HomeMy WebLinkAbout1422 xvt t~
MISCELlANEOUS PROVISI~NS
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A. Escrow Account for Insurance and Cer.tain Taxes; after Cessation
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of Development, the Assocation will establish and maintain in a local., nationai
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or state bank, or Federal or State Savings and Loan Association, two interest ' -
bearing savings deposit accounts, in which to accumulate sufficient monies
for the following purposes:
(1) To pay all insurance premiums obtained and purchased by the
Association pursuant to this Deciaration; and
- (2) To pay ali real or personal property taxes assessed by the ,
.relevant taxing authorities on property ~s~^.Q~+ hy the Condominium or taxes
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which are required to be paid as part of the Common Expenses. ~
B. On or beFore the 30th day of each month; the Treasurer of the ~
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Association shall cause two checks to be issued and drawn on the Associa- ~
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tion's Bank account; each check being equal respectively to 1/12th of the !
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reasonable es~imated yearly amount of items (1) and (2) above. Such checks :
will be imnediately deposited in the appropriate savings deposit account. '
C. Should an Owner fail to pay that portion of the monthly asses-
sment referred to in Items 1 and 2 above within thirty (30) days~from the
due date, the Association may, at its option, advance the necessary funds, ~ -
and deposit such advances into the savings deposit accounts.
D. The Association shall have a lien for all sums. so advanced, .
together within~r est at the highest legal rate thereon. It shall have
the right to assign such lien on any Parcel or group of Parcels to any
third party.
E. The Owners consent to the establistgnent of such a lien, in
favor of the Association, as a result of any aforedescribed advance. Now-
ever, no foreclosure action may be brought by the Association or its assignees
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when the Association advances the necessary funds and assigns its li.en, until }
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the delinquent Owner has received not less than ten (10) days' written notice ~
of such advance and lien. . ~
F. An individual Owner shall not be deemed to own pipes, wires, ~
conduits, roads, sewage connections, or other public utility iines, systems ~
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or appurtenances thereto, runn~ng through the Condominium Parcel or Unit which ~
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are utilized by or serve more than one Unit, or which items are by the Declar- ;
ation, made a part of the Common Elements or Comnon Co-Use Areas. '
G. -The O~tiners ag:ee that if any portion of a Unit or Common Element
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