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					                        CONDOMINIUMS
                        REQUIREMENTS FOR CREATION


Condominiums have been recognized by statute in Florida since 1963. The
statutory provisions recognizing condominiums have been in a state of constant
change. Accordingly, a condominium created at any one point in time may be
subject to a different state of law governing its creation and validity from that of a
condominium created under a different state of statutory provisions.

Below you will find some questions which you must ask yourself in determining
whether or not a proper condominium has been created for the purpose of
insuring the title to one or more units therein. A "condominium creation checklist"
will be found with these materials for your use in reviewing condominium titles.

                             THE LANDS SUBMITTED

The condominium declaration must be recorded in a form in which the lands
being submitted to condominium (either fee simple or leasehold with an
unexpired term of more than fifty years) are described adequately and the
document is executed with all of the requirements of a deed. All mortgagees of
record must either join in the execution of the condominium or by separate
document prior to any conveyances, consent to the submission of the lands to
condominium. Remember that the lands being submitted to condominium must
equal or fall within the lands which you are examining the title to.

                                      ACCESS

Remember that the condominium is no different than any other parcel of land
which we are examining and insuring the title to. As the title insurance policy
does provide insurance against a lack of right of access to and from the land, we
must make sure that the lands we are examining at its borders have a right of
access.

                    THE CONTENTS OF THE DECLARATION

Florida Statute 718.104 sets forth the requirements for creation of a
condominium as to the contents of the declaration. Please be familiar with the
section. Remember that each unit must be identified by a letter, a name, a
number or a combination thereof. In addition, the declaration must contain a
survey of the land showing all existing easements and a graphic description of
the improvements in which units are located and a plot plan thereof so that the
improvements may be located on the land. The survey must reflect each unit and
its relative location and approximate dimension. You also should verify that all
elevations are reflected in the survey material. In a multi-story condominium we
must make sure that in addition to locating the size of any particular unit we can
reach it from ground level through elevations which should be reflected in the
survey.

 THE SURVEYOR'S CERTIFICATE FOR THE SINGLE OR MULTI-BUILDING
                        CONDOMINIUM

                            AFTER OCTOBER 1, 1979

Does the declaration contain a surveyor's certificate which must certify that the
condominium is substantially completed? (Present F.S. 718.104(4)(e)). This
particular section of the statute has been the subject of much discussion as it
states when the condominium is sufficiently completed the units would be in
existence for the purpose of conveyances.

Effective October 1, 1979, the provisions of Chapter 718.104(4)(e) were
amended by adding the following:

"Completed units within each substantially completed building in a condominium
development may be conveyed to purchasers, notwithstanding that other
buildings in the condominium are not substantially completed, provided that all
planned improvements, including, but not limited to, landscaping, utility services
and access to the unit, and common-element facilities serving such building, as
set forth in the declaration, are first completed and the declaration of
condominium is first recorded and provided that as to the units being conveyed
there is a certificate of a surveyor as required above, including certification that
all planned improvements, including, but not limited to landscaping, utility
services and access to the unit, and common-element facilities serving the
building in which the units to be conveyed are located have been substantially
completed, and such certificate is recorded with the original declaration or an
amendment to such declaration. This section shall not, however, operate to
require the development of improvements and amenities declared to be included
in future phases pursuant to s. 718.403 prior to conveying a unit as provided
herein. For the purposes of this section, a 'certificate of surveyor' means
certification by a surveyor in the form provided herein and may include, along
with certification by a surveyor, when appropriate, certification by an architect or
engineer authorized to practice in this State. Notwithstanding the requirements of
substantial completion provided in this section, nothing contained herein shall
prohibit or impair the validity of a mortgage encumbering units together with an
undivided interest in the common elements as described in a declaration of
condominium recorded prior to the recording of a certificate of a surveyor as
provided herein."
Accordingly, where a declaration of condominium is first recorded after the
effective date of this amendment (October 1, 1979) the Company will insure
condominium units in a building where the declaration contains the certification
required above to the effect that in addition to the building in which the unit is
located, all planned improvements serving the building in which the unit or units
are located, have been substantially completed. This will apply, therefore, to a
condominium in which more than one building will exist, but the additional
buildings and amenities as at the time of the recording of the declaration, have
not been substantially completed. This is not a "phase" condominium. We have
provided a copy of the "phase condominium" statute (718.403) in its entirety in a
later part of this discussion on condominiums.

                           BEFORE OCTOBER 1, 1979

The original 718.104(4)(e) as originally enacted effective January 1, 1977,
provided after the survey requirements, as follows:

If the construction of the condominium is not substantially completed, then there
shall be a statement to the effect and, upon substantial completion of
construction, the developer or the association shall, in order to have a validity
created condominium for conveying purposes, amend the declaration to include
the certificate described below.

By Laws of 1978 (Chapter 78-104) 1978 amendment effective June 19, 1978, the
underlined language set forth above was deleted from the condominium statutes.

The question that must be resolved is where there is more than one building
described in the condominium declaration, and as of the date of examination of
title, a surveyors' certificate of substantial completion of all improvements has not
been filed, but rather a surveyors' certificate of substantial completion of one or
more but not all of the buildings containing units has been filed, can title be
insured as to any of the completed units?

On April 26, 1979, the Attorney General of the State of Florida issued an opinion
(07-92 entitled Condominium Act - Creation and Conveyances of Condominium
Parcels) in which the position is taken that since the enactment of Laws 78-340,
a condominium unit is created upon recording of the certificate of substantial
completion of the building or structure in which the particular unit is located in. As
to any condominium created after the enactment of Chapter 78-340 the
Company will insure title to the condominium units in the completed building or
buildings and before the completion of all buildings and improvements. However,
as to any condominium, the declaration for which has been recorded during the
period after the enactment of Chapter 718 on January 1, 1977 and prior to the
enactment of Chapter 78-340 on June 19, 1978, the Company still adheres to its
position initially taken that until substantial completion of all buildings containing
units and related structures, it will not undertake to insure titles to units until such
time substantial completion has occurred. Please keep in mind this discussion
could be applied to phase condominiums where there will be more than one
building in each phase.

NOTE: Previous statutes provided:

1975 - Chapter 711.08(1)(e) construction must have been sufficiently completed
so that the survey, plot plan and legal description is a correct representation of
the improvements described.

1973 - and prior - Chapter 711.08(1)(e) the declaration must contain the
certificate of an architect, engineer or surveyor that the survey, plot plan and
description together is a correct representation of the improvements described so
that the examiner can (1) identify each unit; (2) identify common elements; (3)
ascertain size and location of units and common elements.

                      AFTER OCTOBER 1, 1990 COMMENT

This is the second attempt in Florida to create condominium units before
substantial completion of the actual improvements in which the units would be
located. I refer you to page 3 of this discussion wherein under the provisions,
Chicago Title took the position that until substantial completion of all buildings
containing units and related structures, it will not insure title to the units located
therein until substantial completion of construction has occurred. This will
continue to be the position and policy of Chicago Title Insurance Company.
Accordingly, you are instructed not to issue any commitments to insure title until
the surveyor's certificate has been recorded with or subsequent to the
Declaration of Condominium evidencing substantial completion of the
improvements in which the units are located. The statements below this
comment describe the changes to the condominium law but do not reflect the
position of this Company.

There have been no real changes in the creation of a condominium since
October 1, 1979. By the provisions of Chapter 90-151 certain sections of the
condominium statute have been amended relating to the creation of
condominiums. They are as follows:

      Florida Statute 718.104 on creation of condominiums has been amended
and now provides at subsection (2) as follows:

              "A condominium is created by recording a declaration in the public
              records of the county where the land is located, executed and
              acknowledged with the requirements for a deed. All persons who
              have record title to the interest in the land being submitted to
              condominium ownership, or their lawfully authorized agents, must
              join in the execution of the declaration. Upon the recording of the
              declaration, or an amendment adding a phase to the condominium
              under s. 718.403(6), all units described in the declaration or phase
              amendment as being located in or on the land then being submitted
              to condominium ownership shall come into existence, regardless of
              the state of completion of planned improvements in which the units
              may be located."

Florida Statute 718.104(4)(e) sets forth the requirements of the declaration of
condominium. Subsection (e) defines the survey requirements. Language has
been added to the effect that the survey of the land which "meets the minimum
technical standards set forth by the Board of Professional Surveyors and
Mappers, pursuant to s. 472.027," would be one of the requirements. The
amendment further provides however that the failure of the survey to meet the
minimum technical standard shall not invalidate an otherwise validly created
condominium.

Florida Statute 718.105 relating to the recording of the declaration, sets forth the
procedure that if the declaration does not have the surveyor's certificate or the
survey or graphic description at the time of recordation the developer may deliver
an estimate of the costs of same signed by a surveyor to the clerk. The statute
goes on to describe what happens with the money left with the clerk, under
various scenarios. But nothing is stated as to the effect on the validity of the
condominium if the required documentation is not thereafter obtained by the
developer or its successor in interest and filed in the public records.

It is for such reasons that Company takes the position of not insuring title until the
documentation in the form of the survey, surveyor's certificate and graphic
descriptions have been recorded in proper form.

    CONSTRUCTION OF IMPROVEMENT IN COMMON ELEMENT AREA

In the case of Enright v. Sea Towers Owners' Association, Inc., at 370 So.2d 28
(Fla.App 2 Dist. 1979), we find the first case reported in Florida regarding
construction of improvements in common areas where the improvements would
be of a substantial nature. Unit owners in one condominium of nine separate
condominiums within an entire complex commenced an action against the
governing association when pursuant to a vote, an administrative building was to
be moved from the center of the complex to the common areas. The declaration
provided that all grants, conveyances, agreements or otherwise to be created
under the condominium declaration shall not be approved by less than a majority
of the Board of Governors and written approval and ratification was not
necessary. The Appellate Court reversed the trial court's order refusing to order
removal of the building from the common area. The case was remanded for
further proceedings consistent with its opinion.
                      PHASE CONDOMINIUM - 718.403

Florida Statute 718.403 has been extensively amended by Chapter 84-368
effective October 1, 1984 and subsequent amendments by Chapters 87-226 and
90-151. This statute as amended above is set forth below:

      718.403 Phase condominiums.--

             (1) Notwithstanding the provisions of s. 718.110, a developer may
      develop a condominium in phases, if the original declaration of
      condominium submitting the initial phase to condominium ownership or an
      amendment to the declaration which has been approved by all of the unit
      owners and unit mortgagees provides for and describes in detail all
      anticipated phases; the impact, if any, which the completion of subsequent
      phases would have upon the initial phase; and the time period (which may
      not exceed 7 years from the date of recording the declaration of
      condominium) within which all phases must be added to the condominium
      and comply with the requirements of this section and at the end of which
      the right to add additional phases expires.

