Plantation Terrace

Condominium Association, Inc.

6701 - 6731 - 6751 Cypress Road Plantation, FL 33317 (954) 581-8840
MAILING ADDRESS: AN ADULT COMMUNITY

6701 Cypress Road Plantation, FL 33317 January 1,2013

Greetings. Thank you for your interest in Plantation Terrace. You will find enclosed a Purchaser's Package. Before proceeding any further, it is important for you to know the Association's Board of Governors will not consider any Applications for Occupancy which are not accompanied by a copy of the real estate contract. The Association does not "preapprove" anyone. You must have a valid contract prior to initiating the process outlined in the documents which follow. Contracts may be submitted in person, by mail or courier (to the mailing address), by fax (954.581.8840) or email (ptca6701@att.net). Once you have a contract, the most important items in this package become the Application for Occupancy and the Authorization Form. These two forms should be filled out by each person whose name will appear on the deed, and returned to the Association Office along with a copy of each potential owner's Driver's License (or other state-issued photo i.d.) and Social Security card, as well as a check for $125.00 (single purchaser) or $150.00 (if two people will appear on the deed). If you want to expedite the background review process, an additional $25.00 fee is required. The typical turnaround time on applications is two weeks. The Association will use the information and funds you provide to engage an independent third party to perform a background check on the individuals submitting the Application(s) for Occupancy. Once this is completed and the Board of Governors has had an opportunity to review the material submitted, an interview will be scheduled for the Applicants and the Board's Interview Committee. These typically occur on Friday mornings at 10 a.m. All prospective purchasers must attend this interview. All prospective purchasers should read the documents in the Purchasers Package. The Memorandum of Understanding, Mortgage Information Sheet, Appliance Charge Sheet and Emergency Contact Information Sheet should be filled out and brought to the interview. Again, thank you for your interest in Plantation Terrace. If you have any questions, please do not hesitate to contact the Association office Monday through Friday between the hours of 9 a.m. and 12 noon. Sincerely, The Board of Governors Plantation Terrace Condominium Association

CONTENTS

COVER LETTER TABLE OF CONTENTS APPLICATION FOR OCCUPANCY AUTHORIZATION FORM

GROUNDS FOR DENIAL OF A PURCHASER RULES AND REGULATIONS FREQUENTLY ASKED QUESTIONS MEMORANDUM OF UNDERSTANDING SHEET

MORTGAGE INFORMATION APPLIANCE CHARGE SHEET

EXTERIOR REPAIRS/INSTALLATIONS INTERIOR REPAIRS/INSTALLATIONS EMERGENCY CONTACT INFO PROOF OF INSURANCE SCREEN DOORS/STORM DOORS

AUDITED FINANCIAL STATEMENTS

IMPORTANT NOTE: Complete all questions and fill in all blanks. Ifany question is not answeredlleft blank, or answered falsely, this application may be returned, not processed, and/or not approved. Missing information will cause delays. Once submitted, order can not be cancelled or refunded. PLEASE USE BLACK INK

*** THIS

APPLICATION

IS FOR A SINGLE PERSON OR A MARRIED

COUPLE

ONLYl

***

APPLICATION
Association Name:
NOTE: All information supplied is subject to verificatiou. BJdg.# __

FOR OCCUPANCY

Plantation Terrace Condominium

All telephoue numbers Address applied for: must be able to be reached between 9-5 P.M. Date _ _

Purchase [J Lease [J Occupant D Apt#

Full Name Single [J Married D Separated [J Divorced Have you ever been convicted of a crime? Charge (s) Spouse Maiden Name County/State Convicted in No, of people who will occupy unit - Adults (over age 18) Names and ages of others who will occupy unit Applicants Cell Number(s) In case of emergency notify
[J

Date of Birth How Long? Date (s) _ Other legal or maiden name

Social Security # _ _

County/State Convicted in

_ Date of Birth Have you ever been convicted of a crime? Charge (s) Description of Pets Social Security # Date (s) _ _ _ Applicants Email Address Address Phone _ _ _ _

PART I-RESIDENCE
A, Present address

HISTORY
Phone _

(Include unit/apt number, city, state and zip code)

Apt or Condo Name Phone _ Dates of Residency: From RentlMtg Amount Phone Phone, to _ _ _ _

Own Home D ParentlFamily Member D Rented Home D Rented Apt D Other Name of Landlord Mortgage Holder Address Mortgage No.

B.

Previous address

-,---

--:--:-_--,---,---

(Include unit/apt number, city, state and zip code)

Apt or Condo Name Phone _ Dates of Residency: From RentlMtg Amount Phone Phone, to _ _ _ _

Own Home D ParentlFamily Member D Rented Home D Rented Apt D Other Name of Landlord Mortgage Holder Address Mortgage No.

C.

Previous address ------,-----------cc--:---:-:----------------------------

(Include unit/apt number, city, state and zip code)

Apt or Condo Name Phone _ Dates of Residency: From RentlMtg Amount Phone Phone, to _ _ _ _

Own Home D ParentlFamily Member D Rented Home D Rented Apt D Other Name of Landlord Mortgage Holder Address Mortgage No.

PART II - EMPLOYMENT REFERENCES *Include a recent copy of an earnings statement to expedite processing*
A Employed by Dates of Employment: From: Monthly Gross Income B. To: Address Position

Phone Fax

Spouse Employed by Dates of Employment: From: Monthly Gross Income To: Address Position

Phone Fax

PART III - BANK REFERENCES *Include a recent copy of a bank statement to expedite processing*
A Bank Name Address B. Bank Name Address Savings Acct. # Checking Acct. # Phone Fax Phone Fax _ _ _ _

PART IV - CHARACTER REFERENCES (No Family Members) *Please notify Character References that we will be contacting them to obtain a reference*
l. Name _________________________________________________________ Address _______________________________ Email Address . HomePhone BusinessPhone Cellular Phone _ _ _

2.

Name ________________________________________________________ Address _______________________________

HomePhone Business Phone Cellular Phone

_ _ _

Email Address ___________________________________________________

3.

Name ________________________________________________________ Address _____________________________

HomePhone Business Phone CellularPhone

_ _ _

Email Address ____________________________

4.

Name ________________________________ Address _______________________________

HomePhone BusinessPhone Cellular Phone _

_ _

Email Address '

Driver's License Number (Primary Applicant). Driver's License Number (Secondary Applicant) Make Make Type Type Year Year

State Issued State Issued License Plate No. License Plate No.

_ _ _ _

If this application is not legible or is not completely and accurately filled out, Associated Credit (and the Association) will not be liable or responsible for any inaccurate information in the investigation and related report (to the Association) caused by such omissions or illegibility. By signing the applicant recognizes that the Association and Associated Credit will investigate the information supplied by the applicant, and a full disclosure of pertinent facts will be made to the Association. The investigation may be made of the applicant's character, general reputation, personal characteristics, credit standing, police arrest record and mode ofliving as applicable. This fonn is for the exclusive use of Associated Credit Reporting, Inc. Applicant's Signature Date Spouse's Signature Date _

........................................................................................................................................................................................................................................................

