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Home My WebLink About2605 7.4 Alteration and Improvement. APter the completion of ~he improvemen~s '~cYuded' n e com~oon elementa Mhiah are contemplatGd in th~e Declaration, there aha21 be no alteration or itirther improve- menta of con~non elementa Mithout tha Drior approval, in xritissg, by record oxnera of aeventy-five (75~) percent of all.apartment unit oaners, toge~her Nith the approval of tt~e Asaociation. The cost of auch alt~ration or improvement ahall be a comaon e~cpenae and so assessed. Any auch alteration or improvement ahall rwt in- terfere Mith the rights of any apartment onners Mithout~his conaent. 8. Assessmenta. The making ar~d collection of asses~nrent against apartment o~rners or comnbn eapensea, and for rese rvea as maq from time to time be established by the Aasociation, ahall be pursuant to the By-I.nMS of the Asaociation, aub~ect to the follarxing proviaions": ; 8.1 Interest; Application of Payments. Asaeasmenta and installments on auc aasassmen a pa on or efore five (5) daya after the date ahen due, shall not bear interest, but all aums not paid on or before ten (10) daya after the date Mhen due ahall bear intereat at the rate oP ten (10'~) ~:~rcent per antYUm Prom the date Mhen due until paid. All paymenta c.n account shall be first ~ applied to intereat and then to the asae:.~sn`ent payment first due. ~ 8.2 Lien for Aasessmenta. The Aasociation shall have a lien against eac apar men un or any urYpaid asaesa~nents againat the oMner thereof, and for interest accruing thereon, Mhich lien ~ ~hall also secure reasonable attorneys' fees incurred by the Aasociation incid ent to the collection of auch asaesement or enforcement of such lien, Mhether or not legal-proceedinga are initiated. The said liens may be recorded among the Public Records of St. Iucie County, Florida, by filing a claisi therein which states ~ the legal description of the apartment unit, and the amount claimed ; to be due, ar~d said lien shall continue in effect until all sums secur~d by the lien, together Mith all costs incurred in recording and enforcing said lien, shall have been paid. Such claims of _ lien may be signed and verified by an oPficer oP the Association, - or by a managing agent of the Aasociation. Qpon full payment, the ~ party making paqment ahall be entitled to a reoordable satisfaction ; of lien, to be pregared and recorded at his eapenae. All such " liens ahall be subordinate_to the lien of' mortgages or other liens j recorded prior to the date oP recording the claim of lien, ani all such liens maq be foreclosed by auit brought in.the name of the Association in like manner as a foreclosure of a mortgage on real property. - In any such foreclosure the or~ner of the apartment unit sub~ect to the lien shall be requ3red to pay a reasonable rental Por the apartment unit, and the Aasociation ahall be entitled to the appointment of a receiver to collect the same. The AsBOCiation may also, at its option, aue to recover a mortiay ~udgment for unpaid assesaments ~ithout thereby ~?aiving the lien securing the same. In f the event a mort~agee of a first mortgage of record or ar?y other _ person or entity ahall obtain title to the apartment unit as a ~ result of the foraclosu~e of a f3rst mortgage, or in the event an inst2tutional n~ortgagee as to a first mortgage oP record shall - obtain title to an apartm~nt unit as the result of a corneyance - in lieu of firat Poreclosure of such Pirst mortgage, such acquirer _ of title, its successors and asaigns, ahall not be liable for that share of the common e~cpenaes or_aasessmenta by the kssociation ~ chargeable to the apartment, or ths oMner thereof, Mhich became = due.prior to the acquiaition of tit2e by auch institutional ~ mortgagee or purchaser at forecloaure sale, and ar~y such un- paid share of comnon e~cpenses, or asaesaments, chargeable againat ~ any such forecloaed apartment unit, or against apartment unit traria- # ferred in lieu of a foreclosure, ahall be d~emed a common eacpense, ; to be paid in the aama manner as other comm~n expenaea ot the Con- ; dominium by all ~f the Condominium unit oMnera. i 9. Asaociat~on. The oparation of the Condominium ahall be by COIANNAD _RIUMS ASSOCIATION N0. 3, INC., a corporation not for - t _ ; - r ~ -6= ~~u~ 193 2602 ~ R'// vFi:C[8 nc GOLOSr~i!~ f RA'~Y,Uf~ CNfJl~IN 9~iCNHANK A l~):~> N01tTMt ASi 16).,a~ •.1N1 t I NONi11 MIAMI IflACH. FLORIU~ ~llA2 '_:~s~