Page 16 - Rules and Regulations - La Mer Revised Oct '17

*Rules & Regulations
The following Rules & Regulations are in addition to rules, regulations, and restrictions found in the condominium documents, state statute, administrative code, city, county and federal law.
11. The screening committee will approve or deny the rental or lease of the unit within ten (10) days after the review of all required documents.
12. Upon approval, a security deposit must be submitted to the management office in the amount of one months rent. This security deposit is held by the association for the term of the rental or lease agreement. The cost of repair or replacement of any common element(s) determined to be damaged by the renter(s) or lessee(s) or invited guests will be deducted from the security deposit. Any unpaid fines levied against the unit for violation of rules and regulations during the term of the rental or lease agreement will be deducted from the security deposit. Upon termination of rental agreement of lease, any remaining portion of the security deposit after damages and fines have been deducted, will be returned to the submitter, without payment of interest.
13. When a unit is rented or leased, the tenant shall have the same rights and responsibilities for use of the unit, common elements and limited common elements as the owner of the unit.
14. When the unit is rented or leased, the unit owner will have no rights to the use of the unit, parking space, or common elements for the term of the rental or lease agreement except those of a registered guest or landlord checking the condition of his or her property.
UNIT SALES
Information concerning the sale of units is available in the condominium documents. In addition:
1. The Association shall have the option of first refusal on all sales, rental and leasing offers. The Association shall have the option to purchase, rent or lease said unit, upon the same conditions as are offered by the unit owner to a third person.
2. The Board of Directors shall appoint members to a screening committee to review necessary documents, interview all prospective purchasers and either approve or deny the sale of a condominium unit.
3. Process:
3.1.1. The unit owner, realtor, or owner’s representative may pick up a Sales Package in the
management office. The Sales Package contains an application to purchase, a credit and criminal background form, a Rules & Regulations booklet, along with a variety of other documents and questionnaires regarding the conditions, restrictions and requirements of ownership at La Mer Condominium.
3.1.2. The Sales Package should be completed and returned to the management office along with a copy of the sales agreement or purchase contract. Among other information, the sales agreement or purchase contract must indicate:
3.1.2.1. The purchase price of the unit.
3.1.2.2. *The cash down payment on the unit. (The screening committee will not approve
the sale or purchase of any unit which applies for a mortgage that exceeds eighty (80%)
of the purchase price of the unit)
3.1.2.3. Who will be responsible for the remaining balance of any current special
assessment.
3.1.3. A non-refundable fee of one hundred dollars ($100.00) for each named adult purchaser
(husband& wife combination counts as one purchaser) must be submitted to the management office prior to processing of the Sales Package. Processing includes a credit and criminal background check of the prospective purchaser(s).
3.1.4. Condominium Documents are available for purchase in the management office.
3.1.5. A fee of one hundred ($100.00) must be submitted to the management office prior to the
execution of an estoppel letter.
3.1.6. Upon receipt of all required documents, a personal interview must be scheduled between
the prospective purchaser(s) and the screening committee. Interviews will not be conducted by telephone.
Page 15 of 19
Version: October 31st, 2017