HomeMy WebLinkAbout2731 aaid By-Laaa ahall b~ adoptod ahiah would at~~ct os impair th~ ~
validity or priority o! any mortgaqo cowrfAg any oondoaaiAfu~a
parcol (a) .
IX.
TNE OPERATING ENTITY
The name of the Asaocidtion responsible for the opsratioa of
the condominium is set forth in Article II hereinabove; said Cor-
poration is a non-profit Florida corporation, orqanized and exist-
ing pursuant to the Condominium Act. Th~ said Assocfation shall-
have all of the powers and duties granted to or imposed upon it
by this Declaration, the By-Laws of the Association, the I.aws of
the State of Florida, and its Articles of Incorporatioa, which
Articles of Incorporation are attached hereto, marked Fachibit "D"
and made a part hereof. -
Every owner of a condominium parcel, whether he has acquired
his ownership by purchase, by qift, conveyance or trar~sfer by -
operation of law, or otherwise, shall be bound by the 8y-I.aws of
said Assqciatioa, the Articles of Incorporation of the Associatio~a
and by the provisions of this Declaratiun. ~
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X. ;
;
ASSESSMENTS ~
4
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The Association, throuqh its 8oard of Directors, shall have
the power to fix and determi~ae, from time to tim~e, the sum or sums
necessary and adequate to provide for the common expenses of the
condominium property, and such other assessments as are specif- -
ically provided for in this Declaration and the By-Laws attached
hereto. The procedure for the deter~iination of such assessments
shall be as set forth in the By-Laws of the Association.
Assessments shall comm~ence on units sold by Developer when~
prepared for occupancy and on units retained by Develope:r when
uti2ized for any income earninq purpose. - ~
The com~?on expenses shall be assessed aqainst each Condominiwu
parcel oamer, as providad fn Article VI of this Declaration.
Assessments that are unpaid for over fifteen (15) days after ~
due date, shall bear interest at the rate of ten percent (l0i) ;
per annum, from due date until.paid, and, at the sole discretion
of the Board of Directors, a late charqe of $5.00 shall be,due ~
and.payable. '
The Association shall have a lien on each condominium parcel "
for any unpaid assessments, toqether with interest thereon, ~
against the unit owner of such condoaainium parcel, toqether with
a lien on all tanqible personal prcperty located upon said unit;
provided, however, that such lfen upoa the aforesaid tanqible
personal property shall be subordinate to prior bona fide liens
of record, and further provided that said lien on a condominium
parcel shall be subordinate to the lien of any institutional ~
firet mortqaQe. Roaaonabla attoraays faea incurred by ths Asso- ~
ciation incident to the collectfon o~ suah assessm~ent tor the . ~
enforcement of such liens, toqether with all swas advanced and !
paid by the Association for taxes and payments on account of super- ~
ior mortgaqea, liens, or encumbrances which may be required to be
advanced by the Aseocfation in order to preserve aad protect its
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