            (2) The original declaration of condominium, or an amendment to
      the declaration, which amendment has been approved by all unit owners
      and unit mortgagees and the developer, shall describe:

              (a) The land which may become part of the condominium and the
      land on which each phase is to be built. The descriptions shall include
      metes and bounds or other legal descriptions of the land for each phase,
      plot plans, and surveys. Plot plans, attached as an exhibit, must show the
      approximate location of all existing and proposed buildings and
      improvements that may ultimately be contained within the condominium.
      The plot plan may be modified by the developer as to unit or building types
      to the extent that such changes are described in the declaration. If
      provided in the declaration, the developer may make nonmaterial changes
      in the legal description of a phase.

             (b) The minimum and maximum numbers and general size of units
      to be included in each phase. The general size may be expressed in terms
      of minimum and maximum square feet. In stating the minimum and
      maximum numbers of units, the difference between the minimum and
      maximum numbers shall not be greater than 20 percent of the maximum.

            (c) Each unit's percentage of ownership in the common elements
      as each phase is added. In lieu of describing specific percentages, the
      declaration or amendment may describe a formula for reallocating each
unit's proportion or percentage of ownership in the common elements and
manner of sharing common expenses and owning common surplus as
additional units are added to the condominium by the addition of any land.
The basis for allocating percentage of ownership among units in added
phases shall be consistent with the basis for allocation made among the
units originally in the condominium.

       (d) The recreational areas and facilities which will be owned as
common elements by all unit owners and all personal property to be
provided as each phase is added to the condominium and those facilities
or areas which may not be built or provided if any phase or phases are not
developed and added as a part of the condominium. The developer may
reserve the right to add additional common-element recreational facilities if
the original declaration contains a description of each type of facility and
its proposed location. The declaration shall set forth the circumstances
under which such facilities will be added.

        (e) The membership vote and ownership in the association
attributable to each unit in each phase and the results if any phase or
phases are not developed and added as a part of the condominium.

       (f) Whether or not time-share estates will or may be created with
respect to units in any phase and, if so, the degree, quantity, nature, and
extent of such estates, specifying the minimum duration of the recurring
periods of rights of use, possession, or occupancy that may be
established with respect to any unit.

       (3) The developer shall notify owners of existing units of the
decision not to add one or more additional phases. Notice shall be by first
class mail addressed to each owner at the address of his unit or at his last
known address.

        (4) If one or more phases are not built, the units which are built are
entitled to 100 percent ownership of all common elements within the
phases actually developed and added as a part of the condominium.

        (5) If the declaration requires the developer to convey any
additional lands or facilities to the condominium after the completion of the
first phase and he fails to do so within the time specified, or within a
reasonable time if none is specified, then any owner of a unit or the
association may enforce such obligations against the developer or bring
an action against the developer for damages caused by the developer's
failure to convey to the association such additional lands or facilities.

     (6) Notwithstanding other provisions of this chapter, any
amendments by the developer which adds any land to the condominium
shall be consistent with the provisions of the declaration granting such
right and shall contain or provide for the following matters:

      (a) A statement submitting the additional land to condominium
ownership as an addition to the condominium.

     (b) The legal description of the land being added to the
condominium.

       (c) An identification by letter, name, or number, or a combination
thereof, of each unit within the land added to the condominium, to ensure
that no unit in the condominium, including the additional land, will bear the
same designation as any other unit.

        (d) A survey of the additional land and a graphic description of the
improvements in which any units are located and a plot plan thereof and a
certificate of a surveyor, in conformance with s. 718.104(4)(e).

      (e) The undivided share in the common elements appurtenant to
each unit in the condominium, stated as a percentage or fraction which, in
the aggregate, must equal the whole and must be determined in
conformance with the manner of allocation set forth in the original
declaration of condominium.

      (f) The proportion or percentage of, and the manner of sharing
common expenses and owning common surplus, which for a residential
unit must be the same as the undivided share in the common elements.

An amendment which adds phases to a condominium does not require the
execution of such amendment or consent thereto by unit owners other
than the developer, unless the amendment permits the creation of time-
share estates in any unit of the additional phase of the condominium and
such creation is not authorized by the original declaration.

       (7) An amendment to the declaration of condominium which adds
land to the condominium shall be recorded in the public records of the
county where the land is located and shall be executed and acknowledged
in compliance with the same requirements as a deed. All persons who
have record title to the interest in the land submitted to condominium
ownership, or their lawfully authorized agents, must join in the execution of
the amendment. Every such amendment shall comply with the provisions
of s. 718.104(3).

      (8) Upon recording the declaration of condominium or amendments
adding phases pursuant to this section, the developer shall file the
      recording information with the division within 30 working days on a form
      prescribed by the division.

      718.501 Powers and duties of Division of Florida Land Sales,
      Condominiums, and Mobile Homes.-- This statute became effective
      April 1, 1992.

             (2) (a) Effective January 1, 1992, each condominium association
      which operates more than two units shall pay to the division an annual fee
      in the amount of $4 for each residential unit in condominiums operated by
      the association. If the fee is not paid by March 1, then the association shall
      be assessed a penalty of 10 percent of the amount due, and the
      association will not have standing to maintain or defend any action in the
      courts of Florida until the amount due, plus any penalty, is paid.

        718.502 Filing prior to sale or lease.-- This statute amendment became
effective April 1, 1992.

             (2)

             (c) The reservation agreement form shall include the following:

             1. A statement of the obligation of the developer to file
      condominium documents with the division prior to entering into a binding
      purchase agreement or binding agreement for a lease of more than 5
      years.

             2. A statement of the right of the prospective purchaser to receive
      all condominium documents as required by this chapter.

             3. The name and address of the escrow agent.

              4. A statement as to whether the developer assures that the
      purchase price represented in or pursuant to the reservation agreement
      will be the price in the contract for purchase and sale or that the price
      represented may be exceeded within a stated amount or percentage or
      that no assurance is given as to the price in the contract for purchase or
      sale.

            5. A statement that the deposit must be payable to the escrow
      agent and that the escrow agent must provide a receipt to the prospective
      purchaser.

      CONVERSION OF EXISTING STRUCTURES TO CONDOMINIUM
Effective May 1, 1980, the Florida Legislature passed extensive additions to the
Florida Condominium Laws relating to conversion of existing improvements into
residential condominiums. Many counties and municipalities also have passed
ordinances on this topic. You must inquire into the possible existence of such
ordinances.

The legislation is broken down into two parts. The first part modifies or amends
existing provisions found at Florida Statute 718.402, which formerly set forth the
general rules relating to a condominium conversion. Most of this section has
been stricken. The section reads as follows:

       718.402 Conversion of existing improvements to condominium.--

       A developer may create a condominium by converting existing, previously
       occupied improvements to such ownership by complying with Parts I and
       VI of this chapter.

Part I of the Florida Condominium Statute is the general provisions relating to
condominiums. Part VI of this chapter is the new part that has now been added
to the Condominium Statutes which will be discussed below. While there was
some concern that the declaration must comply with Part I and Part VI by virtue
of this language, by amendment effective October 1, 1984, the Legislature has
amended 718.402 so that same reads as follows:

       A developer may create a condominium by converting existing, previously
       occupied improvements to such ownership by complying with part I of this
       chapter. A developer of a residential condominium must also comply with
       Part VI of this Chapter, but the failure to comply will not affect the validity
       of this condominium.

The examiner after reading the condominium declaration and all exhibits must (a)
determine whether the regime has been properly created, (b) also called for
evidence of compliance with those provisions and requirements set forth in Part
VI to be discussed below, and (c) require evidence of the expiration of the right of
first refusal as same is created in Part VI. This will be discussed in full at the end
of this material.

       Part VI of Chapter 718, Florida Statutes entitled Conversions To
       Condominium consists of Sections 718.604, 606, 608, 61, 612, 614, 616,
       618 and 62 and 622.

Section 718.606 grants to tenants (under written or oral leases) who have lived in
a building before Notice of Intent to Convert is given for a period of at least 180
days, the right to extend any lease terminating after the Notice of Intent to
Convert for a period of no later than 270 days from the giving of the Notice of
Intent. Further, the statute gives the County, under certain circumstances, the
right to pass ordinances or legislation extending the 270 day period for an
additional 90 days.

       718.606 Conversion of existing improvements to condominium;
rental agreement.-

     When existing improvements are converted to ownership as a residential
condominium:

       (1) (a) Each residential tenant who has resided in the existing
improvements for at least the 180 days preceding the date of the written notice of
intended conversion shall have the right to extend an expiring rental agreement
upon the same terms for a period that will expire no later than 270 days after the
date of the notice. If the rental agreement expires more than 270 days after the
date of the notice, the tenant may not unilaterally extend the rental agreement.

       (b) Each other residential tenant shall have the right to extend an expiring
rental agreement upon the same terms for a period that will expire no later than
180 days after the date of the written notice of intended conversion. If the rental
agreement expires more than 180 days after the date of the notice, the tenant
may not unilaterally extend the rental agreement.

        (2) (a) In order to extend the rental agreement as provided in subsection
(1), a tenant shall, within 45 days after the date of the written notice of intended
conversion, give written notice to the developer of the intention to extend the
rental agreement.

