As reported in the September newsletter, the Board has been looking into the question of whether the Marketable Record Title Act (MRTA) impacted on the viability of our neighborhood covenants. This is an update on that issue.
The Board conferred with attorney Peter Dunbar on the matter. Mr. Dunbar is an expert in Homeowners Association Law, who literally "wrote the book" on HOA laws in Florida. Mr. Dunbar advised that the covenants are viable for the vast majority of properties in the neighborhood (and possibly all of the properties). He recommended that the Board follow the statutory procedure to preserve the covenants for an additional thirty years in order to minimize any uncertainty on the issue.He said that this would be the most cost effective way to proceed.
At the September 11, 2012 Board meeting, the Board agreed to accept this advice and move forward on the process of preserving the covenants.Therefore, here is what you can expect to happen over the next few weeks:
·Written Notice -- All homeowners will be getting a copy of a formal legal notice about the matter. The notice will advise everyone that the Board is going to vote on the question of preserving the covenants at the October 9 meeting.You will get the copy of the notice with your October newsletter, which will be delivered the last week of September. You will also be able to see the notice posted at the gates, on the website, and on LO32308.
·Board Meeting -- At the October 9 Board meeting, the Board will consider the issue. As at all meetings, all homeowners are encouraged to attend, ask questions, and let the Board know your opinion. If the Community is not in favor of using the preservation process, then the other option is to go through a separate process called revitalization, which is more costly and complicated. Mr. Dunbar estimates that the cost of doing a revitalization could be as high as $10,000. (The expected costs for preservation are about $2000.)
·Board Vote -- In order to preserve the covenants, at least two thirds of the Board (6 members) need to vote to take that action. If at least 6 Board members vote to preserve, then the next step is filing the necessary paperwork with the Clerk of Court so that there is an official record of the action.
The Board thanks all of our neighbors for their attention to this important issue.