Golden Surf Towers Condominium

Owner Information Update

(Not an Association Communication)

This Is a Governance Issue — Not a Political One

Debt alone does not destroy a condominium.

Unmanaged debt, poor disclosure, and lack of planning do.

Many Florida condominium buildings face rising insurance costs, aging infrastructure, and regulatory pressure. The difference between stable buildings and distressed ones is how leadership responds.

This update explains what responsible associations do — and what owners should reasonably expect.

1. What Well-Run Associations Do Differently

Responsible boards follow a few consistent principles:

• Debt is disclosed clearly — loans, balances, interest, and timelines
• Assessments have a defined purpose and are not duplicated by borrowing
• Budgets reflect real costs, not inflated placeholders
• Reserves are rebuilt, not replaced by loans
• Owners are informed early, not after decisions are made

Debt is treated as a temporary tool — not a permanent operating strategy.

2. Borrowing Is a Last Resort — Not a Habit

In financially disciplined buildings:

• Loans are used sparingly
• Borrowing is paired with a repayment plan
• Interest costs are minimized
• Owners understand exactly why debt exists

When borrowing continues after owners already paid assessments, it signals a breakdown between planning and execution.

3. Why Repeated Borrowing Raises Red Flags

When a building carries:

• Operating deficits
• Outstanding loans years after origination
• Access to large lines of credit
• Overstated expenses masking true cash flow

It becomes difficult to answer a simple question:

Is debt solving a problem — or covering one?

Owners deserve clarity before debt becomes normalized.

4. The Cost of “Kicking the Can”

Buildings that postpone discipline often experience:

• More frequent special assessments
• Higher borrowing costs over time
• Reduced buyer confidence
• Financing challenges
• Increased owner stress and turnover

Eventually, owners pay more, not less.

5. What a Reset Looks Like

A responsible reset does not require miracles. It requires governance.

Key steps include:

• Full inventory of all debt and credit exposure
• Accurate, line-by-line budgeting based on actual costs
• Clear separation of operating expenses vs. capital projects
• A plan to reduce debt instead of refinancing it
• Transparent communication with owners

These are standard practices — not radical ones.

6. Why Leadership Matters Now

Policies do not enforce themselves. Budgets do not correct themselves.

Leadership determines whether:

• Problems are acknowledged early
• Owners are respected as stakeholders
• Decisions are documented and disclosed
• Trust is rebuilt instead of strained

This is why the upcoming election matters.

Owner Action — February 19 Election

If you believe Golden Surf Towers deserves:

• Transparency instead of surprises
• Planning instead of reaction
• Accountability instead of excuses

Please vote for the full owner slate:

Vote for the Full Team

• Matthew Greimel
• Cynthia Clemens
• John DeLuca
• Tobey Salem
• Oriana Gherman
• Maggie Enriquez
• Larissa Bethel

This team is committed to:

• Responsible debt management
• Clear financial disclosure
• Fair enforcement and due process
• Ending retaliation and intimidation
• Restoring long-term stability

Disclosure / Notice

This communication is from Concerned Owners and the Owner Candidate Team. It is not issued by or on behalf of the Association, its Board, management, or vendors. Statements reflect owner concerns and reference Association documents available to owners. Owners are encouraged to review official Association materials independently.