       (b) If the rental agreement will expire within 45 days following the date of
the notice, the tenant may remain in occupancy for the 45-day decision period
upon the same terms by giving the developer written notice and paying rent on a
pro rata basis from the expiration date of the rental agreement to the end of the
45-day period.

       (c) The tenant may extend the rental agreement for the full extension
period or a part of the period.

        (3) After the date of a notice of intended conversion, a tenant may
terminate any rental agreement, or any extension period having an unexpired
term of 180 days or less, upon 30 days' written notice to the developer. However,
unless the rental agreement was entered into, extended, or renewed after the
effective date of this part, the tenant may not unilaterally terminate the rental
agreement but may unilaterally terminate any extension period having an
unexpired term of 180 days or less upon 30 days' written notice.
       (4) A developer may elect to provide tenants who have been continuous
residents of the existing improvements for at least 180 days preceding the date
of the written notice of intended conversion and whose rental agreements expire
within 180 days of the date of the written notice of intended conversion the option
of receiving in cash a tenant relocation payment at least equal to 1 month's rent
in consideration for extending the rental agreement for not more than 180 days,
rather than extending the rental agreement for up to 270 days.

       (5) A rental agreement may provide for termination by the developer upon
60 days' written notice if the rental agreement is entered into subsequent to the
delivery of the written notice of intended conversion to all tenants and
conspicuously states that the existing improvements are to be converted. No
other provision in a rental agreement shall be enforceable to the extent that it
purports to reduce the extension period provided by this section or otherwise
would permit a developer to terminate a rental agreement in the event of a
conversion. This subsection applies to rental agreements entered into, extended,
or renewed after the effective date of this part; the termination provisions of all
other rental agreements are governed by the provisions of s. 718.402(3) [F.S.
1979].

       (6) Any provision of this section or of the rental agreement or other
contract or agreement to the contrary notwithstanding, whenever a county,
including a charter county, determines that there exists within the county a
vacancy rate in rental housing of 3 percent or less, the county may adopt an
ordinance or other measure extending the 270-day extension period described in
paragraph (l)(a) and the 180-day extension described in paragraph (l)(b) for an
additional 90 days, if:

      (a) Such measure was duly adopted, after notice and public hearing, in
accordance with all applicable provisions of the charter governing the county and
any other applicable laws; and

       (b) The governing body has made and recited in such measure its findings
establishing the existence in fact of a housing emergency so grave as to
constitute a serious menace to the general public and that such controls are
necessary and proper to eliminate such grave housing emergency.

A county ordinance or other measure adopting an additional 90-day extension
under the provisions of this section is controlling throughout the entire county,
including a charter county, where adopted, including all municipalities, unless a
municipality votes not to have it apply within its boundaries.

       Section 718.608 is entitled Notice of Intended Conversion; time of
Delivery; Content.
This section provides a mandatory notice provision as well as the format of the
notice that must be given. A copy is attached.

       718.608. Notice of intended conversion; time of delivery; content

      (1) Prior to or simultaneous with the first offering of individual units to any
person, each developer shall deliver a notice of intended conversion to all
tenants of the existing improvements being converted to residential
condominium. All such notices shall be given within a 72-hour period.

      (2) (a) Each notice of intended conversion shall be dated and in writing.
The notice shall contain the following statement, with the phrases of the following
statement which appear in upper case printed in conspicuous type:

      These apartments are being converted to condominium by ... (name of
developer) ..., the developer.

    1. YOU MAY REMAIN AS A RESIDENT UNTIL THE EXPIRATION OF
YOUR RENTAL AGREEMENT. FURTHER, YOU MAY EXTEND YOUR RENTAL
AGREEMENT AS FOLLOWS:

       a. If you have continuously been a resident of these apartments during the
last 180 days and your rental agreement expires during the next 270 days, you
may extend your rental agreement for up to 270 days after the date of this notice.

       b. If you have not been a continuous resident of these apartments for the
last 180 days and your rental agreement expires during the next 180 days, you
may extend your rental agreement for up to 180 days after the date of this notice.

     c. IN ORDER FOR YOU TO EXTEND YOUR RENTAL AGREEMENT,
YOU MUST GIVE THE DEVELOPER WRITTEN NOTICE WITHIN 45 DAYS
AFTER THE DATE OF THIS NOTICE.

        2. IF YOUR RENTAL AGREEMENT EXPIRES IN THE NEXT 45 DAYS,
you may extend your rental agreement for up to 45 days after the date of this
notice while you decide whether to extend your rental agreement as explained
above. To do so, you must notify the developer in writing. You will then have the
full 45 days to decide whether to extend your rental agreement as explained
above.

      3. During the extension of your rental agreement you will be charged the
same rent that you are now paying.

     4. YOU MAY CANCEL YOUR RENTAL AGREEMENT AND ANY
EXTENSION OF THE RENTAL AGREEMENT AS FOLLOWS:
      a. If your rental agreement began or was extended or renewed after May
1, 1980, and your rental agreement, including extensions and renewals, has an
unexpired term of 180 days or less, you may cancel your rental agreement upon
30 days' written notice and move. Also, upon 30 days' written notice, you may
cancel any extension of the rental agreement.

      b. If your rental agreement was not begun or was not extended or
renewed after May 1, 1980, you may not cancel the rental agreement without the
consent of the developer. If your rental agreement, including extensions and
renewals, has an unexpired term of 180 days or less, you may, however, upon
30 days' written notice cancel any extension of the rental agreement.

      5. All notices must be given in writing and sent by mail, return receipt
requested, or delivered in person to the developer at this address: . . . (name and
address of developer)....

       6. If you have continuously been a resident of these apartments during the
last 180 days:

        a. You have the right to purchase your apartment and will have 45 days to
decide whether to purchase. If you do not buy the unit at that price and the unit is
later offered at a lower price, you will have the opportunity to buy the unit at the
lower price. However, in all events your right to purchase the unit ends when the
rental agreement or any extension of the rental agreement ends or when you
waive this right in writing.

       b. Within 90 days you will be provided purchase information relating to
your apartment, including the price of your unit and the condition of the building.
If you do not receive this information within 90 days, your rental agreement and
any extension will be extended 1 day for each day over 90 days until you are
given the purchase information. If you do not want this rental agreement
extension, you must notify the developer in writing.

       7. If you have any questions regarding this conversion or the
Condominium Act, you may contact the developer or the state agency which
regulates condominiums: The Division of Florida Land Sales, Condominiums,
and Mobile Homes, ... (Tallahassee address and telephone number of division)...

      b. When a developer offers tenants an optional tenant relocation payment
pursuant to s. 718.606(4), the notice of intended conversion shall contain a
statement substantially as follows:

      If you have been a continuous resident of these apartments for the last
180 days and your lease expires during the next 180 days, you may extend your
rental agreement for up to 270 days, or you may extend your rental agreement
for up to 180 days and receive a cash payment at least equal to 1 month's rent.
You must make your decision and inform the developer in writing within 45 days
after the date of this notice.

       c. When the rental agreement extension provisions of s. 718.606(6) are
applicable to a conversion, subparagraphs 1.a. and b. of the notice of intended
conversion shall read as follows:

    1. YOU MAY REMAIN AS A RESIDENT UNTIL THE EXPIRATION OF
YOUR RENTAL AGREEMENT. FURTHER, YOU MAY EXTEND YOUR RENTAL
AGREEMENT AS FOLLOWS:

       a. If you have continuously been a resident of these apartments during the
last 180 days and your rental agreement expires during the next 360 days, you
may extend your rental agreement for up to 360 days after the date of this notice.

       b. If you have not been a continuous resident of these apartments for the
last 180 days and your rental agreement expires during the next 270 days, you
may extend your rental agreement for up to 270 days after the date of this notice.

       (3) Notice of intended conversion may not be waived by a tenant unless
the tenant's lease conspicuously states that the building is to be converted and
the other tenants residing in the building have previously received a notice of
intended conversion.

       (4) Upon the request of a developer and payment of a fee prescribed by
the rules of the division, not to exceed $50, the division may verify to a developer
that a notice complies with this section.

         (5) Prior to delivering a notice of intended conversion to tenants of existing
improvements being converted to a residential condominium, each developer
shall file with the division and receive approval of a copy of the notice of intended
conversion. Upon filing, each developer shall pay to the division a filing fee of
$100.00.

       718.61. Notices

       (1) All notices from tenants to a developer shall be deemed given when
deposited in the United States mail, addressed to the developer’s address as
stated in the notice of conversion, and sent postage prepaid, return receipt
requested, or when personally delivered in writing by the tenant to the developer
at such address. The date of a notice is the date when it is mailed or personally
delivered by the tenant.
       (2) All notices from developers to tenants shall be deemed given when
deposited in the United States mail, addressed to the tenant’s last known
residence, which may be the address of the property subject to the rental
agreement, and sent by certified or registered mail, postage prepaid. The date of
a notice is the date when it is mailed to the tenant.

       718.612. Right of first refusal.-

       (1) Each tenant, who for the 180 days preceding a notice of intended
conversion has been a residential tenant of the existing improvements, shall
have the right of first refusal to purchase the unit in which he resides on the date
of the notice, under the following terms and conditions:

        (a) Within 90 days following the written notice of the intended conversion
the developer shall deliver to the tenant the following purchase materials: an offer
to sell stating the price and terms of purchase, the economic information required
by s. 718.614, and the disclosure documents required by ss. 718.503 and
718.504. The failure by the developer to deliver such purchase materials within
90 days following the written notice of the intended conversion will automatically
extend the rental agreement, any extension of the rental agreement provided for
in s. 718.606, or any other extension of the rental agreement. The extension shall
be for that number of days in excess of 90 days that has elapsed from the date of
the written notice of the intended conversion to the date when the purchase
materials are delivered.

       (b) The tenant shall have the right of first refusal to purchase the unit for a
period of not less than 45 days after mailing or personal delivery of the purchase
materials.

