HomeMy WebLinkAbout1837 This Instrument Prepared 6y:
H, T. Ogle, Attorney ~~~8
107 Main Street
Knoxville, Tennessee
AMENDMENT TO DECLARATION OF CONDOMINIUM
The Qeclaration of Condominium filed by YENTURE OUT IN AMERICA AT ST, LUCIE,
INC, with respect to its condominium property located in St, lucie County,
Florida, known as Venture Out at St. Lucie, Inc., which is recorded in Officiai
Records Book 18~, beginning at page 1677 of the Public Records of St. Lucie
County, Florida, is hereby amended by the developer, to delete from Article XI
of said Declaration'of Condominium with respect to the existing Paragraph A by
deleting that paragraph of record,and to substitute therefor a new Paragraph A
which shall read as follows:
XI
A. Inasmuch as the developer is in the general business of developing and
operating resort parks, including advertising, in the establishment of
a national image, it is in a superior position to establish rental rates.
Therefore, it shall have first right of refusal whether it shall establish
and operate all parcels in the condominium for rental after completian of
sales. Should it exercise its option to remain active in the rental pro-
gram of the condominium after con~pletion of sales, the rental income will
be distributed by the developer to each owner of a condominium unit
entitled to renta~ income, based solely upon the use or rental of the
particu]ar unit or units he owns, after the developer has retained unto
itself one-half of such rental income as compensation for management, ad-
vertising, and promotional services. Should any owner of a condominium
parcel choose to permit the use thereof by a friend or reiative, it is
distinctly understood that such user shall register with the office of
the developer and shail pay one-half of the established rental rate, which
one-half shali be retained exclusively by the developer as its portion of
revenue to which it is entitled for use of lots other than by the owner;
provided however, the parents or children of the owners of the respective
condominium parcels are excepted from such obligation of payment.
In witness whereof, Venture Out in America, Inc., a Delaware corporation,
has caused this Amendment to be executed in its name this ~ day of June,
1972.
,
~ YENTURE OUT IN AMERICA,'~'INC.~ ~ ~ ~ ~
, . _
° - . . ' '
, ~ ~ ~ ~ . .
ATi~ST : ; ( SEAL ) ~Z"`~~ - (SfA1~)..
i%Assis.~a~t Secretary Yice P esident ~ ~
~ ~ : " ' . • ~
- . .
Si gnEd.;; •s~a1~~,~8nd del i vered i n the presence of : ~
~~i.1 ~ ~.ll~~c n~.~% ( SEAL )
; ` .~03- ~ 83)
~--.,(~~.r~ C~C _.__`(SEAL )
~
?
~
~T~
~ ~ w~
~ _ , _ : _ ~