Your Prospectus is your contract and disclosure agreement with the Park owner. Matters stated in the Prospectus must be observed by the Park owner and the residents, and cannot be changed without consent of both parties except in limited circumstances listed in the law, such as recording a change of ownership. Many sections of Camelot Lakes’ original Prospectus filed in 1985 lay out the specifications for the project of creating the Park, such as charts with the square footage of rooms in the various buildings and listings of utility providers, and, as such, are fairly inconsequential to homeowners. However, every homeowner should have a passing familiarity with the Prospectus because it outlines the conditions under which the Park owner can raise rent and reduce services.
The law requires the Park owner to provide a current Prospectus to every new tenant/homeowner coming into the Park; this applies to persons buying a home from the Park. For person-to-person sales, the seller, not the Park, is obligated to pass down the Prospectus to the buyer of the home, i.e., the contract goes with the lot. According to Florida law, the Prospectus you received as a homeowner, regardless of who provided it, is valid for the length of your tenancy.
You might think that “length of your tenancy” means until you move out of the Park; however, that is not true because Camelot Lakes, in its original 1985 Prospectus at Section XII states that a homeowner’s tenancy ends on the 31st of December of each year. So, any amended Prospectus takes effect on all homeowners on January 1st of the year after the Prospectus was amended. For example, when, in 1989 and 1990 Camelot Lakes amended sections of their Prospectus related to mailboxes, sales and the Clubhouse, the amended Prospectuses became applicable to all homeowners on January 1, 1990 and January 1, 1991 respectively, which were, for homeowners, the dates after the the expiration of their tenancy collectively on December 31st of each of those years.
The January 1st effective date for Prospectus amendments may be subject to extension under circumstances spelled out in the State’s rules; for example, there is a 90-day notice requirement before amendments to the Rules and Regulations can be put into force. Recently, Camelot Lakes received approval for an amendment to their Prospectus of special significance to homeowners because it included a new set of Community Rules and Regulations (Exhibit 5 of the Prospectus). Although these new Rules and Regulations were approved by the Florida Department of Business and Professional Regulation on November 14, 2014, they could not be applied for 90-days or after February 14, 2015. The latest changes to the Rules and Regulations became effective on April 17, 2015 as noticed to homeowners by letter sent by the Park Manager.
CLICK HERE to read the Prospectus as posted on the Camelot Lakes website.
CLICK HERE to read the Rules & Regulations as posted on the Camelot Lakes website.