Listing or Leasing a Unit?

Real Estate Rules:

REALTOR RULES

• Homeowners must notify Management that the residence has been listed for sale.

• Lock boxes must be labeled with contact information for the listing agent or Owner if there is no listing agent.

• Lock boxes can only be placed in the Front Street stairwell exit corridor. If lockboxes are found placed in or on any other location within Piazza Palermo, the lock box will be removed without notification.

• Open houses are prohibited. No flags, banners, balloons, etc., may be displayed on the common area or any other unit owned by another without their consent. For sale signs (no larger than 4’ by 4’) are allowed to be placed in the individual Owner’s window. No flyers may be distributed to individual residents’ doors or placed on vehicle windshields.

RENTAL OF RESIDENTIAL UNIT

• An Owner shall be entitled to rent the Condominium subject to the restrictions contained in the Declaration. Owners are required to notify the Association each time the unit is rented to a new tenant. Any rental or lease agreement shall be in writing, shall provide that the lease is subject to the Governing Documents and shall provide that any failure to comply with any provisions of the Governing Documents shall be a default under the terms of the rental or lease agreement. A copy of the rental or lease agreement shall, upon request, be provided to the Association.

RESIDENTIAL USE ONLY

Residences shall be used for residential purposes only: provided, however, that any Residence may be used incidentally for the purpose of operating a home based small business if, and only if, the business is operated solely within the Residence,

• the business is limited to arts and crafts, the rendition of professional services, or other similar activities.
• the business is operated by the Owner of the Residence whose principal residence is the Residence, by a tenant whose principal residence is the Residence or by a member of such Owner’s or tenant’s family whose principal residence is the Residence.
• the operation of the business is permitted by, and is at all times in compliance with, all applicable laws, and
• the operation of the business does not result in (i) the violation of any of the other provisions of the Declaration, (ii) any unreasonable increase in the flow of traffic within the Project, (iii) any odor, noise, or vibration outside of the Residence, or (iv) parking problems within the Project.
• No other use shall be allowed except as specifically permitted by local ordinance; provided, however. Declarant may use any of the Residences owned by Declarant as model homes, sales offices, construction offices or storage for the Project during that period of time commencing when the Residences are first sold or offered for sale to the public and ending when (x) all the Residences in the Project are sold and conveyed by Declarant to separate Owners thereof, or (y) seven (7) years after the first close of escrow of a Residence in the Project whichever shall first occur.

TIME SHARING

• A Condominium may not be divided or conveyed on a time increment basis (commonly referred to as “time sharing”) of measurable chronological periods. The term “time sharing” as used herein shall be defined to include, but shall not be limited to, any agreement, plan, program or arrangement under which the right to use occupy or possess the Condominium, Condominiums, or any portion thereof in the Project rotates among various persons, either corporate partnership, individual or otherwise, on a periodically recurring basis for value exchanged, whether monetary or like-kind use privileges, according to a fixed or floating interval or period of time sixty (60) consecutive calendar days or less.