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HomeMy WebLinkAbout0178 8. ~ssesaments. The making'and collection of assessments against ! apartment owners or common expenses, and for reserves as may from time to time be established by the Aasociation, shall be purauant to the By-Laws of the ~ssociation, sub~ect to the following provisions : ~ t ~ 8.1 Interest; Application of Pa~rrnents. Assessments and installments on suc assessmen s pa on or efore five (S) days ~ after the date when due, shall not bear interest, but all sums ; not paid on or bei'ore ten ~ lu j days ai'Ler the aaie wn~n d~es r~i~~ii ; bear interest at the rate of ten (10~) percent per annum from the ~ date when 3ue until paid. All payments on account shall be first ? applied to interest and then to the assessment payment first due. ~ i 8.2 Lien for Assessments. The Association shall hav+e a lien i against eac apar men un or any unpaid assessments against } the owner thereof, and for interest accruing thereon, which lien ~ shall also secure reasonable attorneys' fees incurred by the ( ~ssociation incident to the collection of such assessment or i enforcement of such lien, whether or not legal proceedings are inltiated. The said liens may be recorded am~rig the Public Records of St. Lucie county, Florida, by filing a claim therein which states the legal description of the apartment unit, and the am4unt claimed to be due, and said lien shall continue in effect until all awns ' secured by the lien, together with all costs incurred in recording ~ and enforcing said lien, shall have been paid. Su~h claims of ~ lien may be signed and verified by an officer of the Association, or by a managing agent of the Association. Upon full payment, the party making payment shall be entitled to a recordable satisfaction of lien, to be prepared and recorded at his expense. Al1 such liens shall be subordinate to the lien of mortgages or other liens recorded prior 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 foreclosure of a rrqrtgage on real ~ i mm~ertv. In anv sueh foreclosure the owner of the apartment unit i sub~ectYto the lien shall be required to pay a reasonable rental j for the apartment unit, and the Association ahall be entitled to the appointment of a receiver to collect the same. The ~ssociation ~ may also, at its option, sue to recover a money ~udgment for unpaid ~ ; assessments without thereby waiving the lien securing the same. In ~ the event a mortgagee of a first mortgage of record or any other g person or entity shall obtain title to the apartment unit as a 3 result of the foreclosure of a first mortgage, or in the event an ~ institutional mortgagee as to a first mortgage o~ record shall ~ ~ obtain title to~an apartment unit as the result of a conveyance ~ ' in lieu of first foreclosure of such first mortgage, such acquirer ~ g of title, its successors and assigns, shall not be liable For tha.t ~ ~ share of the corrunon expenses or assessments by the Association I ~ chargeable to th~ apartment unit, or the owner thereof, which ~ became due prior to the acquisition of title by such institutional ~ mortgagee or purchaser at foreclosure sale, and any such un- ~ ~ • paid share of comnon expenses, or assessments, chargeable against ~ ; any such foreclosed apartment unit, or against apartment unit trans- ~ ferred in lieu of a foreclosure, shall be deemed a comm~n expense, ~ to be paid in the same manner as other co~ran expenses of the Con- ~ ~ dominium by all of the Condominium unit owners. ~ ~ # 9. Association. The operation of the Condominium shall be by ; a; COiANNADE~-Z`aR~RZUMS ASSOCIATION NO. 6, INC., a corporation not ~ for profit under the laws of the State of Florida, which shall ~ - fulfill its functions pursuant to the following provisions: "J 9.1 ~rticles of Incorporation. A copy of the articles of _ Incorporat o3 n o~'-' ie asoc a on, w ich sets forth ita powers _ and duties, is attached as an c'~chibit C. 9.2 B~ ~Laws. A copy of the By-Laws of the Association is 'T; attached as an~xhibit D. ~ 4 { ~`~3 9.3 Lindtation u n liabilit of Association. Notwith- ~ standing t e u y o ssoc a on o ma n~a~n and repair ~ = portions of the Condominium property, the Asaociation shall ~ ~ - ~ ~ooK 198 P~~~ ~78 = -6- - - ' tatiY OFFICES OF GOLDSTEIN. FRANKLIN. CHONIN Q SCHRANK. P. A.. 2020 NORTHEAST 163no STREET. NORTH MIAMI BEACM. FLORIDA 33162 r:.' . _ . r......... . , . _ ti , _ e,.