DBAC, INC

(Dolphin Beach Apartment Condominiums)
c/o Reconcilable Differences, Inc.

109 Long Point Road

Cape Canaveral, FL 32920

321-799-0660

Fax: 321-799-0630

www.ReconcilableDifferences.net

FREQUENTLY ASKED QUESTIONS AND ANSWER SHEET

NUMBER OF BUILDINGS:                                      2

NUMBER OF UNITS:                                               40 – 4 two-bedroom units and 36 one-bedroom units

DATE ASSOCIATION WAS FORMED:                  March 7, 1972

2007 MAINTENANCE FEES:                                   $333.00 monthly, per 1-bedroom unit

                                                                                   $435.00 monthly, per 2-bedroom unit

VOTING RIGHTS:                                                      One vote per unit owner

                                                                                    Mandatory Membership in Association

                                                                                    No Master Association

LEASING RESTRICTIONS:                                      Section 2 of Article XX states, “No unit shall be leased or rented for less than ninety (90) days.” Renters must be approved by the Board of Directors at least 5 days before move-in. Contact management for forms.

INSURANCE AGENCY/AGENT:                              Ranew Insurance, Barry Ranew 321-777-7979

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

LAND LEASE:                                                            The land on which this condominium was created is held under a lease having a term initially in excess of 98 years and is legally described on Exhibit “A”. MFW Investments, Inc, the developer of the condominium project, is the lessee and record title holder of the equitable ownership of the leasehold interest created by said lease, and William D. Kabboord, Trustee, is the lessor and fee owner. The Association is obligated to pay $15,000.00 annually and each unit pays it’s pro-rata share; one bedroom units pay 2.425% share and 2-bedroom units pay 3.175% share of the cost.

LEGAL RESTRICTIONS:                                             

Article XVI, Common Elements states, “No unit owner shall make any alteration or do any work within his respective unit unless approval therefore first be given by the Board of Directors, which approval shall not be unreasonably withheld unless the work would… jeopardize the safety or soundness of the common elements, or would impair easements.

Article XIX, Restrictions, Section J states, “No signs can be affixed to any common element, limited common element or in his respective unit if such sign may be seen from any portion of the common elements

Article XIX, Section 6 states, “All common hallways, balconies and passages shall be kept free for their intended use, by the unit owners in common, and shall, in no event, be used as storage areas by the individual unit owners, either on a temporary or permanent basis."

Article XIX, Section 7 states, “No clothing, bedding, or other similar items, shall be dried or aired in any outdoor area, nor shall any such items be hung over or on balconies."

Section 10 states, “No commercial vehicles or trailers shall be parked on the common property.”

Article XIX, Section 12 …Residents shall be permitted to have visitor occupants of any age for up to three weeks during any six-month period…

In Rules approved May 1, 1981 and re-affirmed March 2, 1985, Section II (F) states, “New tenants or guests shall not have pets. Allowed pets shall be kept under restraint and exercised off the premises.”

IS THE CONDOMINIUM ASSOCIATION OR OTHER MANDATORY MEMBERSHIP ASSOCIATION INVOLVED IN ANY COURT CASE IN WHICH IT MAY FACE LIABILITY IN EXCESS OF $100,000.00?  NO

There is, however, a suit in progress, filed by a unit owner regarding installation of a glass enclosure on a balcony. No further information is available at this time.

The ANNUAL MEETING of the Association shall be held within ninety days of the end of the fiscal year, the date to be chosen by the Board of Directors.

AMENDMENTS to the governing documents requires the affirmative vote of seventy-five (75%) percent of the voting members present and voting at a meeting of the membership at which a quorum is present, or with the written consent of seventy-five (75%) percent of all voting members without a meeting.

NOTE: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCE EXHIBITS HERETO, THE SALES CONTRACT AND THE CONDOMINIUM DOCUMENTS.