HERITAGE OAKS AT TRADITION
HOMEOWNERS' ASSOCIATION, INC.
NOTICE OF SPECIAL MEETING OF THE BOARD OF DIRECTORS
TO ALL MEMBERS:
YOU ARE HEREBY NOTIFIED that a Special Meeting of the Board of Directors of Heritage Oaks at Tradition Homeowners' Association, Inc., will be held at the Community Clubhouse at 7:00 p.m. on Thursday, October 16, 2014. The purpose of the Special Meeting is for the Board to consider the adoption of a Rule to restrict the leasing of units by new owners if 35% of the units are already leased. This notice is being furnished in accordance with Florida Statutes, §720.303(2)(c)2.
Dated this 29th day of September, 2014.
FOR THE BOARD OF DIRECTORS
RULE RESTRICTING LEASING OF UNITS
The following Rule shall govern the leasing of any unit in Heritage Oaks at Tradition:
RULE: If the total number of units in Heritage Oaks at The Tradition which are leased or subject to a lease is equal to or exceeds 35% of the total number of units at the time any person or entity acquires title to a unit, such owner shall not be permitted to lease the acquired unit for a period of twelve (12) months from the date ownership is acquired. After the twelve month period expires, such owner may lease the unit in accordance with the Lease Covenants and Restrictions set forth in the Declaration. The Association will, at all times, maintain a record of the units that are currently being leased and will furnish such record, within ten (10) business days, to any person or entity that is a bona fide perspective purchaser of a unit or other perspective transferee of a unit. This Rule shall not apply to any unit that is owned by the Association or a unit that is acquired by any first mortgagee through foreclosure or acceptance of a deed in lieu of foreclosure. This Rule also shall not apply to any person who acquires title to a unit by inheritance or to units transferred between spouses, or members of an Owner's immediate family, including children and step-children.
T:\Documents\JNK-Asst\JNK\HERITAGE OAKS AT TRADITION HOA\Rule re Leasing of Units.doc
Board of Directors
Phil Cooper, President
Dennis Bonczek, Treasurer
Linda Balmann, Secretary
Robert Jones, Director
Shellie Morgan, Director
Paul Silliman, Director
Norman Ytkin, Director