St Clements HOA Risk Assessment: Owner-friendly

02 The five questions

What the documents decide
before your first guest books.

Five dots is the best answer for an owner who wants to run the unit themselves. One dot is a red flag. Open “What the documents say” under each for the exact words.

Can you rent it your way?

Clear

Whether the deed and rules let you rent short-term on your own terms: no requirement to use the on-site program, no minimum stay that kills weekend bookings, and no rule against saying where the condo is.

The deed expressly guarantees owners may rent to the public with no minimum stay, no on-site program, no registration and freedom to self-manage or hire any manager; the only advertising limits are the ban on signs on the property and on 'pet friendly' listings, and the hotel-style lobby/rental office the deed contemplates is expressly non-exclusive.

Short-term rentalsAllowed

Must use on-site programNo

Owner may rent it personallyYes

Off-site manager allowedYes

Owner-use limitsunstated. Units are restricted to single-family residential use by the owner, family, guests, invitees and lessees; timeshare/interval ownership is prohibited (Master Deed 7.0(a)).

RegistrationNo rental or guest registration is stated. Owners/transferees must notify the Association in writing of ownership and mortgages for the owner register (Master Deed 9.10). Pets must be registered and tagged with management (Rules, PETS). Vehicles must display a hang tag and/or owner decal (Rules, PARKING).

Advertising rulesNo advertising signs or billboards on the property (Master Deed 7.0(e)). Owners and rental agents may not advertise that pets are permitted: 'any Homeowner found advertising as "pet friendly" will be fined $100.00 followed by $10.00 per day until the ad is corrected' (Rules, PETS). No restriction on using the resort name or photos is stated.

Vote to change rental rulesMaster Deed: 'at least Ninety (90%) percent in common interest of all unit owners' (Art. XII 12.0); the use restrictions renew automatically unless 90% of owners record an instrument changing them (7.1). By-Laws and Articles of Incorporation: two-thirds (2/3) of the total value of the property (By-Laws Art. IX(c); Articles Art. XV). Rules and Regulations: the Board alone may 'make and amend regulations governing the use of the property' so long as they do not conflict with the Deed and Articles (By-Laws Art. IV(j)(iv)).

What the documents say (10)

“Nothing contained herein shall be construed so as to probibit the renting of units to the public, it being specifically agreed that owners are free to engage in Such activity, Lessees or renters may use the common elements in the same manner as an owner.”Master Deed, Article VII 7.0(a), page 6

“No type of Interval Ownership or "Timesharing" arrangement shall be permitted in the project.”Master Deed, Article VII 7.0(a), page 6

“Each owner is free to enter into separate management contracts that pertain t jis unit and to exercise such control as he deems appropriate.”Master Deed, Article IX 9.5(c), page 12

“Each owner shall be responsible for the anagement of his unit and such items as maintenance, rate etting, payments of assessments, hiring management companies and Ihe negotiation of his own management agreement.”Master Deed Exhibit D (By-Laws), By-Laws Article XI Miscellaneous (a), page 48

“In addition to he above each owner is responsible for the personnel policies, {nancial affairs, including budget preparation and establishment f ceserves, supervising his management company, promoting offsite ental activities and in general, managing the affairs which ertain to his unit.”Master Deed Exhibit D (By-Laws), By-Laws Article XI Miscellaneous (a), page 48

“Nor shall this sestriction apply to the operation of rental and management} offices in the common areas.”Master Deed, Article VII 7.0(e), page 7

“It is also each owner's responsibility to ensure that their rental agent and guests understand and observe all rules and regulations.”Rules and Regulations, GENERAL, page 1

“Guests are NOT permitted to have a pet on the property and owners and their rental agents a re not allowed to advertise that pets are permitted . IMMEDIATE CORRECTION ITEM includes removal of the animal, AND FINE OF $200.00. In addition, any Homeowner found advertising as “pet friendly” will be fined $100.00 followed by $10.00 per day until the ad is corrected.”Rules and Regulations, PETS, page 1

“12.0 This Master Deed may be amended by the vote of at least Ninety (90%) percent in common interest of all unit owners, lcast in person or by proxy, at a meeting duly held in accordance, with the provisions of the By-Laws.”Master Deed, Article XII 12.0, page 22

“The eceptance of a deed of conveyance, or the entering into of a hease, or the entering into occupancy of any unit or any common lement, shall constitute an agreement that the provisions of this [ASTER DEED, By-Laws, and any Rules and Regulations which may be dopted are accepted and ratified by such owner, tenant or cupant”Master Deed, Article VII 7.3, page 8

Will your guests be treated like guests?