ASSOCIATED CREDIT REpORTING, INC

Established

1985

8795 West McNab Road, First Floor, Tamarac, Florida 33321

www.associatedcreditreporting.com

***AUTHORIZATION

FORM***

I1We hereby authorize Associated Credit Reporting, Inc. to obtain data to verify any and all information they request with regards to my/our Application for Occupancy, specifically the verification of my bank account(s), credit history, residential history, criminal record history, employment verification and character references. I/We hereby waive any privileges I1we may have with respect to the said information in reference to its release to the aforesaid party. Information obtained for this report is to be released to the authorized party designated on the Application for Occupancy, for their exclusive use only. PLEASE INCLUDE COPY OF DRIVER'S LICENSE TO CONFIRM IDENTITY. If you do not have a driver's license, please include a copy of your Passport or current government issued identification card. T/We acknowledge our rights as stated in the Fair Credit Report Act that I1we are entitled to a copy of the report upon proper written request and can dispute any inaccurate information for re-verification. I1We understand that Associated Credit Reporting, Inc. is not directly involved in the approval or denial of any applicant. The information received by Associated Credit Reporting, Inc. shall be held in strict confidence, protected as governed under the Fair Credit Reporting Act, and will never be released to any third party other than the designated recipient. I/We further understand that this is a non-refundable process. By signing below, I/We further state the Application for Occupancy and Authorization Form were signed by me/us and was not originated with fraudulent intent by me/us or any other person and that the signature(s) below are my/our own proper legal signature. I1We certify (or declare) under penalty of perjury that I1We agree to the foregoing and; that all answers and information contained on the Application for Occupancy are true and correct and will hold Associated Credit Reporting, Inc. harmless from the result of the investigation.

(Applicant's Signature)

(Spouse's Signature)

(Applicant's Name Printed)

(Spouse's Name Printed)

(Date Signed)

(Date Signed)

GROUNDS FOR DENIAL OF A PURCHASER

SOURCE: ART. X, PARA. E/ DECLARATION OF CONDOMINIUM

(Extends to all proposed occupants) 1. Felony a. b. c. conviction for: violence to a person theft destruction of property

2. 3. 4. 5. 6. 7.

Felony demonstrating dishonesty Felony demonstrating moral turpitude Any criminal offense involving illegal drugs Any criminal offense involving sexual battery, sexual abuse, or lewd and lascivious behavior The sale or ownership would result in a violation of the condo documents A history of disruptive behavior or disregard for the rights of others evidenced by: a. criminal history b. c. conduct in other residences, social organizations or associations conduct in this community as an occupant or guest of a unit

8. 9. 10. 11. 12.

Failure to provide information required to process the application Material misrepresentation of any fact provided in the screening or application process fee fee has been dishonored

Failure to pay transfer/approval Payment of transfer/approval

Failure to make appointment or to attend the personal screening

13. Person seeking to sell, own or possess the unit is delinquent in the payment of any assessments or other sums owed to the Association 14. The applicant (or any other person who will be legally responsible for payment of assessments) is financially unable to meet the obligations of an owner in the Condominium. 15. Purchase of the unit is beyond the financial ability of the person seeking approval. Cannot make the 10% downpayment requirement Cannot make the escrow payment Poor credit history, history of not paying monetary obligations, bad credit rating

16.
17. 18

Plantation Terrace Condominium Association, Inc.

An Adult Community RULES AND REGULATIONS Board Approved - February 2010
6701 - 6731 - 6751 Cypress Road Plantation, FL 33317 Plantation Terrace is composed of individually owned apartments, some of which are occupied year around and some are winter homes for the respective owners. Outside of the apartment you may use the facilities and equipment owned and maintained by other apartment owners in conjunction with yourself. This is known as common elements. Plantation Terrace Condominium Association, Inc. is a 55 age and older adult community, and, therefore, it is necessary to show proof of age at the interview prior to purchase of any unit. It is the duty and responsibility of each owner to inform his/her guests and other persons who may occupy the unit of these rules and regulations. Each unit owner is responsible for any breach of these rules. Please refer to Unit Owners rule and regulation number 18 for expected behavior by unit owner for guests and notification of guest occupancy. Any unit owner desiring to contact any governor, board member, or association officer should do so between the hours of 9:00 A.M. and 5:00 P.M. Exceptions are true emergencies. Any complaint or violation of the following rules must be made in writing to the building governor, governor at large, or the board of governors, If there is any conflict between the Association By-Laws and the Rules, the ByLaws will take precedent. All insurance claims involving the Association's common elements are to be made through the President of the Association in order to have records of claims pending and paid against the master policy. Plantation Terrace Condominium Association, Inc. is a member of the Plantation Trespass Program. Unit owners should call the Plantation Police Department at 954-797-2100 to report trespassers on the property.

UNIT OWNERS 1. No individual governor or unit owner may request bids for materials or services pertaining to the condominium's common elements without board authorization 2. No individual governor or unit owner may contact any government agency regarding the common elements without the Board's authorization. 3. Every unit owner shall leave a unit key with the building governor or a responsible person in the condominium complex. If the key is given to anyone other than the governor, the name, unit number, and telephone number of the selected individual must be given to the Association office and building governor in writing. This will be used only in the event of an emergency. The Association needs to be notified, in advance, when any locks are changed or rekeyed. 4. Each unit owner must have on file in the Association office an emergency contact form filled out to be used in the event of an emergency to the unit owner(s). These forms are available from the Association office. 5. Complaints and suggestions regarding the common elements shall be made to the building governor in writing who in turn will present them to the Board of Governors for action/disposition. If the complaint or suggestion relates to a specific building, the building governor will attempt to review same and act accordingly. In the event a complaint can't be resolved by the building governor, he/she will bring the complaint to the Board of Governors for action/disposition. This must be in writing for review by the Board. Normal maintenance issues are reported to the appropriate building governor in writing and he/she will inform the maintenance department of needed repairs and/or fix ups. 6. Each unit owner is responsible for his/her guest or service aide/person and shall inform them to park in the guest or service spaces respectively, and not in a reserved space. 7. According to our condominium documents, no unit owner may change the exterior/outside appearance of the building in any way without the approval of the Board of Governors. The condominium office has a "Request for Change/Replacement" form that has to be filled out before the Board will approve or not approve interior/exterior/outside changes or replacement of previously approved changes. 8. All unit owners who may wish to contribute trees, flowers, shrubs and other plants to the common elements must first present their proposal to the Board of Governors in writing or in person for approval. Any such proposal shall comply with the current landscaping theme and appearance. 9. All hurricane shutters must meet the current building code requirements of the City of Plantation and be approved by the Board of Governors. 10.Any complaints regarding services provided to the association should be in writing and addressed to the Board of Governors.