        (c) If, after any right of first refusal has expired, the developer offers the
unit at a price lower than that offered to the tenant, the developer shall in writing
notify the tenant prior to the publication of the offer. The tenant shall have the
right of first refusal at the lower price for a period of not less than an additional 10
days after the date of the notice. Thereafter, the tenant shall have no additional
right of first refusal. As used in this paragraph, the term "offer" includes any
solicitation to the general public by means of newspaper advertisement, radio,
television, or written or printed sales literature or price list but does not include a
transaction involving the sale of more than one unit to one purchaser.

        (2) Prior to closing on the sale of the unit, a tenant alleging a developer's
violation of paragraph (l)(c) may bring an action for equitable or other relief,
including specific performance. Subsequent to closing, the tenant's sole remedy
for such a violation will be damages. In addition to any damages otherwise
recoverable by law, the tenant is entitled to an amount equal to the difference
between the price last offered in writing to the tenant pursuant to this section and
the price at which the unit was sold to a third party, plus court costs and
attorney's fees.

      (3) It is against the public policy of this state for any developer to seek to
enforce any provision of any contract which purports to waive the right of a
purchasing tenant to bring an action for specific performance.

       (4) A tenant's right of first refusal terminates upon:

       (a) The termination of the rental agreement and all extensions thereof;

       (b) Waiver of the right in writing by the tenant, if the waiver is executed
subsequent to the date of the notice of intended conversion. A tenant who waives
the right of first refusal waives the right to receive the purchase materials; or

       (c) The running of the tenant's 45-day right of first refusal and the
additional 10-day period provided for by paragraph (1) (c), if applicable.

Paragraph (1) of this provision provides that each tenant, who for the 180 days
proceeding a Notice of Intended Conversion has been a resident of the existing
improvements, shall have the Right of First Refusal to purchase the unit in which
such tenant resides on the date of the notice under the terms and conditions set
forth in this provision.

Summarizing the provisions in this section, the tenant within 90 days following
the receipt of the Notice of Intended Conversion is to receive certain
documentation from the developer, including an offer to sell the apartment to the
tenant stating the price and terms of purchase and the information and
disclosures required by sections 718.503, 718.504 and 718.614. If the materials
are not furnished within the 90 day period, then for each day that the developer
exceeds 90 days in giving the materials, the lease will be extended a like number
of days.

In addition, if the tenant does not exercise his right and the developer thereafter
lowers the sale price for any reason, if still in possession, the developer is
required to give the tenant an additional 10 days after receipt of notice of the
reduction of the sales price to exercise a Right of First Refusal. The statute
provides that thereafter, the tenant shall have no additional Right of First Refusal.
It would, therefore, appear that a second reduction in sales price would not be
covered by this section.

Paragraph (2) of this section provides a right to the tenant who may claim that
the developer violated the provisions regarding the second Notice of Right of
First Refusal to bring an action for equitable relief, including specific performance
prior to closing on the sale. Subsequent to closing the tenants sole remedy would
be an action for money damages.

The statute provides that the tenant's Right of First Refusal would terminate
upon:

       a) The termination of the rental agreement and all extensions thereof, or,

      b) Waiver of the Right, in writing by the tenant if the waiver is executed
subsequent to the date of the Notice of Intended Conversion, or,
      c) The running of the 45 day and additional 10 day Right of First Refusal
as described above if applicable.

       718.614 requires certain economic information to be provided to the
tenant.

      718.616 is entitled Disclosure of Condition of Building and Estimated
Replacement Cost.

This section requires a developer creating a residential condominium by
converting existing previously occupied improvements to disclose the condition of
the improvements and the condition of certain components and their current
estimated replacement costs, all to be given with the materials furnished to the
tenant under the Right of First Refusal provision.

       Section 718.618 is entitled Converter Reserve Accounts: Warranties.

This section provides that when existing improvements are converted to
ownership as a residential condominium the developer shall either establish
certain reserve accounts for capital expenditures and deferred maintenance, or
give warranties or post a surety bond as provided in 718.618.

                                TO INSURE TITLE

To insure title to condominium units upon sale from the developer the Declaration
of Condominium must be recorded in compliance with Part I of Chapter 718.
Additionally, in a condominium conversion the company must be furnished
satisfactory information that compliance has been had with the Notice of Intent to
Convert provisions (718.608 and 718.61) and the provisions of 718.612(1)(a)
relating to the furnishing of the documentation required by the statute to be
furnished to each tenant. This requires a factual determination in each case.

We do not want to insure a developer that it has complied with the conversion
provisions of the statute. Owner's title insurance should not be issued in favor of
a developer as to converted condominium units where it is attempting to comply
with the provisions of the Florida Statutes. Requests to issue a loan policy to the
developer's lender, or a condominium endorsement to a previous loan policy
where the building has been converted to condominium must be approved by the
underwriting office for your area of the State.

                                  POSSESSION

The title insurance commitment should contain a requirement calling for a copy of
the existing lease on the apartment or evidence as to who is in possession (oral
lease). It may be that there is not existing lease or that the existing lessee would
not have been possession for 180 days. These are questions of fact that must be
considered prior to waiving the Right of First Refusal exception and/or Parties in
Possession exception.

A Rights of Parties in Possession exception must be raised in the form as set
forth below:

     Rights of others, not shown in the public records, occupying the
condominium unit described in Schedule "C".

The examiner must be satisfied when issuing a title insurance policy on an
individual condominium unit to a purchaser other than the existing tenant that the
tenant has either terminated the existing lease and is no longer in possession, or
the policy must be made subject to the tenant's rights.

If the lease expires within the 270 day period from the giving of the Notice of
Intent to Convert, then for our purposes, we must assume that the tenant has
exercised his or her right to extend the lease. Only written evidence from the
tenant as to agreement to terminate the lease earlier would be acceptable to
waive the tenant's rights. Further, we do not want to get involved in a question of
actual possession. While the legal right of possession may terminate, the actual
taking of a possession should not be a matter that the Company insures.

                          RIGHTS OF FIRST REFUSAL

Because of the provisions relating to a Right of First Refusal, in the event the
apartment were to be sold to a person other than the existing tenant, the
examiner must require evidence of the termination of the Right of First Refusal in
favor of the existing tenant and that there has been no reduction from the original
offering price of the condominium unit.

To set these questions in perspective, the examiner must raise an exception in
the commitment as follows:
       Right of First Refusal in favor of the tenant occupying the apartment
described in Schedule "C".

In addition to the rights of the existing tenant to occupy, we are concerned with
the tenant's rights under the Right of First Refusal. We may not waive this right
until we can be satisfied that the right has been terminated in the manner
discussed.

A written waiver signed by one tenant will be acceptable. Contact the Company if
any other basis is offered for termination of the Right of First Refusal.

Because of the provisions of 718.612(1)(c), the Company does not wish to
assume any record gap risks. In addition to closing and recording in "Escrow" the
title examiner must have run a search of plaintiff-defendant indices through the
date of recording of the deed to the purchaser to determine that no action has
been commenced by a tenant who would claim a violation of 718.612(1)(c),
which, again, relates to a reduced sales price situation. If the title examiner is
asked to rely upon factual evidence that there was no reduction in the sales
price, he or she is asked to discuss this question with the underwriting office for
your area of the state. Copies of the appropriate escrow agreements can be
found in this Supplement under the topic of "Escrow".

                                 TIME SHARING

Effective August 1, 1979, various sections of the Florida Statute on
condominiums (Chapter 718) were amended to introduce the concept of
"timesharing" condominiums (Chapter 78-328). This statute originally defined a
"time-share estate" to mean any interest in a unit under which the exclusive right
of use, possession or occupancy of the unit circulates among the various owners
of time-share estates in such unit in accordance with a fixed time schedule on a
periodically recurring basis for a period of time established by such schedule.

By subsequent amendments to include Chapter 92-49 effective April 1, 1992 the
definition of "time-share estate" has been amended to mean any interest in a unit
under which the exclusive right of use, possession, or occupancy of the unit
circulates among the various purchasers of a time-share plan pursuant to
Chapter 721 on a recurring basis for a period of time.

By laws (81-172) Chapter 721 was added to the Florida Statutes entitled "Real
Estate Time-Share Plans". The purpose of this Statute is to give statutory
recognition to real property timesharing in the state of Florida in situations other
than condominium or cooperative situations. Provisions in Florida Statute 721
apply to condominium titles as well. Florida Statute 721 was amended by
(Chapter 83-264 effective July 1, 1983) and Chapters 84-256, 85-60, 91-103, 91-
236 and 91-426. A brief discussion of some of the major changes will be found
below.

Requests to insure title to non condominium or timesharing plans MUST be
referred to the underwriting office for your area of the State. Be prepared to
discuss F.S. 721.17 which requires notice to be recorded in non-fee-simple
timesharing that timesharing interests are being sold or conveyed.

                   TIME SHARING CONDOMINIUMS -
            REAL ESTATE TAXES AND SPECIAL ASSESSMENTS

The 1982 session of the Florida Legislature amended Chapter 192.037 of the
Florida Statutes to now provide that real estate taxes and special assessments
affecting a condominium which consists of time-share units will be assessed in
the form of one bill against the entire condominium. The bill is to be issued to the
managing agent who will have the responsibility of collecting the real estate taxes
or special assessments as a part of the normal maintenance charge.

As you can see the fact that some unit owners may not pay their pro rata share
of the real estate tax bill or special assessment may result in insufficient funds for
the payment of the entire bill. The normal delinquency and tax sale provisions
would seem to apply. This Company does not wish to assume any liability to an
individual time-share unit owner for the failure of other time-share owners to
make their contribution towards the payment of the single bill.