Typical

Whether a guest who booked through you gets the same resort as a guest who booked through the front desk: the same pools, parking, wristbands and check-in, or a second-class version of them.

Renters use the pool and all common elements exactly like owners with no excluded amenities and no pass or wristband regime, but there is no front desk: 'whomever rents your unit' must get a parking hang tag to every guest, lockouts go to the owner or rental agent, each unit gets a single parking space with towing for mis-parked cars, and guests may not bring pets.

Amenities for your guestsSame as program guests

Wristbands & parking passesOne parking space per unit (the penthouse gets two; the commercial unit/pool bar also gets one). Vehicles must display a valid hang tag from the rearview mirror and/or owner's decal; 'It is the responsibility of whomever rents your unit to ensure all guests are provided proper hang tags.' Who issues the tags and any cost are unstated. Vehicles must be within one marked space; improperly parked vehicles towed at vehicle owner's expense. No trailers, boat trailers or RVs. Vehicles stored more than one week need written permission from the management company (Rules, PARKING; TRAILERS). No wristbands or pool passes are mentioned.

Check-inunstated. No front desk or check-in procedure is described; 'Unit interior maintenance concerns, lockout related issues, etc. should be handled through the rental agent or owner of the unit' (Rules, EMERGENCY TELEPHONE NUMBERS).

TrashAll trash in a secured heavy-duty plastic bag deposited in the trash collection wagon in the parking garage; no bulk trash left in the garage (Rules, TRASH). Trash removal is an Association expense ($9,480 in the 2026 budget).

ElevatorsTwo elevators serve all levels (Exhibit E). No service-elevator or move-in rules stated. 2026 budget line '5240 - Elevator Maintenance' prints as $42,000, but the operating-section OCR is $30,000 over its subtotal, so this figure is uncertain.

What the documents say (8)

“Lessees or renters may use the common elements in the same manner as an owner.”Master Deed, Article VII 7.0(a), page 6

“SWIMMING POOL: Pool Rules signs are clearly posted in the pool area. Pool hours are from 9:00 AM - 11:00 PM. Persons under the age of 12 are not permitted in the pool area unless accompanied by an adult. Any Pool violations may be IMMEDIATE CORRECTION ITEM.”Rules and Regulations, SWIMMING POOL, page 1

“PARKING: All homeowners, including the commercial unit/pool bar, are entitled to ONLY ONE (1) parking space. The penthouse is allotted TWO spaces.”Rules and Regulations, PARKING, page 1

“All vehicles must display a valid hang tag from the rearview mirror and/or owner’s decal. It is the responsibility of whomever rents your unit to ensure all guests are provided proper hang tags. Vehicles must be parked within one (1) marked parking space ONLY. Inappropriately parked vehicles will be towed from the premises at the vehicle owner’s expense.”Rules and Regulations, PARKING, page 1

“AMENITIES SUSPENSION: Any owner more than sixty (60) days delinquent in payment of HOA assessments may be prohibited from using any amenities, including the swimming pool and such delinquency may include garnishment of rental funds.”Rules and Regulations, AMENITIES SUSPENSION, page 2

“Unit Emergencies: Unit interior maintenance concerns, lockout related issues, etc. should be handled through the rental agent or owner of the unit.”Rules and Regulations, EMERGENCY TELEPHONE NUMBERS, page 2

“TRASH: All trash and unit debris must be placed in a secured, heavy-duty plastic bag and deposited in the trash collection wagon in the parking garage. DO NOT LEAVE BULK TRASH IN THE PARKING GARAGE.”Rules and Regulations, TRASH, page 2

“POOL BAR: The commercial unit shall be required to close the pool bar roof top at 10:00 PM and the pool bar operation to close at 12:00 AM.”Rules and Regulations, POOL BAR, page 2

How much work lands on you?

