FL H1061

Assessments against units owned by bulk owners may not be less than similar assessments charged to other unit owners in the same condominium.

Rejection of a termination plan by 10 percent or more of total voting interests results in failure of the termination, preventing the condominium from being terminated.

Unit owners who do not want to relinquish their property during optional termination must receive compensation equal to 110 percent of the original purchase price or 110 percent of fair market value, whichever is greater.

"Fair market value" is defined as the price a seller is willing to accept and a buyer is willing to pay on the open market in an arms-length transaction based on similar units sold in other condominiums.

Bulk owners or successor developers may vote to terminate a condominium if current on all assessments, provided the termination vote does not reduce the annual budget below the amount necessary to properly maintain the condominium and association reserves.