HomeMy WebLinkAbout2737 chargee for f t~ water, olectricity, sewaqe use and other facil- ;
ities. Without ~urther charge, it has the riqht of use ot the
limited common elementa for acceas over a?nd above the owners ia 3
the condominfumt it also has ths responsibility of placfnq its
o~rn insurance, both as to lfability, proporty damaqe, and all
other kinda of insurance that it se desir~sj however, the said ;
office, qrocery, laundry, marina, and other commercial facilitioa `
shall not be a part of the condomiafum but remains the property ~
of the Developer or its asaiqns. • ;
XVII. . .
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MISCELLANEOUS PROVISIONS
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A. ~scrow Account for Insurance and Certain Taxes. There
shall be estab s e an maintain n.a oca , nat onal or state
bank, or federal or state savinqs and loan association, two (2)
interest bearing savinqs deposit accounts, in order to accumulate
sufficient nwneys for the followinq purposes: - ~
(1) To pay all insurance premiums for~~nsurance on the ~
condominium property obtained a~d purchased by the
Association pursuant to Article XII of thi~ Declara-
tion; and
(2) To pay all real or personal property taxes assessed
by-the taxing authorities aforedescribed, for prop- ~
erty owned by the Condominiwa or taxes which the ~
Condominium is required to gay as part of its com-
mon expenses. . ;
On ~or before the 28th day of each month the Treasurer of the "
Condominiwn Association shall-cause two checks to be issued and
drawn on the Association's bank account; each check beinq equal
respectively to 1/12th of the estimated yearly anwunts as to
Items 1 and 2 above. Said checks shall be imnaediately deposited ~
into the_appropriate savinqs deposit account. ~ q
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Should a condominium unit owner fail to pay that portion of i
the monthly assessment relating to Items 1 and 2 above within ~
thirty (30) days from the due date, the Condominiwn Association ~
shall have the riqht, but-it is not required, to advance the ~
necessary funds, so~as to deposit the required monthly sum.into #
the eavings deposit accounts. !
The Condominium Association shall have a lien aqainst the
applicable condomi~ium unit for all sums so advanced, toqether
with interes~ thereon at the rate of 10 8 per annum. It shall
also have the right to assiqn its lien to any unit owner or qroup
of unit owners or to any third party. Said lien shall be subor--
dinate to the lien of any institutional first nwrtqaqe on a con-
dominium unit.
The condominium unit owners herein consent to the establish-
ment of such a lien as a result of these advances in favor of the
institution(s) or Association, as aforedescribed. However, no
such foreclosure action may be brought by said institution or
individual or qroup of individuals where the Association advances
the necessary funds and assiqns its lien, until the delinquent
unit owner has received not less than ten (10) days written notice
ir? this reqard. ~ i
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B. The owner of tYie respective condominiwa unit shall not .
be deemed to own pipes, wires, conduits, roads, sewaqe connec-
tions, etc:'j~ or other public utility lines runninq throuqh the
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