It is not clear as to the effect of the statute on a condominium which would
consist of normal fee simple condominium units in some parts of the building (or
condominium) and time share condominium units in other parts of the building (or
condominium); or if there is more than one building in a condominium and one
building would be time-share and others would not. Accordingly, you are
instructed to take a separate exception in the title insurance policy insuring a
condominium unit or time-share unit in a condominium which provides for the
creation of time-share units. The exception shall read as follows:

       This policy hereby excepts and does not insure against the consequences
o the failure of each unit owner in the condominium referred to in Schedule A to
pay their pro rata share of any real estate tax for the year 1983 and subsequent
years, or, any special assessment which may be levied against the
condominium, resulting from the provisions contained in the amendment to
Florida Statutes 192.037 which became effective January 1, 1983.

      TIME-SHARE PROJECT TITLE (NO INDIVIDUAL UNIT ESTATES)

1. The provisions of Chapter 721 apply not only to timesharing but to ownership
of projects where non fee simple interests are given to the time-share
purchasers. While title insurance would not be offered to parties who do not
acquire an interest in real estate, the statute has been amended to impress a
restriction upon the title to projects of this nature. These provisions are found in
Section 721.17. The provisions provide that upon any sale, lease, assignment,
mortgage or other transfer of the developer's interest in the accommodations or
facilities of the time-share plan the instrument evidencing the transfer recorded in
the public records must state certain provisions regarding the interests of the
time-share purchasers. An exception must be taken to this effect.

                              EXISTING PROJECTS

2. The legislative intent clearly states that the act is intended to apply to time-
share plans existing on or after the effective date of the Statute (July 1, 1983).
Existing plans were to be amended to the extent that amendments were
necessary to bring the plans in compliance with the provisions of the act by,
October 1, 1983.

                  TIME SHARING CONDOMINIUM CLOSINGS
                         RIGHT OF CANCELLATION

3. Perhaps the most important change is at Section 721.10. This Section gives a
cancellation right to a purchaser until midnight of the tenth calendar day following
the latter of the date of execution of the contract or the day on which the
purchaser received the last of all documents required to be provided to him. The
Statute provides that this right cannot be waived nor can any closing occur until
the purchaser's cancellation period has expired. The Statute then states, "any
attempt to obtain a waiver of the purchaser's cancellation rights, or a closing prior
to the expiration of the cancellation period, shall be unlawful and such closing
shall be voidable at the option of the purchaser for a period of one year after the
expiration of the cancellation period".

We must respond to this by raising an exception in our title insurance policies.
This is especially true in the loan policy situation where a third party is involved
and the subsequent recision may have an effect on the validity and enforceability
of the mortgage lien. The exception should read somewhat as follows:

       Subject to any right of recision that the title holder may have by virtue of
Florida Statute 721.10(1)(b).

An alternative to raising this exception is to have the purchaser execute an
affidavit to the title insurance company affirming that no attempt was made to
obtain a waiver of the purchaser's cancellation rights, or a closing prior to the
expiration of the cancellation period. If this affidavit is obtained executed by the
purchaser, the exception may be deleted. Any other requests of any nature to
delete this exception must be referred to the underwriting office for your area of
the State.

                                ESCROW AGENT

4. In 721.05 the definition section, Subsection (13) defines escrow agent to
"includes only" savings and loan associations, bank, trust company or other
financial lending institution having a net worth in excess of $5,000,000.00; an
attorney who is a member of the Florida Bar and who has posted fidelity bond
issued by a company authorized and licensed to do business in this state as
surety in the amount of $50,000.00; a real estate broker who is licensed and who
has posted a similar bond; or a title insurance agent or title insurance agency that
is licensed and who has posted a bond. Your attention is called to Statute 721.08
which is entitled "Escrow". The Statute provides that all escrow agents shall be
independent of the developer and seller, and no developer or seller nor any
officer, director, affiliate, subsidiary or employee thereof may serve as escrow
agent. The Statute in various places identifies the escrow agent as a party who
has a responsibility to the purchasers and who may be civilly liable in the event of
a breach of the provisions of the Statute.

                                 APPLICABILITY

5. Florida Statute 721.03 which describes the scope of the Statute again
identifies that it is intended to apply to all time-share plans consisting of more
than seven time-share periods over a period of at least three years in which the
facilities or accommodations are located within the State. It further provides that
where the plan is subject to both the provisions of this chapter and the provisions
of Chapter 718 or Chapter 719, the plan must meet the requirements of both
chapters unless exempt as provided. It also provides that Chapter 721 will prevail
over conflicting provisions in Chapter 718 or Chapter 719.

The major import of this amendment is that it allows the recordation of the deed
of conveyance in accordance with Chapter 721. It could be construed therefore
to allow the deed to be recorded after a declaration of condominium is recorded
but, before the surveyor's certificate under 718.104 has been filed evidencing
substantial completion of the improvement. If you are asked to insure a situation
of this nature do not commit to do so without obtaining the written approval from
the underwriting office for you area of the state.

                     DEFINITION OF TIME-SHARE ESTATE

6. You should note the definition of time-share estate. Florida Statute 721.05(28)
defines "time-share estate" to mean a right to occupy the time-share unit,
coupled with a freehold estate or an estate for years with a future interest in a
time-share property or a specified portion thereof. Subsequently the term was
amended to include a time-share estate as defined in S. 718.103(22). F.S.
721.05(30) also defines the concept of a "time-share license" which is basically a
nonfreehold interest. Where such licenses are being sold, (21) defines a
"memorandum of agreement" to mean the written document, in recordable form
which includes the names of the purchaser and seller, a legal description of the
time-share property and time-share period, and a description of the type of time-
share license sold by the seller.

                            AGREEMENTS FOR DEED

7. Chapter 721.06 discusses agreements for deed to purchase time-share units
and contains extensive provisions regarding same. No discussion will be had
here on that topic but if you are involved in such a situation, you should review
this provision very closely and discuss any request to provide insurance with the
underwriting office for your area of the state.

                              COMMON EXPENSES

8. Florida Statute 721.15 discusses assessments for common expenses.
Subsection (6) provides that notwithstanding the provisions in the condominium
or cooperative statute for time-sharing plans, assessments need not be made
more frequently than annually.

By subsequent amendments subsection (7) was added which provides that a
purchaser regardless of how his time-share estate or time-share license had
been acquired, including a purchaser at a judicial sale, is personally liable for all
assessments for common expenses which come due while he is the owner of
such interest and that a successor in interest is jointly and severally liable with
his predecessor in interest for all unpaid assessments against such predecessor
to the time of transfer of the time-share interest to the successor.

                       TIME SHARING TITLE INSURANCE
                          APPROVAL REQUIREMENTS

9. Florida Statute 721.07 had been substantially reworded regarding the public
offering statement. Such a statement is required to be filed with the Division for
approval and if not, the Statute provides that until approval, any contract
regarding the sale of the time-share plan shall be voidable by the purchaser.
FOR THIS REASON AND THE FACT THAT THERE ARE MANY DIFFERENT
VARIETIES OF TIME-SHARE CONDOMINIUMS AND PERHAPS OTHER
FORMS THAT TITLE INSURANCE MAY BE AVAILABLE FOR, YOU ARE
REQUIRED TO SUBMIT ANY SUCH PROPOSED DECLARATION OF
CONDOMINIUM OR PLAN YOU MAY BE ASKED TO INSURE TO THE
COMPANY FOR APPROVAL BY THE APPROPRIATE UNDERWRITING
STAFF MEMBER FOR YOU AREA OF THE STATE. WITH YOUR SUBMISSION
YOU SHOULD FURNISH EVIDENCE OF THE WRITTEN APPROVAL OF THE
DOCUMENTATION BY THE DIVISION OF FLORIDA LAND SALES OR
CONDOMINIUMS OF THE DEPARTMENT OF BUSINESS REGULATION.

                      ESCROW DEPOSITS - F.S. 718.202

Effective June 30, 1987 F.S. 718.202(8) now reads in part: Every escrow account
required by this section shall be established with a bank; a savings and loan
association; an attorney who is a member of the Florida Bar; a real estate broker
registered under Chapter 475; a title insurer authorized to do business in this
state, acting through either its employees or a title insurance agent licensed
under Chapter 626; or any financial lending institution having a net worth in
excess of $5 million.

   "DEVELOPER - SALE OF AN ENTIRE PROJECT (BEING EITHER A
 CONDOMINIUM, A PLANNED UNIT DEVELOPMENT OR A SUBDIVISION):
          LIEN AND OTHER RIGHTS AND OBLIGATIONS

In a planned unit development, or subdivision, or a condominium project where
the original "developer" either conveys the entire development (or substantial
parts thereof, including numbers of condominium units) to another developer, or
a new developer comes into title as a result of a deed in lieu of foreclosure or a
foreclosure, the definition of "developer" in the declaration of condominium, or
covenants and restrictions in the subdivision or PUD may create a problem as to
past due obligations to the Association for maintenance or the ability to continue
development of the project if it has not been completed. See the discussion on
timesharing for further discussion on sale of an entire project. The problem is
twofold.


(A) Assessment Lien Problem

      If the original developer is exempted from the payment of "assessments"
      to the association pursuant to the terms of the recorded documents, and
      the word "developer" is not sufficiently defined in the documents to include
      successors in interest, a subsequent developer may not be entitled to
      protection of the language in the original documents.

(B) Developer's Rights Problem

      We also do not want to insure that the insured has succeeded to other
      rights or burdens of the original developer under the declaration or
      covenants or restrictions. The Company does not want to become
      involved in a controversy between the insured and the condominium
       association or homeowner's association involving interpretation of the
       word "developer" as same relates to rights under these documents.

       We must review the terms and conditions of the recorded documents and
       apply them to the facts. Please review any questions you may have with
       the underwriter for your area of the state.

It is suggested that if we find an assessment lien problem, that the following
exception be raised:

       Possible unpaid condominium or PUD assessments by virtue of the fact
       that the insured may not be a "developer" under the terms of the
       declaration of ____________________________.

If our review discloses a problem as to developer's rights, you should raise the
following exception:

       This commitment and policy to be issued should not be construed as
       insuring the insured herein that it shall or shall not succeed to any rights,
       exemptions or obligations of ___________________________, the party
       who executed the declaration of __________________________, as the
       original developer.

