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accounts, in order to accumulate sufficient monies for
the following purposes: •
(1) To pay all insura~ce premiums for insurance I
on the Condominium property obtained and purchased
by the Association pursuant to Article XI1 of this
Declaration; and
(2) To pay all ~eal or pe~sonal property taxes
assessed by the taxing authorities aforedesc~ibed,
for p~operty owned by the Condominium o~ taxes
which the Condominium is required to pay as part
af its common expenses. ~
B. On or before the 28th day of each month the ~
Treasurer of the Condominium Association shall cause two `
checks to be issued and drawn on the Association's bank
account; each check being equal respectively to 1/12th
of the estimated yearly amounts as to items (i) and (2) above.
Said checks shall be immediately deposited into the ap- .
p~opriate savings deposit account.
C. Shouid a Condominium unit owner fail to pay
that portion of the monthly assessment relati~g to Items
1 and 2 above within thirty (30) days from the due date,
. the Condominium Association shall have the right, but it
is not required, to advance the necessary funds, so as
to deposit the required monthly sum into the savings de-
posit accounts. '
D. The Condominium Association sfiali have a lien
for all sums so advanced, together with interest at the
highest legal rate thereon. It shail atso have the right
to assign its lien on any unit owner or group of unit
' owne rs or to any th i rd pa rty .
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~ E. The Condominium unit owners he~ein consent to
~ the establi~hment of such a lien as a result of these ad-
; vances in favor of the institution(s) or Association, as
~ aforedescribed. However, no such foreclosure action may
be brought by said instit_ution or individual or group of
individuals where the Association advances the necessary
funds and assigns its lien, until the delinquent unit
owner has received not less than ten (10) days' written
~ notice in this~ regard.
F. The owner of the respective Condominium unit
shall not be deemed to own pipes, wires, condui.ts, roads,
sewage connections, etc., or other public utiiity lines
running through the Condominium parcel or unit which are
utilized by or serve more than one Condominium unit,
which items are by these presents, made a part of the
common elements.
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