Favorable

What the rules make the owner personally responsible for: a local contact who answers in minutes, keys and passes, trash, fines for guest behaviour, vendor hours and elevators.

No local-contact, response-time, vendor or service-elevator rules exist and trash goes to a garage wagon, but the owner absorbs automatic $200-per-occurrence fines plus daily pet fines for guest behaviour and must manage keys and parking tags.

Local contactunstated. No local-agent or contact-person requirement; unit lockouts and interior issues go 'through the rental agent or owner of the unit' (Rules, page 2).

Locks & keysunstated. Owner or rental agent handles lockouts (Rules, page 2). The garage storage cage key is held by the onsite Caravelle employee and may be changed periodically; only bicycles may be stored there (Rules, STORAGE CAGE ENCLOSURE).

FinesOwner pays. 'IMMEDIATE CORRECTION ITEMS: Automatic $200.00 FINE for each occurrence' for grilling on balconies/common areas, personal items stored in hallways/common areas, pool violations, and any guest pet (plus removal of the animal). Unregistered/untagged animal: immediate $200 plus $50 per day until removed. Advertising 'pet friendly': $100 plus $10 per day until corrected. Repeated same offense: 1st warning (10 days to correct; 30 days for major repairs/painting), 2nd $50, 3rd $75, 4th+ $100, each with 10 days to correct. Fine applies unless the owner requests a Board hearing within the 10-day notice period; Board decides within 10 days of hearing (Rules, pages 1-2). Deed: owner liable for damage/repair caused by family, guests, lessees or invitees beyond insurance proceeds, added to the unit's assessment (Master Deed 9.5(a), 9.12, 14.0(b)); Board may enter and abate violations at owner expense after 30 days written notice (7.2). 2026 budget expects $1,400 of fines/late-fee income.

Contractors & vendorsunstated. No contractor hours, insurance, or service-elevator rules. Structural modifications need written Board consent; no exterior changes, awnings, antennas or protruding equipment without Board consent (Master Deed 7.0(d)).

AlsoOwner is responsible for the conduct of family, guests, service personnel and rental agent and for damage they cause (Rules, GENERAL). Window treatments visible from outside and all balcony furniture must be white (Rules, UNIFORM APPEARANCE; Master Deed 7.0(g) for white linings). No rugs or mats on balconies or in hallways; no towels/clothing on railings; balconies not for storage (Rules, BALCONIES). Owner maintains the unit interior, HVAC, appliances and the balcony (Master Deed 9.6). Owners more than 60 days delinquent may lose amenity access and have rental funds garnished (Rules, AMENITIES SUSPENSION).

What the documents say (8)

“IMMEDIATE CORRECTION ITEMS: Automatic $200.00 FINE for each occurrence.”Rules and Regulations, heading, page 1

“GENERAL: Each owner is responsible for the proper conduct of his/her family, guests, and service personnel as well as any damage to property caused by these persons.”Rules and Regulations, GENERAL, page 1

“Grilling is prohibited on balconies and all common areas and is an IMMEDIATE CORRECTION ITEM.”Rules and Regulations, BALCONIES, page 1

“Any unauthorized, unregistered/untagged animal will be deemed in violation and the unit owner will be charged an IMMEDIATE FINE of $200.00 plus $50 per day until the animal is removed from St. Clements and such removal is verified by management.”Rules and Regulations, PETS, page 1

“1st offense – Warning letter – 10 days to correct (Major repairs and/or painting will be allowed 30 days to correct.) 2nd offense or failure to correct - $50.00 fine – 10 days to correct. 3rd offense or failure to correct - $75.00 fine – 10 days to correct. 4th offense or more or failure to correct - $100.00 fine – 10 days to correct.”Rules and Regulations, FINE SCHEDULE FOR SAME REPEATED OFFENSE, page 2

“The fine shall be applied unless a request for a hearing is received from the owner to the Board of Directors within the 10-day notice period. The decision of the Board will be rendered within 10 days of the hearing date.”Rules and Regulations, VIOLATIONS, page 2

“UNIFORM APPEARANCE: All window treatments visible from the exterior of the unit must be white. All balcony furniture must also be white.”Rules and Regulations, UNIFORM APPEARANCE, page 2

“9.12 COST OF MAINTENANCE. In the event that the nee for maintenance, repair or replacement is caused through th willful ox negligent act of the owner oF owners of a unit o units, or the family, guests, lessees, or invitees thereof, 0 results from causes excluded from coverage in the Insuranc policies, the cost of such maintenance, replacement or repair pall be added to and become a part of the assessment to which thi unit or units or such owner of owners is subject.”Master Deed, Article IX 9.12, page 21

Is the money healthy?