11. Copies of the association records are available to unit owners within 5 business days of written request. The cost of duplicating any documents, records, correspondence etc. will be paid by requesting unit owner. The cost per copy currently is 20 cents per copy due at time of pickup. 12. Unit owners are responsible for electrical expense on appliances in their individual storage room; i.e. dehumidifiers, damp chasers, fans, drying lights, AlC units (where approved), refrigerators, freezers or other electrical equipment beyond the normal light in said storage unit. Contact the office for a fee schedule. Any unit owner who has a washer/dryer in his/her unit will be charged as stated on the fee schedule. No new washers or dryers are permitted nor are replacements of existing washers and dryers. 13.When moving in or out of your building the unit owner needs to notify the building governor 2 - 3 days prior to these events in order that pads may be placed in the elevator to protect the walls. A $75.00 deposit to the association shall be made by the buyer at the time of the interview and a $75.00 deposit shall be made to the association by the seller 2 - 3 days prior to moving. If no extra trash pickup is required by the association for these events by either buyer or seller, deposits will be returned to the respective parties. 14. When a unit owner is moving in or out a large piece of furniture, appliances, (i.e. refrigerators, AC units, dishwashers, etc.) or major repairs done requiring the use of large tools and/or equipment, the unit owner needs to notify the building governor 2 - 3 days prior to these events in order that pads may be placed in the elevator to protect the walls 15. Pets or animals are not allowed in units, except in B Building. A visitor may bring a pet and visitfor a few hours. Pets need to be carried while in the elevator and no pet may stay overnight. When walking pets, unit owners and guests must use pooper-scooper or plastic bags in order to dispose of pet waste. 16.AII unit owners must abide by the individual building rules and regulations concerning laundry room use as posted by the building governor. No washing or drying to be started before 7:30 A.M. or after 7:30 P.M. 17.A minor child (under the age 18) may visit for a total of 30 days per calendar year. Visit shall be defined as overnight stay. Excessive noise and/or disruptive behavior will be addressed by the building governor to the offending party or parties. Please have your guests control the behavior of minor children to avoid any embarrassing encounters. 18. During a unit owner's absence, he/she may designate only members of his/her immediate family as occupants of the unit for a period of time not to exceed thirty (30) days unless the unit owners absence is caused by a medical emergency. The Board has the right of final approval. For the purpose of this paragraph, members of the immediate family are defined as the owner's parents, adult brother, adult sister, son or daughter, any of whom may be accompanied by their respective spouses/domestic partner and minor children. Once in anyone-year period any other person may be designated as guest occupant for 14 days during the owner's absence,

but in no event shall such guest occupant remain in possession of the unit for a period exceeding 14 days. Guest occupants must be 55 years of age or older. 19. A unit owner planning to give possession of his/her unit to a guest occupancy during his/her absence shall submit a voice mail or written letter to the Association office stating the name(s), address(es), ages and relationship to the owner as well as the beginning date and the ending date of occupancy of each guest. The voice mail or letter shall be submitted to the Association office no less than 5 days prior to the date proposed for occupancy by the guest(s). All guest occupants will be required to abide by the rules and regulations. The unit owner allowing such guest(s) for occupancy is obligated to see that each of the proposed guest(s), occupant(s) is/are fully acquainted with the rules and regulations prior to taking possession of the unit. No renting of a unit is permitted at any time!! 20.ln the event of a unit becoming part, of a probate estate, the personal representative of said estate shall forward to the association a copy of the trust or will, which should include the name of the heir. An heir of the deceased owner may assume ownership and residency upon the approval of the Board of Governors. A copy of the transfer of deed is also needed to verify the change in ownership after being recorded with Broward County Clerk of Court. 21. The agenda for the Annual Meeting shall be posted on the bulletin board outside the office in the recreation room. Notices of all regular monthly Board meetings will be posted in the elevators and bulletin board in each building. All other notices and information will be posted on the bulletin board outside the office in the recreation room. 22. Quarterly maintenance payments are due on the first day of the month and must be paid by the to" day of that month. An interest charge of 8% per annum is mandatory on delinquent payments and shall be charged from the first day of the month due through date payment is received. Checks, which do not include the interest, will be returned to the unit owner and interest will accrue daily until the complete payment is made. All maintenance payments and assessment fees must be paid in full. No partial payments will be accepted.

COMMON AREAS/ELEMENTS 1. Garbage that is thrown down the chute shall be placed in tightly closed plastic bags in order to keep bins free from clutter, odor, and loose trash/garbage. Newspapers may be put down the chute when rolled and tied or enclosed in a plastic bag/wrapper. All boxes must be broken down and placed in the garbage bin, not disposed of through the garbage chute, including pizza boxes. Please observe the current need for recycling in the trash room area - paper and commingled trash.

2. No garbage disposals, refrigerators, stoves or large metal or weed objects . may be put in the trash room. This is to avoid a fire hazard and fire code violations from the city. Each unit owner must make his/her own arrangements to have said articles disposed of or removed from the premises. There is bulk trash pickup twice yearly. See your Governor for dates or the bulletin board. 3. Nothing should be stored or put beneath the ground floor balconies in any of the buildings. 4. Outdoor cooking on patio, walkway or screened area is not permitted. 5. Rugs, carpets or dust mops shall not be shaken from or hung on the catwalk railings. 6. There shall be free access at all times on the catwalks without encumbrances from chairs, dollies, carts or other means of bulk hauling. of groceries or assistive devices of any kind. This includes open doors which limit freedom of traffic movement. 7. Laundry, clothing, beach towels, etc. shall not be dried on the balconies, terraces, hedges or screened patios. 8. Owners or visitors will not be permitted to park or store a boat, carry-all trailer, POD's, house trailer, travel-van, motor home, commercial/business vehicles or other vehicles on the premises, except for a period of not longer than 10 hours and for the stated purpose of loading or unloading household goods. Motorcycles shall not be operated on Association grounds. They may be rolled to and from the entrances without running or starting until owner/user is at one of the entrances to the Association. Applies for both ingress and egress!! 9. Sacking the car into a parking space is not permitted, neither outside parking or covered parking. Parked vehicles must be parked head on into the bumper restraint to avoid any potential accidents or access issues. 10. No car repairs are to be done on the premises, neither outdoor nor undercover, except in an emergency, l.e. flat tire or dead car battery. 11. The posted speed limit within the confines of the complex is 10 mph. Violations will be dealt with by local authorities.

RESALE
1. Inasmuch as Plantation Terrace Condominium Association, Inc. is a 55 and older adult community, it will be necessary to show proof of age (drivers license, passport, notarized birth certificate) at the interview prior to purchasing a unit. 2. Any request for resale or title change should be referred to the association office. A $125.00 per person and a $150.00 per married couple (same last name) credit/background check charge will be due upon the return of their executed purchaser's package. Interviews with the interview committee will be set upon the receipt of the credit/background report. 3. Condominium documents should be transferred from seller to purchaser. If seller cannot produce a copy of these documents, then there will be a $100.00 fee for replacement.

