HomeMy WebLinkAbout1489 8. Asaessments. Tne making and collection of assessmenta against
apartment oMnera or common expenses, and for reserves as may from
time to time be established by the Association, shall be pursuant to
the By-LaNS of the Association, sub~ect to the following provisions:
8.1 Interest; Application of Pa cnents. Aasessments arr3
instal?ments on suc asaessmen s pa on or efora five (5) days
after the date Khen due, shall not bear interest, but all sums
not paid on or before ten (10) da after the date Nhen due shall
bear interest at the rate of ten ~10~) percent per annum from the
date Nhen due until paid. All payments on account shall bQ first
applied to intereat and then to the asseasment payment first due.
8.2 Lien for Assessments. The Association shall have a lien
against eac apar men un or any unpaid assessments against
the owner thereof, and for interest accruing thereon, Nhich lien
shall also secure reasonable attorneys' fees incurred by the
Association incident to th~ collection of such assessment or '
enforcement of such lien, Mhether or not legal proceedings are ;
initiated. The said liens may be recorded among the Public Records ~
of St. Lucie County, Florida, by filing a claim therein Nhich states
the legal description oP the apartment unit, and the amount claimed
to be due, and said lien shall continue in effect until all su~s
secured by the lien, together Mith all costs incurreci in recording
and enforcing said lien, shall have been paid. Such claims oP :
lien may be signed and verified by an officer of the Association, _
or by a managing agent of the Association. Upon f~ll payment, the ;
~ party making pay-ment 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 pric~r to the date of recording the claim of lien, and all
~ such liens may be foreclosed by suit brought in the name of the
Association in like manner as a Poreclosure of a mortgage on real
~ property. In any such foreclosure the owner of the apartment uni t
~ sub~ect 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 ~udgment for unpaid ~
~ assessments Mithout thereby waiving the lien securing the same. In ~
~ the event a mortgagee of a first mortgage of record or any other ~
q person or entity shall obtain title to the apartment unit as a ~
- result of the foreclosure of a first mortgage, or in the event an =
Y institutional mortgagee as to a Pirst mortgage of record ahall
obtain title to an apartment unit as the result of
a corneyance ;
~ in lieu of first Poreclosure of such first mortgage, such acquire r ;
~ of title, its successors and assigns, shall not be liable for that ~
share of the common eapenses or assessments by the Association ;
w chargeable to the apartment unit, or the oxner thereoP, Khich
~ became due prior ta the acquisition of title by such institutional
mortgagee or purchaser at foreclosure sale, ar~d'-~Cny such un- ;
~ paid share of comnon expenses, or assesaments, chargeable against
any such foreclosed apartment unit, or against apartment unit trana- _
ferred in lieu of a foreclosure, shall be deemed a common e~cpense,
to be paid in the same manner as other common eapenaes oP the Con-
= dominium by all oP the Condominium unit owners.
- 9. Association. The operation of the Corxiominium shall be by
~ COIANNAD S ASSOCIATION N0. 5, INC., a corporation not
- for profit under the laws of the State of Florida, which shall
fulfill its functions pursuant to the following provisions:
9.1 Articles of Incorporation. A copy of the Articles of
= Incorpora on o e saoc a on, rrhich sets Porth its poxers
= and duties, is attached as an Exhibit C. ,
- 9,2 By-Lar+s. A copy of the By-Laws of the Association is
= attached as
a~n
xhibit D.
9.? Limitation upon liability of Association. Notwith-
standing t e u y o e ssoc a on o ma n a n and repair
- portions of the Condominium property, the Association shall
- ~ooK ~97 PACE148?
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_ ~AW OFFICES OF GOLDSTEIN. FRANKL~N. CHONIN & SCHRAtdK. P. A. 2020 IvORTHEAST 163AD STREET. NORTM MIAM! BEACH. FLORIDA 33162 ,