Favorable

Whether the association can pay for the building without surprise bills: reserves, special assessments, insurance deductibles, how fast dues are rising, and how much of the fee passes through to a master association.

The documented figures are favourable: a zero-based 2026 budget earmarks $182,792 (32.9%) for capital/reserve spending, inclusions are broad (cable, internet, water/sewer, trash, security, pool) and no special assessment is recorded; it is held below 5 because dues compute to about $665/month for a 450-534 sq ft unit, insurance is 15.8% with no deductible or flood detail, and no reserve balance, reserve study or prior-year budget exists to confirm the dues trend or that the capital line is building a funded reserve.

2026 budget$556,339

Reserves33% of budget

Special assessmentsNone in the documents

Insurance2026 budget line '5030 - Insurance Expense 88,000.00'. Master Deed 9.8 requires the Association to insure all common areas and limited common elements at maximum insurable replacement cost against fire and extended-coverage hazards, carry at least $1,000,000 public liability, and fidelity coverage of at least 1.5x annual operating expenses and reserves. Owners pay any deductible attributable to damage they or their guests cause (9.5(a), 9.6(a)). No policy, carrier, named-storm/wind deductible or flood coverage is shown in the set.

DelinquencyAssessment is in default if unpaid within 30 days of due date; delinquent amounts bear interest at the lesser of the maximum legal rate or 18%; owners are personally and jointly liable including collection costs and attorney's fees whether or not suit is brought; Association lien on the unit foreclosable like a mortgage with right to a receiver and reasonable rental; lien subordinate to a first mortgage (Master Deed 9.11(i)-(m)). If a unit is leased, sold or mortgaged while assessments are delinquent, the lessee, purchaser or mortgagee must apply rent or proceeds first to the delinquent assessments (9.11(o)); a buyer in a voluntary conveyance is jointly and severally liable with the seller for unpaid assessments (9.11(p)); the Association must furnish an assessment-status statement on request before a lease, sale or mortgage (9.11(n)). Owners more than 60 days delinquent may be barred from all amenities including the pool and have rental funds garnished (Rules, AMENITIES SUSPENSION). 2026 budget carries $7,200 bad-debt expense (1.3% of budget) and $1,400 fines/late-fee income. No delinquency report in the set.

What the documents say (15)

“4000 - Regular Assessments 529,338.00”St Clements HOA 2026 Profit & Loss Budget Overview, Income, page 1

“Total Income 556,339.00”St Clements HOA 2026 Profit & Loss Budget Overview, Income, page 1

“5030 - Insurance Expense 88,000.00”St Clements HOA 2026 Profit & Loss Budget Overview, 5000 - Administrative Expenses, page 1

“6030 - Miscellaneous Capital Exp. 182,791.75 Total 6000 - Reserve Expenses 182,791.75 Total Expense 556,339.00 Net Ordinary Income : 0.00”St Clements HOA 2026 Profit & Loss Budget Overview, 6000 - Reserve Expenses, page 1

“5120 - Management Fees 23,483.25”St Clements HOA 2026 Profit & Loss Budget Overview, 5100 - RAM Expenses, page 1

“5910 - Bad Debt Expense 7,200.00”St Clements HOA 2026 Profit & Loss Budget Overview, 6900 - Other Operating Expenses, page 1

“101 $128,000 1.50758”Master Deed Exhibit B, Schedule of percentage of undivided interest, page 29 (OCR of 1.5075%)

“PH-1 (may be used as 256,000 3.01508 a commercial or residential unit) Pool-1 (commercial) 128,000 1.50758 c-1 42,667.00 +5024”Master Deed Exhibit B, page 30