4. The interview committee shall meet with the proposed buyer or new title holder in the case of a title transfer before approval is given.

RECREATION - BILLIARDS - POOL AREAS Minor guests under the age of 18 are not permitted to use the facilities unless supervised by an adult. Reservations for private parties should be made with the reservation chairperson and a deposit of $50.00 is required, payable to the association. An additional check in the sum of $50.00, payable to the association, is required for the use of the facility. If the area is left clean and orderly, the deposit will be returned. Persons reserving the room should post reserved signs obtained from the chairperson for the recreation room. No outside organization or club shall have the use of the association facilities. Board of Governors Plantation Terrace Condominium Association, Inc. 2-2010 revision

Plantation Terrace
Condominium Association, Inc.
6701 - 6731 - 6751 Cypress Road

Plantation, FL 33317
(954) 581-8840
MAILING ADDRESS: AN ADULT COMMUNITY

6701 Cypress Road Plantation, FL 33317 FREQUENTLY ASKED QUESTIONS

Q: A: Q. A. What are mv voting rights in the Condominium Association? One vote per unit, by a Unit Owner or person legally authorized to act on the owner's behalf. What restrictions exist in the condominium documents on my right to use mv unit? Single family residence. A unit must have a resident 55 years old or older. No one under 18 may reside in a unit. Visitors are limited to 30 days per calendar year. What restrictions exist in the condominium documents on the leaSing or renting of mv unit? No leasing or renting is permitted. How much are the assessments to the Condominium Association for mv unit and when are they due? The Quarterly Assessment for Unit B-302 for FY2012 is $725.94. -This amount may change annually in accordance with proposed expenditures. -Quarterly Assessments are due the 1st day of January, April, July and October. -Unit Owners with additional appliances in their storerooms or a washer-dryer in their unit are assessed an additional amount each Quarter. Please refer to the Storeroom Appliance Charge sheet in your Purchaser's Package for specific amounts. Please note that the provision for washers and dryers applies only to those already installed. The installation of new washers and dryers or replacement of existing washers and dryers is not permitted. Do I have to be a member in any other Association? If so, what is the name of the Association and what are mv voting rights in the Association? How much are the assessments for this Association? You do not have to be a member in any other Association. Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am I Obligated to pay annual/y? There is no annual fee for use of Association common elements, to include the Pool and the Recreation Room. If you wish to reserve the Recreation Room for a private function there is a fee for the exclusive use of the premises. The Pool may not be reserved for exclusive use. Is the Condominium Association involved in any court cases in which it may face liability in excess of $100,000. OO? If so, identify each case. No.

Q.

A.
Q.

A.

Q.

A.
Q.

A.

Q. A.

NOTE: THESE STATEMENTS ARE SUMMARY IN NATURE. A POTENTIAL PURCHASER SHOULD REFER TO THE DECLARATION OF CONDOMINIUM, BY-LAWS, RULES AND REGULATIONS, MOST RECENT AUDITED FINANCIAL STATEMENTS AND SALES CONTRACT FOR MORE SPECIFIC INFORMATION.

MEMORANDUM OF UNDERSTANDING
I (we), the undersigned Purchaser(s), understand and agree that 1. A copy of the sales contract shall be presented at the interview. The Certificate of Approval, when issued by the Association, must be recorded in the Broward County Clerk's Office by the Purchaser(s) at their own expense, simultaneously with the recording of the deed. 2. Purchaser(s) agree they will not keep, harbor or permit any animals (domesticated or otherwise) in the premises of Plantation Terrace Condominium, except as provided for in the Declaration of Condominium and By-Laws of Building B, Plantation Terrace. 3. Purchaser(s) acknowledge that the unit in Plantation Terrace listed in the Sales Contract is subject to the restrictions, condominium declarations, Articles of Incorporation, By-Laws, Rules and Regulations of Plantation Terrace Condominium Association, Inc. Purchaser agrees that approval of this Application is expressly conditioned on the purchaser's agreement to be bound by the terms and provisions of the above-mentioned documents, and the acceptance of a deed to the premises constitutes Purchaser's agreement to be so bound. Purchaser acknowledges receipt from Seller of copies of the abovelisted documents. 4. At least one Purchaser is over the age of 55 years old. Purchaser(s) have no children under the age of 18 years who will be residing with them. Purchaser understands that no child under the age of 18 is to occupy or reside in the premises for more than 30 days per calendar year. 5. Purchaser shall appear before the Association's Interview Committee at an agreed upon time for a personal interview prior to approval by the Association of the Application. The Association shall issue a Certificate of Approval which must be recorded in accordance with Paragraph 1. 6. Purchaser may not take possession of the premises identified in the Contract for Sale prior to the later of a) the Association issuing a written Certificate of Approval and b) the effective date of sale ("closing date") listed in the Contract for Sale. 7. Purchaser acknowledges that any subsequent sales or assignments of the property identified in the Contract for Sale must be presented to the Board of Directors for written approval.

8. The condominium complex is an adult community. The units shall be used for single-family residences only. No sale of units will be approved for use by corporations and similar organizations for use as transient quarters. 9. No separate part of a unit may be rented. No tenants may be accommodated therein. 10.Any unit owner contemplating mortgage action on their unit must contact the Board of Governors and provide the requisite Notice and documentation, as outlined in the particular Declaration of Condominium applicable. 11.Any person acquiring title to a unit through gift, devise or inheritance must provide the Condominium Association with specific information and documentation regarding the means of transfer, as provided in the Declaration of Condominium. The Board of Governors will request and require submission of pertinent documents in order to approve the transfer action. 12. The unit owners of Plantation Terrace Condominium Association, Inc., receive quarterly assessments which are due on January 1st, April 1st, July 1st and October 1st. Late payments are subject to a delinquency charge. 13. Special Assessments may also be levied in addition to quarterly assessments to cover costs over and above those for which the Association has budgeted. 14. Electric power usage in storage rooms must be paid for based on rates established by the Board. If the unit you are purchasing has a washer/dryer, there is an additional quarterly charge for the impact on Association common plumbing elements. These fees are listed on the Appliance Charge Sheet. 15.A unit owner shall not permit anything to be done or kept in their unit which will increase the insurance rates on his unit, the Association Common Elements or the Association's Limited Common Elements. 16. A unit owner shall not obstruct, interfere or impair the rights of other unit owners or the Association. No unit owner shall commit or permit any nuisance or illegal act in his unit-- to include unreasonable noises-- in their unit, the Common Elements or the Limited Common Elements. 17.A unit owner shall show no sign, advertisement or notice of any type on the Common Elements, the Limited Common Elements or upon their unit, except that Noitces may be posted on the Bulletin Boards with the consent of the Building Governor.