   AMENDMENTS TO CONDOMINIUM STATUTE - CHAPTER 91-103 AND
                     CHAPTER 91-426

On January 1, 1992 numerous Amendments to the Condominium statute
became effective. Originally, the amendments were to become effective January
1, 1992, but certain ones were extended to April 1, 1992 by CS/HB 37-D at the
Legislature's 1992 Spring Session.

The Company's position regarding certain sections of these amendments is
stated here.

718.104 Creation of Condominium; Contents of Declaration

For residential condominiums created after April 1, 1992 the share of common
elements assigned to each unit may only be based upon total square footage of
each unit in uniform relationship to the total square footage of each other
residential unit in the condominium or on an equal fractional basis.

The condominium checklist has been amended to reflect this change.

718.110 Amendment of declaration; correction of error or omission in declaration
by circuit court
Subsection (1)(a) is amended to indicate that except for matters contained in
subsection (4) or subsection (8), no declaration recorded after April 1, 1992 shall
require that amendments be approved by more that four-fifths of the voting
interests.

718.110(11) provides that notwithstanding any contrary provisions, any
declaration recorded after April 1, 1992 may not require the consent or joinder of
some or all mortgagees of units to or in amendments to the declaration, unless
the requirement is limited to amendments which materially affect the rights or
interests of the mortgagees, or as otherwise required by FNMA or the FHLM.
Consent will be by joinder in the amendment or evidence by affidavit of the
association, and recorded in the public records of the county where the
declaration is recorded.

718.111 The association

Subsection (7) deals with the association's right to hold title to property. This
section is amended to provide that the association has the power to acquire title
to property or otherwise hold, convey, lease and mortgage association property
for the use and benefit of its members. Except as permitted by this statute, no
association may acquire, convey, lease or mortgage association real property
except in the manner provided in the declaration, and if the declaration does not
specify the procedure, the approval of 75 percent of the total voting interest shall
be required.

  AMENDMENTS TO SECTION 718.116 ASSESSMENTS; LIABILITY; LIEN
            AND PRIORITY; INTEREST; COLLECTION

Senate Bill 2334 enacted in the special session of the 1992 Legislature and
signed by the Governor on April 2, 1992, has amended Section 718.116(1)(a)
and other sections of the Condominium statute not discussed herein. Chapter 91-
103 contained amendments to Section 718.116(5)(a) relating to the priority of
Condominium Assessment liens to first and second mortgages.

Two subsections to Florida Statute 718.116 are involved. They are subsections
(1)(a) and (5)(a). The appropriate part of each subsection as now amended is set
forth below:

       718.116(1)(a): A unit owner, regardless of how his title has been acquired,
       including by purchase at a foreclosure sale or by deed in lieu of
       foreclosure, is liable for all assessments which come due while he is the
       unit owner. Additionally, a unit owner is jointly and severally liable with the
       previous owner for all unpaid assessments that came due up to the time of
       transfer of title. This liability is without prejudice to any right the owner may
       have to recover from the previous owner the amounts paid by the owner.

       718.116(5)(a): The association has a lien on each condominium parcel to
       secure the payment of assessments. Except as otherwise provided in
       section (1) and as set forth below, the lien is effective from and shall relate
       back to the recording of the original declaration of condominium, or, in the
       case of a lien on a parcel located in a phase condominium, the last to
       occur of the recording of the original declaration or amendment thereto
       creating the parcel. However, as to first mortgages of record, the lien is
       effective from and after recording of a claim of lien. . .

Subsection (1)(a) has been substantially changed to now provide that a first
mortgagee is responsible for assessments chargeable against the owner of the
unit subject to the limitations set forth in the statute. Subsection (5)(a) attempts to
create a super priority lien relating to liens other than first mortgage liens and to
the ownership interest.

Because of these amendments we will no longer be able to offer an unmodified
Form 9 Endorsement, or ALTA Form 4 Endorsement, or ALTA Form 5
Endorsement when insuring mortgage liens on Condominium Units.

                                  LOAN POLICIES

ALL Loan Policies and commitments to insure mortgage liens on Condominium
Units must contain the following exception in Schedule B:

       Any loss or damage arising from assessments occurring after date of
       policy resulting from the provisions contained in Florida Statutes
       718.116(1)(a), notwithstanding assurances to the contrary in any ALTA
       Condominium Endorsement Form 4, ALTA Endorsement Form 5 or
       Florida Endorsement Form 9 which may be attached to this policy.

Also when insuring a mortgage lien, other than that of a first mortgage, on
Condominium Units, you must place the following exception in Schedule B of the
Commitment and Loan Policy:

       Any loss or damage resulting from a lien for assessments recorded after
       date of policy, resulting from the effect of Florida Statute 718.116(5)(a),
       notwithstanding any assurances to the contrary in any ALTA
       Condominium Endorsement Form 4, ALTA Endorsement Form 5 or
       Florida Endorsement Form 9 which may be attached to this policy.
Further, the above exceptions must be placed in any Endorsement to a
previously issued Loan Policy insuring a mortgage on a Condominium Unit where
the Endorsement extends the effective date of the prior Loan Policy.

                               OWNER'S POLICY

We now also ask you to take an exception in Owner's Policies insuring title in a
successful bidder at a foreclosure sale, a lender who takes a deed in lieu of
foreclosure or a subsequent grantee where we do not have an appropriate
estoppel letter from the Association as to the fact that all assessments incurred
prior to the date of policy are paid. This exception reads as follows:

       Any claim by the condominium association for assessments and expenses
       regardless of when the assessments or expenses were incurred,
       notwithstanding assurances to the contrary in any ALTA Endorsement
       Form 4, or ALTA Endorsement Form 5 which may be attached to this
       policy.

718.401 - Leaseholds. s. 718.401(1) is modified to require that the leasehold of a
nonresidential leasehold condominium or a time-share condominium have an
unexpired term of at least 30 years.

      DISCLOSURE REQUIREMENTS - FLORIDA STATUTE 718.503(2)

The Legislature had enacted subsection 718.503(2) relating to non-developer
disclosure requirements in the sale of Condominium Units. Purchasers are
entitled to receive a current copy of the Declaration of Condominium, Articles of
Incorporation of the Association, By-Laws, Rules of the Association and a copy of
the Question and Answer Sheet described in Florida Statute 718.504. Senate Bill
2334 makes some changes to the section as it was originally enacted. Real
Estate Brokers and Salespersons who are licensed under Florida Statute 475
and who provide the disclosure documents to perspective purchasers are
absolved from liability for any errors or any inaccuracies contained therein. The
amendments further provide:

      Each contract entered into after July 1, 1992 for the resale of a residential
unit must contain in conspicuous type either:

       A clause which states: THE BUYER HEREBY ACKNOWLEDGES THAT
       BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE
       DECLARATION OF CONDOMINIUM, ARTICLES OF INCORPORATION
       OF THE ASSOCIATION, BY-LAWS, RULES OF THE ASSOCIATION,
       AND THE QUESTION AND ANSWER SHEET MORE THAN 3 DAYS,
       EXCLUDING SATURDAYS, SUNDAYS AND LEGAL HOLIDAYS, PRIOR
       TO EXECUTION OF THIS CONTRACT; or
       A clause which states: THIS AGREEMENT IS VOIDABLE BY BUYER BY
       DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO
       CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS AND
       LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS
       AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF A
       CURRENT COPY OF THE DECLARATION OF CONDOMINIUM,
       ARTICLES OF INCORPORATION, BY-LAWS, RULES OF THE
       ASSOCIATION, AND THE QUESTION AND ANSWER SHEET, IF SO
       REQUESTED IN WRITING. ANY PURPORTED WAIVER OF THESE
       VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY
       EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE
       THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS AND LEGAL
       HOLIDAYS, AFTER THE BUYER RECEIVES THE DECLARATION,
       ARTICLES OF INCORPORATION, BY-LAWS, RULES AND THE
       QUESTION AND ANSWER SHEET IF REQUESTED IN WRITING.
       BUYER'S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT
       CLOSING.

As a closing agent who is issuing title insurance, you may wish to obtain an
affirmation from the buyer that all rights the buyer has under Florida Statute
718.503(2) have been complied with prior to a closing.

                    ALTA CONDOMINIUM ENDORSEMENT

The Insurance Commissioner's Office has approved use of ALTA Endorsement
Form 4 and 4.1 in Florida. The minimum charge for this Endorsement is $25.00.
A copy of the Endorsements as approved is attached at the end of this section
for your review. The purpose of this memorandum to you is to discuss the
contents of the endorsement.

 CONTENTS OF ENDORSEMENT AND PROCEDURES TO BE FOLLOWED

The Condominium Endorsement contains seven affirmative statements. In the
upper right hand corner are two references; one for Owner's Policy, the other for
a Loan Policy. Some of the affirmative statements can only be given after an
independent examination of the factors involved for that particular statement. In
the event the examiner determines that one or more, but not all, of the
paragraphs may be issued for a particular condominium unit and its common
elements, the following paragraph should be typed immediately above the
authorized signatory.

      THIS ENDORSEMENT IS HEREBY AMENDED BY DELETING THE
               FOLLOWING NUMBERED PARAGRAPHS:
The paragraph numbers which we are unwilling to issue should then be typed.

PARAGRAPH (1) & (2): Both paragraphs may be issued when it has been
determined that the condominium documents were made in compliance with the
Condominium Statutes of Florida. The affirmative statements may be given for
both Owner's and/or Loan Policies.

As a reminder, please refer to the Underwriting Guide section on Condominiums
regarding the Company's insurance of condominium units in condominiums
which have not been substantially completed.

PARAGRAPH 3: This paragraph may be issued when it has been determined
that there are no present violations of the use restrictions, if any contained in the
condominium documents, and that said documents contain no provision for a
forfeiture or reversion of title. The affirmative statement can be given even where
the condominium documents contain a reverter provision, if the reverter rights
have been released by a proper instrument of record or have become
unenforceable under limitation statutes.

