HomeMy WebLinkAbout1504 attested with the formalitiea of~a Deed, and including k
a su~v~y oP the lande and a graphic deacription of the
improvementa in sutficient detail to identify the common
elementa and each unit and the relative location and the
dimenaio~a thereof. The undividcd ahare in the condominium
property and common elements appurtenant to the condominium
units in the reapective building shall be in the folloxing .
aggregate percentage:
(a) Upon recordation of this Declaration of Condominium
and until recordation oP an amendment aubmitting Seascape
III to condominium o~+nership, 100~ of the interest in
the condominium property and coamaon elementa ahal? be
attributable to apartmenta at Seascape II.
(b) At such time aa Seascape III ia submitted to
condominium o~mership and until Seascape IV is submitted
to condominium oi+nership, the aggregate percentage
interest in the condominium property and comm~n elements
attributable to SeascapeII shall be 55~ and to Seascape
III, 45~. i
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(c) At such time as Seascape N ia submitted to =
condominium ormerahip the aggregate percentage interest €
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in the condominium pro~rt~ and common elements attributable ~
to Seascape II shall be 35.5~, to Seascape III shall be ;
23~ and to Seascape IV shall be 35.5~. ~
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18. Aaaociation and Non-Exclusive Nin~e~t
-Nine Year Lease Agreement. ;
The Aasocia on as en ere n a on=~~aive ng erm ase '
Agreement ~ith FIRST NATI~ONAL BANK OF FORT PIERCE, as Truetee, ur~der i
Trust Agreement dated the 17th day of November, 1970, and kra~n aa ;
Trust Number l, as Lesaor, ~vhereby certain possesaory atxl use intereat
are granted in the Demised Premises described therein. The Non-
Exclusive Ninety-Nine Year Lease Agreement is Por the en~oqment,
recreation, uae arxi benePit of the membera of the Aasociation in
~ accordance ~ith the terms thereof.
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s 19. Termination. The Condominium may be terminated in the
- PolloNing mannera,'~ri addition to the manner provided by the Condo~+ninium ~
; Act: s
' 19.1 Destruction. IP it is determined as elsewhere provided :
that the apar men lding ahall not be reconstructed becauae of '
{ ma~or daar.ge, the Condominium plan oP oNnership Mill be terminated ~
~ Mithout agreement.
; 19.2 A reement. The Condominium may be terminated at any
; time ~y the approva in Mriting of all record ownera oP apartments
and all record oxnera of ~nortgages on apartmenta. Notice of a
4 meeting at which the proposed termination ia to be conaidered shall _
~ be given not less than thirty (30) d~ys prio r to the date of such
~ meeting. Provided that the approval of oxriera oP not less than
~ seventy-Pive (75~) percent of the comm~n elements, and the approval
; of all record ownera of mortgagea u n the apartment~, are obtained
at the ~eeting or Mithin thirty (30~days thereafter, then the
~ approving oxners shall have an option to buy all of the apartments
` of the oxnera not approving oP termination, aaid option to continue
for a period of sixty (60) days fi*om the date of such meeting.
li Approval by an oMner of an apartment unit, or oP a mortgage en-
cumbering an apartment unit, ahall be irrevocable until expiratlon
~ of the aPorerecited option to purchase the apartment of owners not
so approving, and if the option to purchase such apartment ia
exercised, then such approval shall be irrevocable. The option to ;
= purchase the apartments or units not approving ot termination ahall
be exerciaed upon the Pollowing terms:
~ (a) F~cercise of option. The option ahall be
_ ,O ~zeraised y s verq or ma ling by registered mail
_ ~ to eaah of the reeor~ o~nera of the apartmenta to be
purchaaed an agreement to piu'chase signsd by the re-
; ~ cord oMners of apartments ~+ho Mill participate in the
~ pu~chase. Such agreement shall indicate which apart-
_ menta ~ill be purchased by each participating oMner
- ~ and ehall require the purchase of all apartmenta own-
ed by oaners not approving the termination, but the
- om agreement ahall efPect a separate contract betrreen
each seller and hia purchaser.
- ! aY/ OFFICES OF GOLDSTEIN, FRANKLIN. CHONIN Q SCHRANK. P. A.. 2020 NORTHEAST 163wo STREET, NORTH MIAMI BEACH. FLORIDA 33162
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