18. No exterior antennae or satellite dishes shall be erected by any unit owner upon any portion or part of the exterior of his unit, the Common Elements or the Limited Common Elements. 19. No clothesline or similar device shall be allowed on any portion of the Condominium property. 20. Nothing contained herein shall be construed to alter, amend, waive or diminish the rights of the Association contained in the various Declarations of Condominium, By-Laws, Amendments, Rules and Regulations or any other underlying documents relating to the Association.

1/ WE HEREBY ACKNOWLEDGE THAT 1/ WE HAVE READ THE FOREGOING AND AGREE TO BE BOUND BY THE CONTENTS, REQUIREMENTS, TERMS AND CONDITIONS OF THIS MEMORANDUM IN ALL RESPECTS.

SIGNATURES:

PURCHASER

PURCHASER

WITNESS

WITNESS

Plantation Terrace
Condominium Association, Inc.
6701 - 6731 - 6751 Cypress Road Plantation, FL 33317 (954) 581-8840
MAILING ADDRESS: 6701 Cypress Road Plantation, FL 33317 AN ADULT COMMUNITY

MORTGAGE INFORMATION SHEET NAME: BUILDING/UNIT:

Do you/will you have a mortgage on your unit? If "yes", please identify the mortgage holder:

DATE:

Plantation Terrace
Condominium Association, Inc.
6701 - 6731 - 6751 Cypress Road Plantation, FL 33317 (954) 581-8840
MAILING ADDRESS: AN ADULT COMMUNITY

6701 Cypress Road Plantation, FL 33317 APPLIANCE CHARGE SHEET

The following are the rates approved for the use of electrical appliances in a unit's storage room: APPLIANCE Drying lights Damp Chaser Dehumidifier Fans Refrigerator/Deep Freeze 10 cu. ft. or less 12-14 cu. ft. 18-20 cu. ft. QUARTERLY $16.50 $3.30 $16.50 $16.50 CHARGE

$9.90 $13.20 $23.10 $12.00

Washing Machine in Unit* *New or replacement installation is not permitted.

Please indicate with a check mark which appliances you have or will have in your store room: Drying Lights: Damp Chaser: Dehumidifier: Fans: Deep Freezer: Refrigerator: Washer: None of the Above:

By:
UnitiBldg:

APPLICATION FOR EXTERIOR REPAIR, REPLACEMENT OR INSTALLATION

NAME: _ BUILDING/UNIT:

DATE:

ITEM'S) TO BE REPAIRED, REPLACED OR INSTALLED:

FRONT DOOR: KITCHEN DOOR: PATIO SCREEN: PATIO PAINT: SCREEN DOOR: WINDOWS: PATIO FLOOR: OTHER (DESCRIBE): STORM DOOR: SHUTIERS: PATIO WINDOWS: _

ACKNOWLEDGMENTS

You, the unit owner, are responsible for the hiring and conduct of those people who perform work on your individual unit. This includes the clean-up and removal of materials, as well as permitting and inspections required for the work you are having performed. Before any work is begun, you should ask for copies of the items listed below and include them when submitting this Application to the Board. Please discuss with your contractor how disposal of materials will be made. The Contractor/Vendor is responsible for the removal and disposal of any old fixtures, debris and trash. If disposal is made in an Association dumpster, a $175.00 fee will be charged to the unit owner to cover the cost of having Waste Management make an unscheduled dumpster pull and the Contractor/Vendor will receive no further approval from the Board to perform work at Plantation Terrace.

PLEASE ATIACH

COPIES OFWORK PROPOSAL: __

CONTRACTOR/VENDOR'S

COpy OF CONTRACTOR/VENDOR'S

LICENSE: __

PROOF OF WORKER COMP INSURANCE: PROOF OF LIABILITY INSURANCE:

UNIT OWNER(S) SIGNATURE:

BOARD OF GOVERNORS: REASON:

APPROVAL:

DISAPPROVAL: _

DATE: BUILDING GOVERNOR SIGNATURE: _

APPLICATION

FOR INTERIOR MODIFICATION, REPLACEMENT

INSTALLATION,

REPAIR OR

NAME: DATE: ITEM(S) TO BE MODIFIED, CARPET: ELECTRICAL: WATER HEATER: OTHER (DESCRIBE): TILE: DRYWALL: TOILET:

BUILDING/UNIT:

INSTALLED, REPAIRED OR REPLACED (CHECK ALL THAT APPLY): NOISE ABATEMENT CABINETS: SINK: _ ACKNOWLEDGMENTS BATHTUB: UNDERLAY: PLUMBING:

AIR CONDITIONER: DISHWASHER:

You, the unit owner, are responsible for the hiring and conduct of those people who perform work on your individual unit. This includes the clean-up and removal of materials, as well as permitting and inspections required for the work you are having performed. Before any work is begun, you should ask your Contractor/Vendor for copies of the items listed below and include them when submitting this Application to the Board. Please discuss with your contractor how disposal of materials will be made. The Contractor/Vendor is responsible for the removal and disposal of old fixtures, debris and trash. If disposal is made in an Association dumpster, a $175.00 fee will be charged to the unit owner to cover the cost of having Waste Management make an unscheduled dumpster pull and the Contractor/Vendor will receive no further appraval from the Board to perform work at Plantation Terrace. If you are having plumbing or electrical work done, you must consider whether the work will involve tying into Association plumbing or electrical common elements. Shut-offs inside your unit and for the Association's Water and Electrical Mains must be identified to the Contractor/Vendor. If either water or electrical service needs to be shut down while the work is performed, your Contractor/Vendor should coordinate this thraugh your Building Governor. The alteration of water or electrical common elements by your Contractor/Vendor is prohibited. Should this occur, the Association will take remedial measures to ensure the integrity of the common elements and you will be invoiced for the repair or restoration that is deemed necessary by the Association's commercial electrical or plumbing contractor.

PLEASE ATTACH COPIES OFCONTRACTOR/VENDOR'S WORK PROPOSAL: __ COPY OF CONTRACTOR/VENDOR'S PROOF OF LIABILITY INSURANCE: _ LICENSE: __

PROOF OF WORKER COMP INSURANCE: UNIT OWNER(S) SIGNATURE:

BOARD OF GOVERNORS: REASON:

APPROVAL:

DISAPPROVAL: _

DATE: BUILDING GOVERNOR SIGNATURE: _

Plantation Terrace
Condominium Association, Inc.
6701 - 6731- 6751 Cypress Road Plantation, FL 33317
(954) 581-8840
MAlLING ADDRESS: 6701 Cypress Road Plantation, FL 33317 AN ADULT COMMUNITY

TO: ALL UNIT OWNERS FROM DATE:

BOARD OF GOVERNORS

EMERGENCY

CONTACT: ADDRESS PHONE NUMBER INFORMATION.

UPDATE It has been some time since we established a policy of keeping, on record, a Unit Owner's person to notify in case of an emergency. Please complete the items below and return it to the office with your Maintenance check. Name(s): Building: Unit. Number: _ _

------

1\ arne

0f

person to contact in emergency:

Person's Address:

--------------------------------------------------No. (Including area code): _

Person's Telephone

Relationship to you:
Other Pertinent Information:

_
_

Thank

you for your cooperation.