“(vb) All assessments levied against the unit owners and| their units shall be uniform, except as provided on Exhibit B,”Master Deed, Article IX 9.11(b), page 17

“Should the Board lof Directors at any time determine, in its sole discretion, that the regular assessments levied are, or may prove to be, insuffic~ ient to pay the costs of operation and management of the condomin-| ium, as contemplated in Article IX, Section 9.9 (e) hereinabove, lor if there are unexpected non-recurring expenses associated with ithe property, the Board of Directors shall have the authority to levy such additional or "special" assessment or assessments as it shall deem to be necessary.”Master Deed, Article IX 9.11(e), page 18

“(£) RESERVE FUND. The Board of Directors of the Associ- lation, in establishing the annual budget for operation, manage- ment, and maintenance of the condominium, shall designate therein la sum to be collected and maintained as a reserve fund for replacement of any capital improvements to the common areas, limited common areas and facilities”Master Deed, Article IX 9.11(f), page 18

“(i) The payment of any assessment or installment there-| of to the Association (the “Association") shall be in default iff such assessment or installment is not paid to the Association] within Thirty (30) days of the due date for such payment. When in default, the delinquent assessment or delinquent installment thereof due to the Association shall bear interest at the maximu rate allowed by law or Eighteen (18%) percent, whichever is lesser”Master Deed, Article IX 9.11(i), page 19

“(e) ASSESSMENTS. If the proceeds of insurance are not sufficient to defray the estimated costs of reconstruction and repair by the Association, or if at any time during reconstruction and repair, or upon completion of reconstruction and repair, the funds for the payment of the costs thereof are insufficient, asses~ lsments shall be made against all unit owners in sufficient amounts to provide funds for the payment of such costs”Master Deed, Article IX 9.9(e), page 17

“(o) In the event that a unit is to be leased, sold or lortgaged at a time when payment of any assessment against the wner of said unit is due or is in default (whether or not a claim £ lien has been recorded by the Association), then the rent, pro- ceeds of such purchase, OF mortgage proceeds shall be applied by Ihe lessee, purchaser or mortgagee first to payment of any then delinquent assessment Or installments therof due to the Associa- tion”Master Deed, Article IX 9.11(o), pages 20-21

“(g) WORKING CAPITAL. In addition to the aforementioned serve Fund, the Board of Directors of the Association shall es- lcablish a fund to be designated as a WORKING CAPITAL FUND. ... The Board of Directors shall establish, as an alloca~ Ikion to the said fund, a minimum of Two (2) months estimated lcommon area charges for each unit . Each unit estate's share of lsaid fund must be collected and transferred to the Association at the time of closing of the sale of each unit estate.”Master Deed, Article IX 9.11(g), pages 18-19

Who's really in charge?

Favorable

Who holds the power the documents hand out: an owner-elected board, or a developer or commercial-unit owner with deed-level rights over rentals, guest services and the building's name.

Owner-elected three-member board, developer rights long expired, one vote per unit and a 90% deed amendment threshold; the commercial pool bar and penthouse have no monopoly rights, though the deed still contemplates a hotel-style lobby/rental office run by a common-area management company under unseen terms.

StructureOne association

Commercial unitYes, with its own deed rights

BoardThree (3) directors, at least a majority of whom must be Association members; elected by plurality at the Annual Members' Meeting (first Saturday in November, 2:00 PM) for staggered two-year terms; vacancies filled by remaining directors until the next annual meeting; directors removable as for SC for-profit corporations (By-Laws Art. III(a), IV(a),(b)(ii),(iv),(m)). Board elects President, VP, Treasurer, Secretary annually (By-Laws Art. VI). Board may employ a managing agent and delegate powers (Articles Art. VII; By-Laws IV(j)(vi)).

Developer rightsExpired. Declarant (St. Clements, Ltd.) controlled management and appointed a majority of the Board only until the earlier of 120 days after 75% of units were conveyed or three years after recording of the 1987 Master Deed, i.e. no later than November 1990 (Master Deed 9.1; Articles Art. VIII; By-Laws Art. IV(a)). Declarant easements for sales/rental offices, warranty access and construction are tied to Declarant-owned units and a six-month post-closing window (7.0(e),(l); 8.0(e)). Master Deed 13.3 still requires Declarant written consent to amend Declarant rights, and By-Laws IX(e) protects the Owner's director-designation right, but these have no practical effect decades after turnover.