PARAGRAPH 4: This paragraph is intended only for Loan Policies. Please refer
to the material found on pages 33 through 35 for a discussion on the
amendments to S. 718.116(1)(a) and S. 718.116(5)(a) effective April 1, 1992
regarding condominium assessments. S. 718.116(1)(a) now provides that a first
mortgagee is responsible for assessments chargeable against the owner of the
unit subject to the limitations set forth in the statute.

718.116(5)(a) as amended, creates a super priority lien in favor of the
Association for unpaid assessments so that these liens would relate back to April
1, 1992 or the date of recording of the declaration of condominium whichever
shall last occur. This super priority lien does not apply to a first mortgage, so that
the association's lien under subsection (5)(a) would be effective, as to the first
mortgage as of date of recording.

Because of these amendments, the ALTA Endorsement Form 4 can only be
offered in modified form as paragraph 4 of the endorsement must be stricken.
However, this paragraph 4 of the endorsement may be issued unmodified
providing the required exceptions for loan policies contained on pages 34 and 35
are raised. Keep in mind Paragraph 2 of the PUD endorsement would also be
stricken, as well as Paragraph 1 of the Florida Form 9 endorsement.

In lieu of using the ALTA 4, because of this issue, you should use ALTA 4.1,
which provides coverage for unpaid condominium assessments and charges as
of date of policy. This would, of course, require the establishment that no such
assessments are outstanding at date of closing.
If there is a ground lease and/or recreation lease which may affect the amount of
charges or assessment paid, the examiner must determine that all charges of
this nature are current. In addition, we must determine that all charges of this
nature do not establish any special priority of future assessment or charge of any
nature over the lien of the mortgage to be insured.

PARAGRAPH 5: This provision may be given where the examiner has
determined that (1) that the condominium has been validly created; (2) either the
project is limited to residential units and recreation areas for the exclusive use of
the unit owners or, if there is any commercially used or otherwise leased out
space, such space is given a separate unit designation; and (3) all real property
taxes which have been levied against the entire tract of land submitted to
condominium, have been paid, AND real estate tax bills, issued thereafter have
been levied against the individual units with their respective interest in the
common elements.

NOTE: This paragraph should be deleted from the endorsement until the tax bills
for each unit have been issued. If tax bills have not been issued because a time
lag exists, the following special endorsement may be used in lieu of Paragraph 5
(if the other tax requirements noted above have been met):

       The Company hereby insures against loss or damage by reason of the
       failure of the unit and its common elements to be entitled by law in effect
       at date of policy to be assessed for real property taxes as a separate
       parcel for the year ____________, provided the necessary procedure of
       steps are taken to secure such assessment.

In the blank space insert the earliest year for which separate assessment is
available.

THIS PROVISION OF THE ENDORSEMENT MAY NEVER BE GIVEN IN A
CONDOMINIUM WHERE TIMESHARING UNITS ARE PROVIDED FOR.

PARAGRAPH 6: This provision may be given if the condominium documents
contain provision allowing the maintenance of encroachments which may exist
described in said paragraph.

PARAGRAPH 7: This provision may be given when it has been determined that
any right of first refusal has been waived in writing in recordable form by the
association or other party who has been designated with such right with respect
to the sale of the insured unit and its common elements to the party in title.
                                                        ENDORSEMENT
                                                       Attached to Policy No.



                                                      Issued by
                                         CHICAGO TITLE INSURANCE COMPANY


The Company insures the insured against loss or damage sustained by reason of:

(1)       The failure of the unit identified in Schedule A and its common elements to be part of a condominium within the meaning
          of the condominium statutes of the jurisdiction in which the unit and its common elements are located.

(2)       The failure of the documents required by the condominium statutes to comply with the requirements of said statutes to the
          extent that such failure affects the title to the unit and its common elements.

(3)       Present violations of any restrictive covenants which restrict the use of the unit and its common elements and which are
          contained in the condominium documents. The restrictive covenants do not contain any provisions which will cause a
          forfeiture or reversion of title.

(4)       The priority of any lien for charges and assessments provided for in the condominium statutes and condominium
          documents over the lien of any insured mortgage identified in Schedule A.

(5)       The failure of the unit and its common elements to be entitled by law to be assessed for real property taxes as a separate
          parcel.

(6)       Any obligation to remove any improvements which exist at Date of Policy because of any present encroachment or
          because of any future unintentional encroachment of the common elements upon any unit or of any unit upon the
          common elements or another unit.

      (7) The failure of title by reason of a right of first refusal to purchase the unit and its common elements which was exercised
          or could have been exercised at Date of Policy.



This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior
endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and
any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face
amount thereof.



DATED:

CHICAGO TITLE INSURANCE COMPANY



_____________________________
Authorized Signatory

Note: This endorsement shall not be valid or binding
until signed by an authorized signatory.

ALTA Endorsement Form 4 – Condominium 1987
CLTA Form 115.1 (3/13/87)
(Condominium) (6/1/87)
                                                       ENDORSEMENT
                                                       Attached to Policy No.



                                                              Issued by
                                       CHICAGO TITLE INSURANCE COMPANY


The Company insures the insured against loss or damage sustained by reason of:

1.         The failure of the unit identified in Schedule A and its common elements to be part of a condominium within the meaning
           of the condominium statutes of the jurisdiction in which the unit and its common elements are located.

2.         The failure of the documents required by the condominium statutes to comply with the requirements of the statutes to the
           extent that such failure affects the title to the unit and its common elements.

3.         Present violations of any restrictive covenants which restrict the use of the unit and its common elements and which are
           contained in the condominium documents, except violations relating to environment protection unless a notice of a
           violation thereof has been recorded or filed in the public records and its not excepted in Schedule B. The restrictive
           covenants do not contain any provisions which will cause a forfeiture or reversion of title.

4.         Any charges or assessments provided for in the condominium statutes and condominium documents due and unpaid at
           Date of Policy.

5.         The failure of the unit and its common elements to be entitled by law to be assessed for real property taxes as a separate
           parcel.

6.         Any obligation to remove any improvements which exist at Date of Policy because of any present encroachments or
           because of any future unintentional encroachment of the common elements upon any unit or of any unit upon the
           common elements or another unit.

7.         The failure of title by reason of a right of first refusal to purchase the unit and its common elements which was exercised
           or could have been exercised at date of policy.




This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior
endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and
any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increases the
face amount thereof.

DATED:

CHICAGO TITLE INSURANCE COMPANY



__________________________________________
                      Authorized Signatory

Note: This endorsement shall not be valid or binding
until countersigned by an authorized signatory.

ALTA ENDORSEMENT Form 4.1 - Condominium
F. 1854 (3-27-92)
                    CHICAGO TITLE INSURANCE COMPANY
                 CHECKLIST OF CONDOMINIUM REQUIREMENTS

Name of Condominium                               O.R. Book ________
Pages

No. of Units



      "Condominium" means that form of ownership of real property which is created
      pursuant to the provisions of this chapter, and which is comprised of units that
      may be owned by one or more persons, and in which there is, appurtenant to
      each unit, and undivided share in common elements.

      "Condominium parcel" means a unit, together with the undivided share in the
      common elements which is appurtenant to the unit.

      "Condominium property" means the lands, leaseholds and personal property
      that are subjected to condominium ownership, whether or not contiguous, and
      all improvements thereon and all easements and rights appurtenant thereto
      intended for use in connection with the condominium.

      "Common Elements" means the portions of the condominium property which
      are not included in the units.




Does the Declaration of Condominium:                                             Yes     No
 1. Create a condominium in fee simple interest (718.104), leasehold
    (718.104) or a time share estate (718.104 and 718.1045).
2. Contain a statement submitting the land to condominium ownership
    718.104(4)(a).
3. Include "Condominium" or "a condominium" in the name 718.104(4)(b).
4. Contain execution by all record owners or holders of Leasehold interest
    with the formalities of a deed. Chapter 689.01; 718.104(2).
5. Contain execution or consent by all mortgages or by separate recorded
   instrument subordinating their mortgage interest 718.104(3).
6. Contain the correct Legal description of land 718.104(4)(c).
7. Contain an identification of all units by letter, name or number or
   combination thereof none with the same designation as any other unit
   718.104(4)(d).
8. Contain a survey, graphic description of improvements and plot plan
   sufficient to identity: 718.104(e).
   a. Common elements
   b. Each unit
   c. Relative locations of units and common elements
   d. Dimensions
   e. Elevations
   f. Tie-in with Property
9. Contain a surveyor's certificate which must certify 718.104(4)(e).
   a. Condominium is substantially complete.
   b.
      That material (survey, plot Plan, graphic description of improvements)
      plus Declaration provisions describing the condominium property is
      accurate representation of the location and dimensions of the
      improvements so that the identification, location and dimensions of the
      common elements and of each unit can be determined from materials.
Note: Prior to June 19, 1978, it was necessary that a certificate of substantial
completion by the surveyor be recorded "in order to have a validly created
condominium for conveyancing purposes". As to whether and when
completed units in a completed building are insurable; see the Florida
Supplement to the Underwriting Guide on Condominiums.
10. Contain a provision identifying the undivided share of Common Elements:
    718.104(f).
    a. As percentage
    b. As fraction
    c. Equaling the whole
    d. Note: For Residential Condominiums created after April 1, 1993 - the
       share of common elements assigned to each unit may only be based
       upon total square footage of each unit in uniform relationship to the
       total square footage of each other residential unit in the condominium
       or on an equal fractional basis.
11. Contain provision for allocation of common expenses and common
    surplus 718.104(g).
    a. Share of common expenses must be in same proportion as common
       elements for residential condominiums.
12. Contain provision describing the voting rights of unit owners 718.104(I).
13. Contain provision for the Amendment of Declaration which must be
      executed with formalities of a deed (if not statute controls) 718.110(1), (2).
14.   Provide for the creation of the Condominium Association.
15.   Identify the name of the Association 718.111(1) and whether the
      association is to be profit or nonprofit corporation 718.104(4)(h).
16.   Provide for Unit Owner's Membership rights, 718.104(4)(I).
17.   Contain as exhibits the Documents creating Association 718.104(4)(j).
18.   Contain as exhibits the Association By-Laws 718.104(k); 718.112(1) If the
      By-Laws have been amended, the amendment must be recorded; the
      recorded amendment must contain reference to the original recording
      information of the declaration.
19.   Provide non-exclusive easement for ingress and egress 718.104(4)(m).
      (Always check for an insurable means of ingress and egress to and from
      the condominium).