Plantation Terrace
6701- 6731 - 6751 Cypress Road Plantation, FL 33317
MAILING ADDRESS:

AN ADULT COMMUNITY

670 I Cypress Road Plantation, FL 33317

January 19, 2009 Plantation Terrace Condominium Association, Inc. Unit Owners

RE: PROOF OF HOMEOWNERS

Dear Unit Owner:

INSURAN'CE PER FLORIDA STATE STATUTE

The State of Florida mandated 30 day notice is hereby given that you need to provide Plantation Terrace Condominium Association, Inc. with proof of homeowners insurance on your unit. You should also have the Association named as an additional insured on the policy. In addition your insurance company should provide you with $2,000.00 of loss assessment coverage. These requirements are mandated by the State of Florida and not Plantation Terrace Condominium Association, Inc. Your action requires the following: 1. Notifying your insurance provider of this notice. They may send this proof of insurance to our office at 6701 Cypress Road, Plantation, FL 33317. 2 Be sure the Association is named as an additional insured. 3. Verify that you have $2,000.00 of loss assessment coverage. If no proof of homeowner's coverage is received by the Association within the 30 days for compliance, then the Association may purchase this for you and charge you for this premium in our normal billing fashion. Thank you for your help with this matter. Sincerely,
,~~

Stuart Shull, President Plantation Terrace Condominium Association, Inc.

',:'

plantation Terrace
6701 - 6731 - 6751 CYPRESS ROAD PLANTATION, FLORIDA 33317 MAILING ADDRESS: 6701 CYPRESS ROAD PLANTATION, FLORIDA 33317 AN ADULT COMMUNITY

May 3,2007 The Board of Governor's of Plantation Terrace Condominium Association, Inc. reviewed the recommendations from our attorney at the last regular meeting of the Association (April 24, 2007) regarding changes to the common elements at this complex and thus all units with screen/storm doors must have the correct color that matches the exterior of the complex. This will bring the complex into compliance with our Declarations. Please review the opinion from our attorney below, which was received on April 24th, 2007.
Dear Stuart: No person is permitted to alter the exterior ofthe building in any manner, except with the approval of the Board. That includes screen doors. The Board has the right to require specific colors, materials, types and locations for screen doors, if the Board wants to permit them. If the Board allows screen doors, the owner must install only the kind that is approved by the Board. If you have any questions, please email or call me.

Robert Rubinstein
Attorney and Counselor at Law

The paint for this is available from the maintenance person (Leo) and is provided at no charge to the unit owner. It is the unit owner's responsibility to have this accomplished in a timely manner. The Board requests this be done by June 30, 2007. Leo has agreed to prepare, prime and paint screen/storm doors at a cost of $40.00. After the deadline of June 30th, the Board will take action to correct the non-conforming screen/storm doors. The Board also reminds each unit owner that in order to change the common elements of the Association requires the Board's approval. Placing a screen/storm door at an exterior door entrance is changing the common elements of the complex. The Board of Governor's thanks you for your compliance with this issue. The Board of Governor's Plantation Terrace Condominium Association, Inc.

PLANTATION TERRACE CONDOMINIUM ASSOCIATION,INC.

FINANCIAL STATEMENTS
Year Ended December 31,2011 and INDEPENDENT AUDITOR'S REPORT

CONTENTS

INDEPENDENT AUDITOR'S REPORT

FINANCIAL STATEMENTS

BALANCE

SHEET EXPENSES AND CHANGES

STATEMENT OF REVENUES, IN FUND BALANCE STATEMENT

3
4

OF CASH FLOWS

NOTES TO FINANCIAL STATEMENTS

SUPPLEMENTARY INFORMATION
SCHEDULE OF COMMON AREA OPERATING REVENUES AND EXPENSES - BUDGET AND ACTUAL SCHEDULE OF BUILDING REVENUES AND EXPENSES SCHEDULE OF FUTURE MAJOR REPAIRS AND REPLACEMENTS

11

13 14

ZIMMERMAN
~

ZEIGLER
'Pu&te rf~

Be CHAMBERLAIN.
"-"'44~ate6

P.A.

1600

WEST OAKLAND

PARK BLVD .. SUITE 202 3331 t

FT. LAUDERDALE. (954) 4861995

FLORIDA

FAX, (954) 4862399

INDEPENDENT AUDITORS' REPORT

Unit Owners Plantation Terrace Condominium Association, Inc. Plantation, Florida We have audited the accompanying balance sheet of Plantation Terrace Condominium Association, Inc., as of December 31, 2011, and the related statements of revenues, expenses and changes in fund balance and cash flows for the year then ended. These financial statements are the responsibility of the Association's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Plantation Terrace Condominium Association, Inc. as of December 31, 2011, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was performed for the purpose of forming an opinion on the financial statements as a whole. The schedule of common area operating revenue and expenses - budget and actual on pages 11 and 12 and the schedule of building operating revenue and expenses on pages 11 thru 13 are presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of the Association's management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Accounting principles generally accepted in the United States of America require that the information on future major repairs and replacements on page 14 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

~~&e~,p,A.
March 1,2012

Plantation Terrace Condominium Association, Inc. BALANCE SHEET December 31, 2011 ASSETS Restricted Replacement Fund

Operating Fund CURRENT ASSETS Cash and cash equivalents (Note B & F) Maintenance and special assessment receivable, net of allowance (Note B & D) Accounts receivable - other Prepaid expenses Prepaid insurance

Total

69,380 21,553 5,312 26,767 83,457 206,469

69,380 21,553 5,312 26,767 83,457 206,469

FIXED ASSETS Property and equipment (Note E) Less: accumulated depreciation

411,396 (65,620) 345,776

411,396 (65,620) 345,776

OTHER ASSETS Deposits $

100 552,345 $

100 $ 552,345

LIABILITIES AND MEMBERS' EQUITY LIABILITIES Accounts payable Payroll taxes payable Insurance note payable Deferred special assessment (Note G) OTHER LIABILITIES Unit owner deposits (Note 1) MEMBERS' EQUITY Fund balance

4,362 1,498 76,131 74,508 156,499 19,520

4,362 1,498 76,131 74,508 156,499 19,520

376,326

376,326

s
See accompanying notes to the financial statements.

552,345

552,345

-2-

Plantation Terrace Condominium Association, Inc. STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE For the year ended December 31, 2011

Operating Fund COMMON AREA REVENUES Maintenance assessments Interest income Other $ 376,837 164 9,918 386,919

Restricted Replacement Fund $

Total

376,837 164 9,918 386,919

COMMON AREA EXPENSES Administrative Payroll and related expenses Repairs and maintenance Utilities Insurance expense Provision for bad debt Other expense Excess of common area expenses over revenues BUILDING EXCESS (DEFICIT) OF REVENUES OVER EXPENSES Building A Building B Building C1 Building C2

25,335 33,808 137,671 98,063 96,145 24,455 2,274 417,751 (30,832)

25,335 33,808 137,671 98,063 96,145 24,455 2,274 417,751 (30,832)

(1,227) 1,960 3,951 8,120 12,804 (18,028)

(1,227) 1,960 3,951 8,120 12,804 (18,028)

Total excess of expenses over revenues

FUND BALANCE, beginning of year FUND BALANCE, end of year

$

394,354 376,326

394,354 $ 376,326

See accompanying notes to the financial statements.

