HomeMy WebLinkAbout0774 8. Assessments. The making and collection of assessment against
apartment owners-~'or common expenses, and for reserves as may from time
to time be established by the Association, shall be pursuant to the By-
Laws of the Association, subject to the following provisi.ons:
8.1 Interest; Application of Payments. Assessments and
installments on such assessments paid on or before five (5) days
after the date when due, shall not bear interest, but all sums
not paid on or before ten (10) days after the date when due shall
bear interest at the rate of ten (1096) percent per annum from the
date when due until paid. Al1 payments on account shall be first
applied to interest and then to the assessment payment first due.
8.2 Lien for Assessments. The Association shall have a lien
against each apartment unit for any unpaid assessments against
the owner thereof, and for interest accruing thereon, which lien
shall also secure reasonabl~ attorneys' fees incurred by the
Association incident to tY~e collection of such assessment or
enforcement of such lien, whether or not legal proceedings are
initiated. The said lien may be recorded among the Public Records
of St. Lucie County, Florida, by filing a claim therein which states
the legal description of the apartment unit, and the amount claimed
to be due, and said lien shall continue in effect until all sums
secured by the lien, together will all costs incurred in recording
and enforcing said lien, shall have been paid. Such claims of
lien may be signed and verified by an officer of the Association,
or by a managing agent of the Association. Upon full payment, the
party making payment shall be entitled to a recordable satisfaction
of lien, to be prepared and recorded at his expense. All such
liens shall be subordinate to the lien of mortgages or other liens
recorded prior to the date of recording the clai.m of lien, and all
such liens may be foreclosed by suit brought in the name of the
Association in like manner as a foreclosure of a mortgage on real
property. In any such foreclosure the owner of the apartment unit
subject to the lien shall be required to pay a reasonable rental
for the apartment unit, and the Association shall be entitled to
the appointment of a receiver to collect the same. The Association
may also, at its option, sue to recover a money judgment for unpaid
assessments without thereby waiving the lien securing the same. In
~ the event a mortgagee of a first mortgage of record shall obtain
title to the apartment unit as a result of the foreclosure of a
' first mortgage, or in the event an institutional mortgagee as to a
€ first mortgage of record shall obtain title to an apartment unit
~ as the result of a conveyance in lieu of foreclosure of such first
~ mortgage, such acquirer of title, its successors and assigns, shall
not be liable for that share of the common expenses or assessments
~ by the Association chargeable to the apartment, or the owner thereof,
~ which became due prior to the acquisition of title by such institu-
tional mortgagee or purchaser at foreclosure sale, and any such un-
~ paid share of common expenses, or assessments, chargeable against
any such foreclosed apartment unit, or against~apartment unit trans-
ferred in Zieu of a foreclosure, shall be deemed a common expense,
to be paid in the same manner as other common expenses of the Con-
dominium by all of the Condominium unit owners.
9. Association. The operation of the Condominium shall be by
~ Colonnades Condominiums Association No. 1, Inc., a corporation not for~
~ profit under the laws of the State of Florida, which shall fulfill
~ its functions pursuant to the following provisions:
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9.1 Articles of Incorporation. A copy of the Articles
of Incorporation of the Association, which sets forth its
powers and duties, is attached as an Exhibit C.
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~ 9.2 Bv-Laws. A copy of the By-Laws of the Association is
~ attached as an Exhibit D.
9.3 Limitation upon liab ility of Association. Notwit}i-
standing the duty of the Association to maintain and repair
~ portions of the Condominium property, the Association shall
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LAW OFFICES OF GOLOSTEIN. FRANKLIN. CHONIN Q SGHRANK. P. IC.. 2020 NORTHEAST 163~R STREET, NORTH MIAMI BEACH. FLORIDA 38162
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