                                  LEASEHOLD CONDOMINIUMS

Requests to insure leaseholds must be submitted to the Company. In addition to the
requirements at 1-19 above, the following requirements must be included:

1. On date first unit is conveyed, does the lease have an unexpired term of
   at least 50 years. (718.401)
2. If nonresidential condominium, commercial condominium or time-share
   condominium created pursuant to Chapter 721, does the lease have an
   unexpired term of at least 30 years.
3. Is the lease identified 718.104(4)(c).
4. Legal Description 718.401(1).
5. Contain a survey showing relation of leased land to land included in
   common elements 718.401(1).
6. Does the lease provide:
       Minimum number of Unit Owners required to pay rent and
       Maximum number of Units served by leased property 718.401(1)(c)
       and (3)

   CONVERSION OF EXISTING IMPROVEMENTS TO "CONDOMINIUMS" (718.402 F.S.)

Review Declaration Requirements Numbers 1-19 above. Requests to insure should be
referred to the Company.
In addition to the Declaration Requirements of 1-19 above, the following requirements must be
attached:

1. At the first offering of the individual units has each tenant received a
   written notice of an intended conversion within a 72 hour period. 718.608.
2. Has each tenant been given a written notice of his right to extend his
   lease for 180 days or for 270 days if he has resided in the unit for the
   previous 180 days. 718.606(1)(a) & (b).
3. Has the tenant been given an additional 90 day extension if the county
   has declared that there is a vacancy rate of rental housing of 3% or less.
   718.606(6).
4. Has each residential tenant who has been a resident of the apartment for
   180 days been given the right of written notice to purchase his or her
   apartment within 90 days of the intended conversion at the price offered
   to the public. 718.608(6)(a), (b) 718.612(1)(a), (b)
5. Has each tenant been given certain economic information 718.614, and
   certain information relating to the condition of the building and estimated
   replacement cost. 718.616.
6. Has the developer either established reserve accounts for capital
   expenses and deferred maintenance; or (2) given warranties or (3) posted
   a surety bond. 718.618(1)
       Note: The prior statute gave tenants only a lease extension right of up
       to 180 days. See 1979 Statute. 718.402.
       Note: Your attention is directed to the Florida Supplement to the
       Underwriting Guide on Condominium Conversion elaborating on the
       above requirements.

                                  PHASE CONDOMINIUMS

Requests to insure phase condominium must be submitted to the Company.
Review Declaration Requirements Numbers 1-19 above and;

1. Does the declaration of initial phase (or an amendment to the declaration
   approved by all of the unit owners and unit mortgagees) describe all
   anticipated phases:
   718.403(1).
   a. In detail.
   b. Impact on initial phase
   c. Time period within which each phase to be completed which shall not
      exceed 7 years from the date of recording the declaration of
      condominium within which all phases must be added to the
      condominium and comply with the requirements of the statute or said
      right to add additional phases shall expire. We must accordingly watch
      for the 7 year time period to run. The 7 year time period was placed in
      the statute effective October 1, 1984 (84-368).
2. Does the Declaration contain a description of the land which may become
   a part of the condominium and the land on which each phase is to be
   built.
   a. Plot plans, attached as an exhibit, must show the approximate location
      of all existing and proposed buildings and improvements that may
      ultimately be contained within the condominium. The Plot plan may be
      modified by the developer as to unit or building types to the extent that
      such changes are described in the declaration.
   b. Land which may become part of the condominium and land on which
      each phase is to be built.
   c. The minimum and maximum number and general size of units to be
      included in each phase. The general size may be expressed in terms
      of minimum and maximum square feet. In stating the minimum and
      maximum size of units, the difference between the minimum and
      maximum numbers shall not be greater than 20% of the maximum.
   d. Recreation area and facilities (common elements).
   e. Areas which might not be built if any phase is omitted.
   f. Each unit's percentage ownership in the common elements as each
      phase is added. In lieu of specific percentages the declaration or
      amendment may describe a formula for reallocating each unit's
      proportion or percentage of ownership in the common elements and
      manner of sharing common expenses and owning common surplus as
      additional units are added.
3. Amendments to the condominium. Effective October 1, 1984 (Chapter 84-
   368) any amendments must in addition to being consistent to the
   declaration contain or provide for the following:
   a. A statement submitting the additional land to condominium ownership
      as an addition to the condominium.
   b. The legal description of the lands being added to the condominium.
   c. An identification of each unit in a manner similar to that in the original
      declaration.
   d. A survey of the additional land and graphic description of the
      improvements and a certificate of the survey in conformance to
      718.104(4)(e).
   e. The undivided share in the common elements appurtenant to each unit
      which must equal the whole and must be determined in conformance
      with the manner of allocation set forth in the original declaration.
   f. The proportions or percentages and the manner of sharing common
      expenses and owing common surplus which for residential units must
      be the same as the undivided share in the common elements.
   g. The amendment shall be recorded in the public records of the county
      where the land is located executed with all the requirements for a deed
      by all persons having record title as well as all mortgagees.
                UMBRELLA OR MULTIPLE CONDOMINIUMS

Umbrella or multiple condominiums with only common recreation facility and
access system are to be discussed with the Company.



                          RESALE AND APPROVAL

The following requirements should be placed in a commitment to insure a resale
of a condominium unit.

1. THE WRITTEN CONSENT BY THE ASSOCIATION, OR BOARD OF
DIRECTORS AS REQUIRED BY THE DECLARATION OF CONDOMINIUM TO
THE PROPOSED SALE OF THE LAND DESCRIBED IN SCHEDULE "A" FROM
THE PARTY OR PARTIES IN TITLE TO THE PROPOSED INSURED NAMED
HEREIN MUST BE FURNISHED.

2. AFFIDAVIT FROM THE SECRETARY OR OTHER OFFICER OF THE
ASSOCIATION THAT ALL ASSESSMENTS INCLUDING SPECIAL
ASSESSMENTS, AGAINST THE LAND DESCRIBED IN SCHEDULE "A",
HEREIN, ARE PAID IN FULL TO DATE.

      NOTE: IN THE EVENT THE CONDOMINIUM UNIT DESCRIBED HEREIN
      IS ALSO CHARGED WITH LEASE PAYMENTS FOR RECREATION
      LEASE AND/OR A RENTAL PAYMENT ON AN UNDERLYING GROUND
      LEASE, WRITTEN EVIDENCE MUST ALSO BE SUBMITTED THAT ALL
      SUCH PAYMENTS HAVE BEEN MADE TO THE LESSOR TO DATE OF
      POLICY.

      NOTE: SOME DECLARATIONS OF CONDOMINIUM CONTAIN
      PROVISIONS REQUIRING THE CONDOMINIUM UNIT OWNER TO
      OFFER TO THE DECLARANT (DEVELOPER) THE RIGHT OF FIRST
      REFUSAL TO PURCHASE THE UNIT. IN THIS CASE, THE
      CONDOMINIUM ASSOCIATION NORMALLY HAS A SECOND RIGHT
      OF PURCHASE UPON DECLARANT'S WAIVER OF ITS RIGHT. IT IS
      THE RESPONSIBILITY OF THE AGENT OR OFFICE ISSUING THE
      TITLE COMMITMENT TO REVIEW THE APPLICABLE CONDOMINIUM
      DOCUMENTS TO ASCERTAIN WHETHER SUCH RIGHTS EXIST AND
      OBTAIN THE PROPER WAIVER AND CONSENT TO SALE
      DOCUMENTATION FROM THE DECLARANT (DEVELOPER),
      ASSOCIATION OR OTHER PARTY AS REQUIRED BY THE
      CONDOMINIUM DOCUMENTS. ONE EXAMPLE OF DECLARANT'S
      RIGHTS TO PURCHASE CAN BE FOUND IN THE DECLARATION OF
      CONDOMINIUM OF COSTA DEL SOL II, CONDOMINIUM, RECORDED
      AT CLERK'S FILE #74R148195, DADE COUNTY PUBLIC RECORDS.



                            TIME-SHARE ESTATES

Review Declaration Requirements Numbers 1-19 above, Declaration must be
reviewed with the underwriting office for your area of the state. Requirements
include:

        1. Is a statement in conspicuous type declaring that Time-Shares Estate
will or may be created. 718.104(n)

      2. Has the degree, quantity, nature and extent of the Time-Share Estate
      been defined and described in detail in the Declaration, with a specific
      statement as to the minimum duration of the recurring periods of rights of
      use, possession or occupancy that may be created with respect to any
      unit. 718.104(n)

      3. Does the declaration expressly permit the creation of such estate;
718.1045

      4.If the Time-Share Estate is created by an amendment to the original
      declaration, have all of the record owners of each unit and lien holders
      joined in the execution of the amendment; 718.110(8)

          F.S. 192.037 FEE TIME-SHARE REAL PROPERTY: TAXES AND
      ASSESSMENTS

This Statute provides in part that fee time-share real property shall be listed on
the assessment roles as a single entity for each time-share development. It then
provides a procedure for the collection of real estate taxes on the entire time-
share project. It has come to the Company's attention that there are situations
where all of the real estate taxes for any one year are not paid either because
there is a challenge to the assessment amount or there may be insufficient funds
to pay the entire tax bill. This represents an "EXTRA HAZARDOUS RISK" which
must be reviewed with Regional Counsel Office in either Orlando, Tampa or
Miami prior to responding to any request from a customer to insure over taxes for
any year which have not been paid in full.

				
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