-3-

Plantation Terrace Condominium Association, Inc. STATEMENT OF CASH FLOWS For the year ended December 31, 2011

Operating Fund CASH FLOWS FROM OPERATING ACTIVITIES Cash collected from maintenance assessments Interest income Other income Unit owner deposits Cash paid to employees and suppliers of goods and services including suppliers of insurance Interest expense Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment Net cash provided (used) by financing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from note Note payments Net cash provided (used) by financing activities NET INCREASE IN CASH

Restricted Replacement Fund

Total

478,669 164 4,606 13,456

478,669 164 4,606 13,456

(476,841) (827)

(476,841) (827)

19,227

19,227

(1,286) (1,286)

(1,286) (1,286)

82,966 (72,483) 10,483 28,424

82,966 (72,483) 10,483

$ $

28,424

CASH BALANCE, beginning of year CASH BALANCE, end of year

40,956 69,380

40,956 69,380

There were no income taxes paid in 201l.

See accompanying notes to the financial statements. -4-

Plantation Terrace Condominium Association, Inc. STATEMENT OF CASH FLOWS - CONTINUED For the year ended December 31, 2011

Operating Fund RECONCILIATION OF EXCESS OF REVENUES OVER EXPENSES TO NET CASH PROVIDED BY OPERATING ACTIVITIES Excess of revenues over expenses Non cash revenues and expenses: Depreciation (Increase) decrease in: Maintenance receivable Loan receivable, unit owners Accounts receivable - other Prepaid expenses Prepaid insurance Security deposits Increase (decrease) in: Accounts payable Accrued expenses Payroll taxes payable Unit owner deposits Deferred income Prepaid assessments Net cash provided by operating activities

Restricted Replacement Fund

Total

(18,028) 333 351 819 (5,312) (25,060) 2,296 2,183 (5,589) 3,068 1,498 13,456 74,508 (25,296)

(18,028) 333 351 819 (5,312) (25,060) 2,296 2,183 (5,589) 3,068 1,498 13,456 74,508 (25,296)

19,227

19,227

See accompanying notes to the financial statements.

-5-

Plantation

Terrace

Condominium

Association,

Inc.

NOTES TO FINANCIAL STATEMENTS

December 31,2011

NOTE A - GENERAL
Plantation Terrace Condominium Association, Inc. is a not for profit corporation organized for the purpose of managing, operating, and administering the common areas of the Plantation Terrace Condominium Association, Inc. which consists of 137 residential units located in Plantation, Florida.

NOTE 8 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting The accounting records of the Association are maintained on the accrual basis of accounting, in accordance with generally accepted accounting principles and the Florida Statutes. The accrual method of accounting recognizes revenue when earned and expenses when incurred. Fund Accounting The statements reflect two funds, the operating fund for general purpose revenues and expenses, and the restricted reserve fund which accounts for funds reserved for future capital expenditures and repairs. Maintenance Assessments Association members are subject to quarterly assessments to provide funds for the individual building and Association's common area operating expenses, future capital acquisitions, and major repairs and replacements. Assessments are allocated to unit owners on a percentage basis. Assessments receivable at the balance sheet date represents the fees due from unit owners for both operating and special assessments. Furniture and Equipment Property and equipment are carried at cost. Property is capitalized in accordance with the AICPA, CIRA (Common Interest Realty Association) guide, only when the Association has title or other evidence of ownership and if the property is separate and salable and the Association may retain the proceeds. Depreciation is computed using the straight-line method over the estimated useful life of the related assets. When assets are disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the fund for the period. The cost of maintenance and repairs is charged to operations as incurred; significant renewals and betterments are capitalized only if they meet the above criteria. Cash and Cash Equivalents Cash and cash equivalents include deposits with banks and cash on hand. Estimates The preparation of financial statements in conformity with generally requires management to make estimates and assumptions that affect the liabilities and disclosure of contingent assets and liabilities at the date of reported amounts of revenues and expenses during the reporting period. those estimates.

accepted accounting principles reported amounts of assets and the financial statements and the Actual results could differ from

-0-

Plantation

Terrace

Condominium

Association,

Inc.

NOTES TO FINANCIAL STATEMENTS

December 31, 2011

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

Income Taxes The Association qualifies as a tax-exempt homeowners' association under Internal 528 for the year ended December 31, 2011. The Association is not taxed on income its exempt purpose as defined by that section. Net nonexempt function income, interest and certain revenues received from non-members, is taxed at 30% after allowed. The Association has elected to be taxed as a homeowners' or State tax for the year ended December 31,2011. association, Revenue Code Section and expenses related to which includes earned expense allocations, as

which has resulted in no Federal tax

The Association's tax filings are subject to audit by various taxing authorities. The Association's income tax returns for 2008 through 2011 remain open to examination by the governing agencies. The Association believes that its estimates used for income tax reporting are appropriate based on current facts and circumstances. Fair Value Measurement The Association has determined that there were no material differences values of its financial assets and liabilities at December 31, 2011.

between

the cost and carrying

Subsequent Events Subsequent events have been evaluated through March 1, 2012 which is the date the financial statements were available to be issued.

NOTE C - RESTRICTED REPLACEMENT FUND

The Association's governing documents and State statutes require that funds be accumulated for future major repairs and replacements. The Association is not funding a reserve account for deferred maintenance and capital improvements. Accordingly, the current regular assessments and cash in savings will not be sufficient to meet all future replacement costs. Therefore, when replacement funds are needed, the Association will need to budget for replacements in the years they become necessary or pass special assessments as needed. State Statutes require that the unit owners vote annually if they choose to waive funding of the replacement reserve. The unit owners voted to waive reserves for 2011 and 2012. No study has been conducted to establish the accuracy of the costs of future repairs and replacements. Supplementary information has been included on page 14 regarding future repairs and replacements.

-7-

Plantation Terrace Condominium Association, Inc.

NOTES TO FINANCIAL STATEMENTS

December 31, 2011

NOTE D - MAINTENANCE ASSESSMENTS

Maintenance assessment receivables have been netted for an allowance for bad debt (uncollectible assessments) based upon the current law for foreclosure responsibility. Accounts are past due after 10 days and sent to collections after 30 days. A breakdown of these accounts at December 31, 2011 is as follows:

Maintenance Assessments Special Assessments Less: Allowance for Bad Debt

$ 38,827 7,180 (24,454) $ 21,553

NOTE E - PROPERTY AND EQUIPMENT

Property and equipment consists of the following: 2011 $ 400,000 3,495 7,901 (65,620) $ 345,776

Recreational facilities Acquisition costs Furniture and equipment Accumulated depreciation

Depreciation expense for the year ended December 31,2011 was $333.