Commercial-unit rightsThree non-standard units: PH-1 'may be used as a commercial or residential unit' (3.0150%, two votes, two garage spaces as limited common elements); 'Pool-1 (commercial)' is the pool bar, which the Rules require to close its roof top at 10:00 PM and operations at 12:00 AM and which gets one parking space; and C-1 (0.5024%). No commercial unit holds exclusive rights to rentals, guest services, lobby or amenities. The Deed allows 'the operation of rental and management offices in the common areas' (7.0(e)) and let the Declarant contract a management company to run 'a rental office, lobby and other related services associated with operating the building as a hotel' terminable by the Association on 90 days notice after turnover (9.5(c)); By-Laws Art. XI say the Corporation shall provide lobby/hotel facilities and each owner 'shall be allowed to use the common facilities associated with the hotel business, subject however to reasonable changes and rules established by the common area management company', while leaving each owner to manage, set rates and hire his own management company. No current hotel/rental operator agreement is in the set.

VotesOne vote per unit, two votes for the Penthouse; an owner of several units casts one vote per unit; non-cumulative; proxies allowed per meeting (Articles Art. IV.4; By-Laws Art. II(d)). Quorum is a majority (51% of value) of the membership; majority of votes represented at a quorum meeting binds unless a higher vote is required (By-Laws Art. II(b),(f)). Multi-owner units must file a voting certificate or their vote is not counted (By-Laws II(c)). Special members' meetings must be called on written request of owners of a majority of units (By-Laws III(b)).

Changing the deedMaster Deed: 90% in common interest of all unit owners, recorded in Horry County (Art. XII 12.0). Changes to percentage interests, expense sharing or common surplus require written consent of ALL owners and all first-mortgage institutional lenders (13.1); lender and Declarant rights need their consent (13.2, 13.3). Use restrictions renew in 10-year periods unless 90% record a change (7.1). By-Laws and Articles: two-thirds (2/3) of total property value at a joint special meeting called 20-60 days after proposal (By-Laws Art. IX; Articles Art. XV). Rules: Board may make and amend regulations consistent with the Deed and Articles (By-Laws IV(j)(iv)); Rules say violations are reported to The Noble Company (management).

Disputes or lawsuitsNone disclosed in the set. 2026 budget carries only $1,200 legal expense. No minutes, litigation letters or complaints included.

What the documents say (10)

“(a) The first Board of Directors of the Association and ucceeding Boards of Directors shall consist of three (3) persons.”Master Deed Exhibit D (By-Laws), By-Laws Article IV(a), page 40

“The term of the Directors s selected at the Annual Méeting of members each year shall be fo Two (2) years expiring at the second Annual Meeting following their election”Master Deed Exhibit D (By-Laws), By-Laws Article IV(b)(iv), page 41

“4. on all matters on which the Membership shall be en— tled to vote, there shall be only one vote for each unit in the roject, (with the exception of the Penthouse, which shall have wo (2) votes)”Master Deed Exhibit C (Articles of Incorporation), Articles Article IV.4, page 34

“The power of the Owner to designate directors as above referred to shall terminate no later] than the earlier of the following events: (i) One Hundred Twenty (120) days after Seventy-five (75%) percent of the units in the Project have been conveyed; or (ii) Three (3) years following the date of the recording of the MASTER DEED.”Master Deed Exhibit C (Articles of Incorporation), Articles Article VIII, page 35

“(c) he Declarant may enter into a contract with a management company or manager for the purposes of providing all elements of the operation, care, supervision, maintenance, and management of the property. This Contract may provide for the use and operation of a rental office, lobby and other related services| associated with operating the building as a hotel.”Master Deed, Article IX 9.5(c), page 12

“Any such contract shall contain provision allowing the Association to terminate such contract, without justification or penalty and upon Ninety (90) days notic: after transfer of management by the Declarant to the Association.”Master Deed, Article IX 9.5(c), page 12

