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Home My WebLink About1663 ~ # 7.4 Alteration and Improvement. After the complstion of the improvemen s n~I~e"3' n e common elements Mhich are conteoplated in the Declarat3on, there ahall be no alteratior~ or 21~rther improve- k menta o! Qomnan elementa xithout ths prior approval, in xriting, ~ by recq~ d oMners of aeventy-five (759R) percent of all apartment uni t orA~?era, together Mith the approval of the Asaoc iation. The cost of auch alteration or im~provement ahall be a common expense and so aaaea8ed. Any such alteration or improvement ahall not in- terfere Mith the rights of any apartmant oxners Nithout hia conaent. 8. Asseasmenta. The making and colleation oP assesament againat apartment ormera or comm~n eapensea, and for reservea aa may from time to time be eatablished by the Aaaociation, ahall be pursuant to the By-Laxs of the Asaociation, aub~ect to the follaiing proviaiorie: 8.1 Interest; Application of Payments. Aaseasmente ar~d installmenta on auc aaaesamen a pa on or efore five (5) days , after the date Nhe~ due, shall not bear interest, but all auma 1 not paid on or before ten (10) daya after the date ~rhen due ahall bear inter~est at the rate of ten (10~) percent per annum from the date ~?hen due unt31 paid. All paymenta on account shall be first applied to intereat and then to the asaesament paym~ent firat due. 8.2 Lien for Asaessmenta. The Association shall have a Iien against eac apar men un - or a~r unpaid asaessments againat the or~ner thereof, and Por interest accruing thereon, which lien shall also secure reasonab2e attorneys' feea incurred bq the Association incident to the collection of auch aseeasment or enforcement of such lien, ~+hether or not legal proaeedinga are initiated. The said liens may be recorded among the Public Recorda of St. Lucie County, Florida, by filing s claisr therein Mhich atates the legal description of the apnrtment unit, and the amount claimed to be due, and said lien shall continue in ePfect until all sums secured by the lien, together Mith all coats incurred in rscording and enforcing said lien, shall have bean paid. Such claima of i lien may be signed and verified by an oPficer of the Aesociation, or by a managing agent of the Asaociation. Upon full payment, the party makir~g payment ~hall be entitled to a reoordable satiafaction of lien, to be prepared and recorded at hia expense. Al1 such liens shall be subordinate to the lien of mortgages or other liena recorded prior to the date of recording tha claim of lien, and all such liena may be foreclosed by suit brought in the name of the ~ Aseociation in like manner as a Poreclosure of a mortgage on real property. In any such forecloaure the oxner of the apartment unit sub~ect to the lien ahall be required to pay a reasonable rental Por the apartment unit, and the Aesoeiation ahall be entitled to the appointment oP a receiver to collect the same. The Asaociation may alao, at ita option, aue to recover a money ~udgment for utipaid asaesaments ~ithout thereby xaiving the lien securing the same. In the event a mortg,ngee of a firat mortgage oP record or anq other person or entity ahall obtain title to the apartment unit sa a result of the Porecloaure of a firet mortgage, or in the event an ; inatitutiorsal martgagee as to a first mortgage of record shall ' obtain title to an apartment uriit as th~ reault of a corneqance in lieu of first 2'orecloaure ot auch first mortgage, such acquirer of title, its succeasors and asaigns, shall not be liable for that share of the common expenees or aasessmenta by the Aaaociation chargeable to the apartment, or the oMne r thereof, ~hich became due prior to the acquieition oP title by auch institutiona2 mortgagee or purchaser at torecloaure sale, and ar~q such un- paid ahare of conmon eapenses, or asaessments, chargeable againat any such forecloaed apartment unit, or against apartment unit trana- ferred in 13eu of a forecloaure, ehall be deemed a eomm~n eapetzae, to be paid in the aame manner as other common expenaea of the Con- domi»ium bq all ot the Condo~inium unit ormera. 9. Aaeociation. The oparation o! the Corrlominium ahall be by a COIANNAD oRRZUMS ASSOCIATION N0. 3, INC., a corp~ratio n not for dooK 1y5 ~i~61 _ 6 - ~ 4 26~2 ~~~,,183 :-4',IV OFfICES OF GOLOS~EiN FRANKL~N CNONiN A SCMRANK. P A 2020 NOqTNEAST fBJNC STREET NORTH MIAMI BEACN. iLORIDA ~j1A2 4....n_ _ _ _ . _ _ _ _ , .