NOTE F - CONCENTRATION

OF CREDIT RISK

The Association maintains its cash balances at several insured financial institutions. Non-interest bearing accounts at these institutions have unlimited insurance coverage by the Federal Deposit Insurance Corporation (FDIC) and up to $250,000 per institution on interest bearing accounts. There were no deposits in excess of $250,000 as of December 31, 2011, based on the bank statement balances.

NOTE G - SPECIAL ASSESSMENTS

In July, 2011, the Board of Directors passed special assessments in the amount of $39,004 for Building Cl and $35,504 for Building A to replace the bottom jacks in the elevators. The assessments were billed in September 1011 and were due no later than November 15,2011. The project began in January, 2012.

-8-

Plantation

Terrace

Condominium

Association,

Inc.

NOTES TO FINANCIAL STATEMENTS

December 31, 2011

NOTE H - COMMITMENTS
The Association has contracts with several companies with thirty day notice. for services which can be canceled by either party

NOTE I - INSURANCE COVERAGE

The Association's insurance coverage for damages caused by a hurricane is subject to a 3% or $630,819 deductible which would be allocated based on the percentages of ownership in the condominium documents. The Association would, therefore, be responsible for losses up to this amount and would be required to levy a special assessment or to delay repairs if such an event should occur.

NOTE J - UNIT OWNERS DEPOSIT

The Association has a policy for new owners. The buyer places a deposit until screening is complete. The amount and length of the deposit is determined by their credit history. The deposit is refunded after the owner has established a good credit history with the Association. As of December 31, 2011 the Association had unit owner's deposits of $19,520.

NOTE K - BUILDING ASSESSMENTS/FUND

BALANCE

It was recently discovered that the building portion of the quarterly maintenance assessment was being improperly calculated. At the direction of the Association's legal counsel a resolution was adopted by the Board to accept that all building billings and expenses through December 31, 2011 will remain as billed and recorded, and that the buildings will have no individual fund balances at that date. Accordingly, the 2012 billings will be adjusted to retlect the proper building assessment and all expenses for the buildings will be recorded to the building where incurred.

NOTE L - RELATED PARTY TRANSACTIONS

The Board adopted a resolution to compensate the members of the Board for their service. Several members of the Association are also compensated for bookkeeping services, signage, and other expenses connected with managing and maintaining the Association.

-9-

NOI~ VWlIO~NI AlIV l..N3:W:tn:ddflS

Plantation Terrace Condominium Association, Inc. SCHEDULE OF COMMON AREA OPERATING REVENUES AND EXPENSES BUDGET AND ACTUAL For the year ended December 31, 2011 Variance Favorable (Unfavorable) (Unaudited) $ 799 164 4,506 5,469

Actual COMMON AREA REVENUES Maintenance assessments Interest income Other income Total common area revenues EXPENSES Administrative Expenses Auditing Computer expense Dues Corporate fees Legal Office Taxes - real estate Miscellaneous Payroll and related expenses Payroll Payroll FICA taxes Payroll - unemployment Repairs and maintenance Cleaning Pool repair and maintenance General Recreation room Tree trimming Lawn maintenance Fire extinguisher inspection Utilities Electric Trash Water and sewer Telephone

Budget (Unaudited) $ 376,038

376,837 164 9,918 386,919

5,412 381,450

4,135 1,316 557 62 12,175 2,847 1,605 2,638 25,335 30,950 2,383 475 33,808 50,019 4,477 51,755 2,754 5,934 22,732 137,671 21,364 20,662 52,383 3,654 98,063

3,000 1,000 548 62 8,000 700 2,000 500 15,810 31,400 3,000 400 34,800 53,040 6,000 45,000 500 5,000 21,000 900 131,440 24,000 22,000 56,400 4,000 106,400

(1,135) (316) (9) (4,175) (2,147) 395 (2,138) (9,525) 450 617 (75) 992 3,021 1,523 (6,755) (2,254) (934) (1,732) 900 (6,231) 2,636 1,338 4,017 346 8,337

See independent auditors' report. -11-

Plantation Terrace Condominium Association, Inc. SCHEDULE OF COMMON AREA OPERATING REVENUES AND EXPENSES BUDGET AND ACTUAL CONTINUED For the year ended December 31, 2011 Variance Favorable (Unfavorable) (Unaudited)
$

Actual COMMON AREA EXPENSES CONTINUED Insurance Expense Provision for bad debt Other Expense Loss on asset disposal Depreciation Interest Total common area expenses Excess of operating expenses over revenues - common area
$

Budget (Unaudited) $ 93,000

96,145 24,455

(3,145) (24,455)

1,114 333 827 2,274 417,751

381,450

(1,114) (333) (827) (2,274) (36,301)

(30,832)

(30,832)

See independent auditors' report.

-12-

Plantation Terrace Condominium Association, Inc. SCHEDULE OF BUILDING REVENUES AND EXPENSES For the year ended December 31,2011

BUILDING A REVENUE Maintenance assessments (Note K) EXPENSES Elevator Repair and maintenance Total building operating expenses

BUILDING

B
15,000 15,000 2,780 10,260 13,040 $

BUILDING Cl

BUILDING C2

TOTAL

15,000 15,000 5,561 10,666 16,227

6,450 6,450 1,390 1,109 2,499

15,000 15,000 4,171 2,709 6,880

51,450 51,450 13,902 24,744 38,646

Excess (deficit) of building revenues over expenses

(1,227)

1,960

3,951

8,120

12,804

See independent auditors' report.

-13-

Plantation Terrace Condominium Association, Inc. SCHEDULE OF FUTURE MAJOR REPAIRS AND REPLACEMENTS (Unaudited) December 31, 2011 Estimated Replacement Reserve Description BUILDING Roof Painting Driveway Total Building A BUILDINGB Roof Painting Driveway Total Building B BUILDINGC1 Roof Painting Driveway Total Building C1 $ BUILDINGC2 Roof Painting Driveway Total Building C2 $ $ 117,000 61,000 40,000 218,000 20 5 4 16 1 1 $ $ $ 7,312 61,000 $ 80,000 20,000 40,000 140,000 20 5 4 16 1 1 $ $ $ A $ 203,000 60,000 40,000 20 5 4 16 1 1 $ $ Cost Estimated Useful Life Estimated Remaining Life Required 2012 Funding

Balance 12/31/2011

12,687 60,000

303,000

10,457 $ 83,144

186,000 70,000 40,000 296,000

20 5 4

16 1 1

~ .',

--'

12,273 70,000 13,607

95,880

6,593 20,000 3,590

30,183

12,346 80,658

See Note C regarding unit owner vote to waive 2011 and 2012 funding.

See independent auditors' report. -14-