documents behind this page.

What the documents decide
before your first guest books.

Can you rent it your way?

Will your guests be treated like guests?

How much work lands on you?

Is the money healthy?

Who's really in charge?

For the owner who runs it themselves.

Working for you

Watch-outs

What you pay, and where it goes.

Regular assessments, 2023

What the dues cover

Where the budget goes

What to put in the house manual.

What to ask the association for.

Have the documents read
for the building you are weighing.

Ocean Dunes Towers II.

The documents behind this page.

What the documents decidebefore your first guest books.

Can you rent it your way?

Will your guests be treated like guests?

How much work lands on you?

Is the money healthy?

Who's really in charge?

For the owner who runs it themselves.

Working for you

Watch-outs

What you pay, and where it goes.

Regular assessments, 2023

What the dues cover

Where the budget goes

What to put in the house manual.

What to ask the association for.

Have the documents readfor the building you are weighing.

What the documents decide
before your first guest books.

Have the documents read
for the building you are weighing.