Bayview No. Three, Fisher Island: unit shares, leases and resales

The one in the new Exhibit 2 of a 2025 amendment, recorded 14 August 2025 at Official Records Book 34897, Page 4266 (OR 34897/4266). Adopted at a meeting on 6 August 2025, it combined Units 5231 and 5232 into Unit 5231-32 and took the count from 37 units to 36. The Property Appraiser shows the combined unit at 3.741%.

The table it replaced came from the Board's 2001 amendment, which restated every share. Approved by majority vote on 1 December 2000, it was recorded 10 January 2001 at OR 19445/657. It calls the 1992 shares a scrivener's error (a drafting slip) that should have followed each unit's square footage, and relies on the Condominium Act's procedure for board-approved corrections.

Type A went from 2.220% to 2.2283% and Type M from 3.870% to 3.8408%. Unit 5294 became type "5294-H*" at 3.6550%, and the 37 units still totaled 100.00%.

The 2001 amendment cites an architect's affidavit, Affidavit "A", missing from its three recorded pages. Nothing we hold shows whether it was left off or recorded separately. Whether a board can restate every share this way is for counsel.

Yes. Under its right of first refusal, the association or its designee can match an outside offer and take the sale or lease itself (§ 18.1).

After the owner sends the Board the offer by registered mail, the association has 30 days to elect by certified mail, then 45 to close at its attorneys' office if it buys. If it does not elect, the owner has 60 days to accept the offer, though the same clause gives the association only "twenty (20) days", so we allow 30.

Without this offer, a sale or lease stays "voidable at any time at the election of the Association" (§ 18.1). Section 18.2's members' vote before buying and the family, lender and inheritance exemptions of §§ 18.7–18.9 match the shared Island Developers terms. The new owner after an exempt transfer stays bound by § 18.

The association's estoppel, its statement of what the unit owes, is ordered with FICA's, the master association's, and the seller supplies the resale documents to the buyer. The association also provides these.

• The Certificate of Termination of Right of First Refusal. Once an officer signs and acknowledges it, it "shall be conclusive with respect to all persons who rely on such certificate in good faith" (§ 18.5).
• The unit's spaces. Each parking, golf-cart or storage space is a Limited Common Element, common property reserved to one unit (§ 3.3). As first recorded, they were assigned only in the association's records, and a 2023 amendment changed § 3.3(d) on parking and golf-cart assignments (OR 33602/4068). The 2021 rules map them and send commercial vehicles to "the designated 5200 parking spaces bordering the Valencia Estates".

As first recorded, § 17.8 allowed whole-unit leases only, at most one a calendar year, and read "All leases shall be in writing, be approved by the Association". It set no minimum term, though § 17.1 as first recorded makes any stay longer than a month a lease.

A Third Amendment recorded on 3 February 2005 (OR 23054/2607) amended §§ 17.1 and 17.8. Its deposit clause lets the association require "the placement in escrow with the Association of a reasonable sum, not to exceed the equivalent of one month's rental" (p. 3). It also set occupancy at one designated family unit and two persons per bedroom. Because it amended § 17.8, a lease file should follow its text.

As first recorded, § 17.1 also limited who may live in a company's unit, as the shared Island Developers terms do. Under FICA's tenant rules, an unapproved tenant may be kept off the ferry. An amendment banning leases, changing their term or capping how often a unit is leased binds only owners who consented and later buyers (Fla. Stat. § 718.110(13)).

Under § 13.2 as first recorded, assessments 15 days late bear interest "at the highest lawful rate" and a late fee of up to the greater of $25.00 or 5% of the installment. Each owner is treated as having assigned the unit's rents to the association. The association can also call in the budget year's remaining installments after 30 days' notice and a recorded claim of lien. Its claim of lien expires after a year unless it sues. After a sale or gift, it may collect all unpaid assessments from the old owner or the new one (§ 13.1 as first recorded).

A Fifth Amendment recorded on 29 March 2021 (OR 32420/772) amended § 13.1, the assignment of rents and acceleration, so a collection file follows its text.

The developer's First Amendment of December 1992 dates the lien from 4 May 1992, the later of a January 1992 date and the declaration's recording. Against a first mortgage already of record, it takes effect only from a recorded claim of lien (¶ 5).

Since 2021, what an Institutional First Mortgagee (a bank holding a first mortgage) owes for earlier assessments after a foreclosure or deed in lieu depends on when its mortgage was recorded. For a mortgage recorded on or before 29 March 2021, it is six months of unpaid assessments or 1% of the original mortgage debt, "whichever amount is less" (§ 13.5(a), p. 5).

For a later mortgage, it is the lesser of the assessments that came due in "the twelve (12) months immediately preceding" its acquisition of title and "One percent (1%) of the original mortgage debt" (§ 13.5(b), pp. 5–6). Either cap applies only if the association was joined in the foreclosure (§ 13.5(c)). Underwriting reads them with the lender rules.

Amendments need more than 66 2/3% of the voting interests, plus the owner and mortgagees of a unit they materially change. Insurance, casualty or condemnation changes need the "Primary Institutional First Mortgagee", and the developer could amend by itself only while it ran the association (First Amendment ¶ 3, new §§ 6.1–6.4). Changes to leasing, sale restrictions or another subject § 21.2 lists also need Institutional First Mortgagees holding at least 51% of the mortgaged units' votes. Since 2021, an amendment that conforms the declaration to the Condominium Act "must be approved by a majority of Unit Owners represented at a meeting at which a quorum has been attained" (OR 32420/772, p. 3).

Two more amendments touch money and building work. A 2015 Fourth Amendment added § 11.1(e) on special assessments and owner financing (OR 29578/4294, which the 2021 amendment recites as page 4292). Since a 2023 Sixth Amendment, Material Alterations over $50,000 a year follow § 8's approval rules (OR 33602/4068, p. 6). Members may petition the Board for a member vote on them "by a written petition signed by at least twenty five percent (25%) of the membership voting interests".

A Ninety-Nine Year Lease Agreement and Restrictive Covenant between the association and the owner of Unit 5211 was recorded on 28 April 2026 (OR 35276/2330). It is a 99-year lease of the common elements next to Unit 5211 to that unit's owner, so it matters on any sale of Unit 5211.

All owners are FICA members (§ 23). The declaration cites FICA's 1986 Master Covenants (OR 13008/2052), so check which version now governs.

We searched the Clerk's Official Records index, current through 9 October 2026, for the association's instruments recorded after 10 January 2001. It listed the six below, from 2005 to 2026.

A file for Unit 5231-32 needs the 2025 amendment, and one for Unit 5211 the 2026 lease. Pool costs turn on how the two associations bill, so ask. The Rules and Regulations "Revised as of December 29, 2021", which add nothing on leasing, are unsigned, unrecorded and lack an adoption certificate, so we rely on them only once the association confirms them.