HomeMy WebLinkAbout1413 as are specificatly provided for in this Declaration and the By-Laws.
Each Owner shall pay monthly as provided by Article VI his proportionate
share of all expenses, including accounting and administration, to the
Association; provided, however, until Cessation of Development, each
owner shall pay monthly assessments determined by the Developer according
to the aforementioned criteria plus Developer's cost of accounting, record
keeping and management to Developer. A1l of the rights of enforcement
granted herein to the Association shall-vest in the Developer until
Cessation of Sales. ~
6. The Board of Directors of the Association, hereinafter
sometimes called "Board", may take such action as it deems necessary to
collect assessments including personal action, and enforcement and fore-
closure of the lien described herein. It may settle and compromise any
such claim or action if it deems such settlement to be in the best interest
of the Association. The lien shall be effective in the manner provided
by the Condominium Act, and shall have the priorities established by the
Act. The Association shall be entitled to bid at any sale held pursuant to
a suit to foreclose such lien, and to apply as a cash credit against its
bid, all sums due it as provided herein. In the event of foreclosure, the
Owner or Occupant of the Unit shall be required to pay a reasonable rental
' for the Unit, and the Plaintiff in such foreclosure shall be entitled io the
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~ appointment of a Receiver to collect same.
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C. The Association shall have the right, in lieu of foreclosure,
to take possession of the Unit and offer the same for rent. From the
proceeds of such rental, if any, the Association shall credit one-half of the
income therefrom to the arrearages and in payment of the lien established by
the default and pay the other one-half to the Developer as compensation for
its services as rental agent. The Association shall likewise, if necessary,
in order to carry out this right of rental, remove any travel trailer in ~
place on such Parcel and place the same in storage, all without any liability
~ to any other person. The selection of this mode of procedure to satisfy
~ the lien established by said arrearages and delinquencies shall not be
exclusive, and the Association may, at any time, proceed in foreclosure
should they deem the same necessary, expedient, or prudent, and no question
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a0R01( PACE
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