Mt inspect HOA 55 Similar to other HOAS The Average HOA sere 60 Highlights 8 ‘current special assessment in place (569.74/month tl 6/30/2020) to pay of 9 '$900k loan for stair repairs. HOA fees of $352/month ae intine with comparable properties in the region. Reserves are underfunded (20% of expected maintenance costs) This property has a master association 1054 Lotus Cove Ct UNIT 612, Altamonte Springs, FL3271445 Below Average expenses Reserves Financials are in worse shape than comparable HOAs ‘As per meeting notes, the HOA wll likely have adltional special assessments to repair roofs and other structures. This HOA has a master association ($46.77/month to master and '306/month to sub-association) HOA Fees are projected to increase to $491/Month in five years Reserves are underfunded (20% of expected maintenance costs. Te HOA has an outstanding debt of $900,000. Inspect HOAYour monthly HOA fees are = « $352 4 % oA helnese hn tnt nena maaan, $353 ———— oa sentence cite tse pr ereect encs HOA Fees Projection = Ta Inspect HOABinspect HOA[20% Reserves are underfunded see ate nt ie) Binspect HOAeee poem Bylaws Score Bylaws “ 0 Bylaws govern how the HOA operates. ‘The HOA has legal obgation to enforce yaw 6 0 Reasonable bylaws protect residents with minimal HOA intervention, average ‘he verge yaw sere 60 Binspect HOAsummary Good To know Must know bylaws cousory Festrefusal HOA responsibilty Lease restrictions owner responsibilty et policy HOA does not have the right of ist refusal ‘Assocation i responsible for maintaining common area. Minium lease term needs tobe 30 days or more. ‘owners responsible for repair and maintenance of interior oftheir unit including root ‘Max 1 pet not exceeding 2ibs. Binspect HOAsummary eae Po cerrew | Good to know bylaws erations campers and boats Nuisance Parking Patio Pool hours Signs Windows and doors ‘Alterations must be approved in writing by the HOA. ‘Boats and trailers are not allowed tobe stored on the premises. ‘No nuisance shall be allowed on the Condominium or Association Property. ‘No commercial vehicles are allowed in the common area parking. ‘Any modification for outside facing porches/patios need board approval ‘Pool hours ae from 7:00 am to 9:30 pm, |No signs are allowed including "For Sale” and "For Rent” Residents cannot hang or dsplay anything from the windows or the outside ofthe uni Binspect HOAOperations Summary C 9g a HOAIs professionally managed. Few litigations inthe past three years No registered sex offenders lve inthe ‘community. Current Litigations Past Litigations (3yrs) Bylaws/Covenants Foreclosures (3yrs) Management Crime Check tneisents) Owner occupancy Overdue/Defaults Binspect HOACG FHA Financing: Eligible FHA Financing Flood Zone Financing Summary g HOA insurance cavers building and structure, ‘Owners should get their own personal eects ‘and liability insurance. VAFinancing Units overdue 60 days Reserves % of Budget Insurance coverage a Flood zone: Low tsk area Owner occupancy Year built Binspect HOA