Banana Bay Condominium Association, Inc

c/o Reconcilable Differences, Inc.

109 Long Point Road

Cape Canaveral, FL 32920

321-799-0660

FREQUENTLY ASKED QUESTIONS AND ANSWER SHEET

Q. What are my voting rights in the association?

A. The owner of each condominium unit shall be entitled to cast one (1) vote. Where more than one (1) person, all owners own a condominium unit thereof shall, in writing, designate an individual who shall be entitled to cast the vote in behalf of the owners of such condominium unit. (Refer to Section IX, of the Declaration of Condominium).

Q. What restrictions exist in the condominium documents on my right to use my unit?

 A. Each unit is restricted to residential use by the owner or owners, their immediate families and guests. Each two-bedroom unit is restricted to no more than four (4) occupants. Each three Bedroom unit is restricted to no more than five (5) occupants. (Refer to Section X, of the Declaration of Condominium) Additional restrictions are contained in the Banana Bay Condominium Association Rules and Regulations

Q. What restrictions exist in the condominium documents regarding pets?

A. One (1) pet shall be allowed to be kept in the owner’s unit, however, the pet shall not exceed thirty (30) pounds in weight, the pet must be kept on a leash on the condominium common areas, excrement must be picked immediately and pet shall not create a nuisance.

Q. What restrictions exist in the condominiums documents on the leasing of my unit?                                       

A. The unit may be rented provided the occupancy is only by one (1) lessee and members of his/her immediate family, guests and servants. No rooms may be rented and no transient tenants may be accommodated. No lease of an apartment shall release or discharge the owner thereof of compliance with this Section X, or any of his other duties as a joint owner. Time sharing of units is prohibited. Ownership of a unit on a monthly or weekly time sharing program is prohibited. The minimum rental period shall not be less than thirty (30) days. Subleasing of units is prohibited. All leases shall be in writing and shall be subject to the Declaration of Condominium, the By Laws of the Association, and Rules and Regulations of the Condominium (Refer to Section X, Use Restrictions of the Declaration of Condominium). Additional restrictions are contained in the Banana Bay Rules and Regulations, a current copy of which is available to all unit owners and tenants.

Q. What restrictions exist in the condominium documents regarding renovations or additions to a unit?

A. The Banana Bay board of directors must approve all renovations or additions (See Section IX of the Declaration of Condominium)

Q. How much are my assessments to the condominium association for my unit and when are they due?

A. The current monthly maintenance assessment is $ 425.00 as of January 1, 2008. Payment is due on the first of each month and becomes delinquent if not paid by the tenth (10th) of the month. A Late Fee charge of twenty-five ($25.00) dollars will be applied to past due payments. (See Section VII, Declaration of Condominium)

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. Banana Bay Condominium Unit Owners do not have to be a member of any other Association.

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. Banana Bay Condominium Unit Owners are not required to pay rent or land use fees for recreational facilities, with the exception that Unit Owners are required to pay a nominal fee for private use of the Association Clubhouse facilities. (See current Rules and Regulations for additional details.)

Q. Is the condominium association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100,000.00? If so, identify each case.

A. No

NUMBER OF BUILDINGS:                                  22 4-unit townhomes and 2 24-unit condominium buildings

                                                            with 2 garage buildings

NUMBER OF UNITS:                                               136

DATE ASSOCIATION WAS FORMED:                       October 21, 1985

MAINTENANCE FEES:                                     $380.00 monthly, per unit

VOTING RIGHTS:                                           One vote per unit owner

                                                            Mandatory Membership in Association

                                                            No Master Association

INSURANCE AGENCY/AGENT:            Statewide Insurance, Dave Siperek (flood insurance) 800-260-5252

                                           Acordia Insurance, Mel Shapanka, property and liability  305-428-0015

PERCENTAGE OF UNITS RENTED:                          19%

UTILITIES PAID BY ASSOCIATION:        Water, Sewer, Standard Cable, Pest Control, Trash Removal, Outdoor Electricity

ASSOCIATION BOARD:                                      Consists of 5 members                       

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.