“(a) The Corporation shall provide for the operation of lobby nd other facilities related to the operation of a hotel business Ph.the Project.”Master Deed Exhibit D (By-Laws), By-Laws Article XI Miscellaneous, page 48

“Each owner shall e allowed to use the common facilities associated with the hotel usiness, subject however to reasonable changes and rules stablished by the common area management company.”Master Deed Exhibit D (By-Laws), By-Laws Article XI Miscellaneous, page 48

“13.1 Except as provided for in this MASTER DEED, no lalteration in the percentage of ownership in common areas and facilities appurtenant to each unit, or alteration of the basis €or sharing common expenses and other apportionment of assessments which may be levied by the Association in accordance with the pro-~ visions hereof, or alteration of basis of ownership of common sur— Iplus, shall be made without the proir written consent of all of the owners of all units and all of the institutional lenders hold- ing first mortgages or first deeds of trust on the units.”Master Deed, Article XIII 13.1, page 23

“(c) In order for such amendment or amendments to become ffective, the same must be approved by an affirmative vote of the | embers owning not less than two-thirds (2/3) of the total value ~ the property in the Condominium.”Master Deed Exhibit D (By-Laws), By-Laws Article IX(c), page 47

04 The money

What you pay, and where it goes.

An HOA fee is a share of a budget. The budget tells you whether the fee is buying upkeep or catching up on it.

Regular assessments, 2026

Unit type	Per month	Per year
Standard residential unit (1.5075% interest, 63 units) - computed: 1.5075% x $529,338 regular assessments	$665	$7,980
Penthouse PH-1 (3.0150% interest) - computed	$1,330	$15,960
Pool-1 commercial unit (1.5075% interest) - computed	$665	$7,980
C-1 unit (0.5024% interest) - computed	$222	$2,659

What the dues cover

Cable TV (budget $33,000)Internet (budget $7,680)Water and sewer (budget $25,200)Trash removal (budget $9,480)Common-area electricity (budget $10,800; in-unit electric metering unstated, Master Deed 9.11(a) excludes 'specific owner expenses such as utility costs')Pest control (budget $3,300)Elevator, fire system, domestic pump station and building/contract maintenancePool operation (budget $7,700)Property security and patrol (budget $20,800)Common-element property, liability and fidelity insurance (budget $88,000)Management fees (budget $23,483.25) and audit/tax prepReserve/capital contribution (budget $182,791.75)

Where the budget goes

6030 - Miscellaneous Capital Exp. (Reserve Expenses)$182,792 · 33%

5030 - Insurance Expense$88,000 · 16%

5220 - Contract Maintenance (printed figure; one of the three 5200-section lines 5210/5220/5240 is overstated by $30,000 in the OCR, see document note)$51,504 · 9%

5240 - Elevator Maintenance (printed figure; one of the three 5200-section lines 5210/5220/5240 is overstated by $30,000 in the OCR, see document note)$42,000 · 8%

5210 - Building Maintenance (printed figure; one of the three 5200-section lines 5210/5220/5240 is overstated by $30,000 in the OCR, see document note)$35,000 · 6%

5410 - Cable TV$33,000 · 6%

5460 - Water & Sewer$25,200 · 4%

5120 - Management Fees$23,483 · 4%

The figures, in the documents' words (15)

“4000 - Regular Assessments 529,338.00”St Clements HOA 2026 Profit & Loss Budget Overview, Income, page 1

“Total Income 556,339.00”St Clements HOA 2026 Profit & Loss Budget Overview, Income, page 1

“5030 - Insurance Expense 88,000.00”St Clements HOA 2026 Profit & Loss Budget Overview, 5000 - Administrative Expenses, page 1

“6030 - Miscellaneous Capital Exp. 182,791.75 Total 6000 - Reserve Expenses 182,791.75 Total Expense 556,339.00 Net Ordinary Income : 0.00”St Clements HOA 2026 Profit & Loss Budget Overview, 6000 - Reserve Expenses, page 1

“5120 - Management Fees 23,483.25”St Clements HOA 2026 Profit & Loss Budget Overview, 5100 - RAM Expenses, page 1

“5910 - Bad Debt Expense 7,200.00”St Clements HOA 2026 Profit & Loss Budget Overview, 6900 - Other Operating Expenses, page 1

“101 $128,000 1.50758”Master Deed Exhibit B, Schedule of percentage of undivided interest, page 29 (OCR of 1.5075%)

“PH-1 (may be used as 256,000 3.01508 a commercial or residential unit) Pool-1 (commercial) 128,000 1.50758 c-1 42,667.00 +5024”Master Deed Exhibit B, page 30

“(vb) All assessments levied against the unit owners and| their units shall be uniform, except as provided on Exhibit B,”Master Deed, Article IX 9.11(b), page 17

“Should the Board lof Directors at any time determine, in its sole discretion, that the regular assessments levied are, or may prove to be, insuffic~ ient to pay the costs of operation and management of the condomin-| ium, as contemplated in Article IX, Section 9.9 (e) hereinabove, lor if there are unexpected non-recurring expenses associated with ithe property, the Board of Directors shall have the authority to levy such additional or "special" assessment or assessments as it shall deem to be necessary.”Master Deed, Article IX 9.11(e), page 18

“(£) RESERVE FUND. The Board of Directors of the Associ- lation, in establishing the annual budget for operation, manage- ment, and maintenance of the condominium, shall designate therein la sum to be collected and maintained as a reserve fund for replacement of any capital improvements to the common areas, limited common areas and facilities”Master Deed, Article IX 9.11(f), page 18

“(i) The payment of any assessment or installment there-| of to the Association (the “Association") shall be in default iff such assessment or installment is not paid to the Association] within Thirty (30) days of the due date for such payment. When in default, the delinquent assessment or delinquent installment thereof due to the Association shall bear interest at the maximu rate allowed by law or Eighteen (18%) percent, whichever is lesser”Master Deed, Article IX 9.11(i), page 19

“(e) ASSESSMENTS. If the proceeds of insurance are not sufficient to defray the estimated costs of reconstruction and repair by the Association, or if at any time during reconstruction and repair, or upon completion of reconstruction and repair, the funds for the payment of the costs thereof are insufficient, asses~ lsments shall be made against all unit owners in sufficient amounts to provide funds for the payment of such costs”Master Deed, Article IX 9.9(e), page 17

“(o) In the event that a unit is to be leased, sold or lortgaged at a time when payment of any assessment against the wner of said unit is due or is in default (whether or not a claim £ lien has been recorded by the Association), then the rent, pro- ceeds of such purchase, OF mortgage proceeds shall be applied by Ihe lessee, purchaser or mortgagee first to payment of any then delinquent assessment Or installments therof due to the Associa- tion”Master Deed, Article IX 9.11(o), pages 20-21

“(g) WORKING CAPITAL. In addition to the aforementioned serve Fund, the Board of Directors of the Association shall es- lcablish a fund to be designated as a WORKING CAPITAL FUND. ... The Board of Directors shall establish, as an alloca~ Ikion to the said fund, a minimum of Two (2) months estimated lcommon area charges for each unit . Each unit estate's share of lsaid fund must be collected and transferred to the Association at the time of closing of the sale of each unit estate.”Master Deed, Article IX 9.11(g), pages 18-19

St Clements.

The documents behind this page.

What the documents decide
before your first guest books.

Can you rent it your way?

Will your guests be treated like guests?

How much work lands on you?

Is the money healthy?

Who's really in charge?

For the owner who runs it themselves.

Working for you

Watch-outs

What you pay, and where it goes.

Regular assessments, 2026

What the dues cover

Where the budget goes

What to put in the house manual.

What to ask the association for.

Have the documents read
for the building you are weighing.

St Clements.

The documents behind this page.

What the documents decidebefore your first guest books.

Can you rent it your way?

Will your guests be treated like guests?

How much work lands on you?

Is the money healthy?

Who's really in charge?

For the owner who runs it themselves.

Working for you

Watch-outs

What you pay, and where it goes.

Regular assessments, 2026

What the dues cover

Where the budget goes

What to put in the house manual.

What to ask the association for.

Have the documents readfor the building you are weighing.

What the documents decide
before your first guest books.

Have the documents read
for the building you are weighing.