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(6) The monthly assessment for each condominium
apartment of any type not hereinabove specifically set
forth will be determined by multiplying .023~ by the
number.of square feet of living area within its walls
(as taken from building plans).
b. After the incurrence of liability for ren~ under said
Long Term Lease, all of said monthly assessments will be increased
in the amount of $20.
The Developer and Manager may from time to time,
at their options, waive all or any part of the amounts of said
assessments set forth in paragraphs a. and b. of this Article
5, either as to all or only a portion of said apartments, by
giving joint written notice thereof to the Association. Such _
waivers will be effective f~r the periods of time specified
in said notices;~and they will not_affect the obligations of i
the owners of apartments for which no waiver has been made. ;
No increases in the amount of said assessments will be made,
except as herein authorized.
The amounts of the assessments set forth in paragraph
b. of~this Article 5 are based upon the rent attributed to
each of said condominium apartments under such Long Term Lease. ~
If said rents are waived, reduced by the Lessor or increased
by the Lessor pursuant to the terms of said Long Term Lease,
said assessments will be amended as required. `
6.~ COMPENSATION OF MANAGER
The Manager will have the exclusive right to collect
all monies due the Association under said Declarations of Condominium,
Articles of Incorporation, Bylaws and Long Term Lease. It
will expend such amount thereof as is necessary in the performance ~
of its duties under this Management Agreement, and it will
hold a reasonable amount thereof in reserve for the purpose
of paying current expenses during the term hereof. The Manager ~
will not be required to create any other reserves, including
I but not limited to any for contingencies, for deferred maintenance, ~
for replacement, or for additional improvements. Current expenses
~ will be deemed to include only such items as the cost of gardening ~
; services, minor repairs, regular swimming pool maintenance
~ service, insurance premiums and taxes. The portions of such
reserve attributable to insurance premiums and taxes will be
reasonable if they are sufficient to pay said items, on a pro
~ rata basis, only during the term of this Management Agreement;
~ and, if not known, the Manager may estimate the amounts that
will be due for taxes. The provisions of this Article 6 will =
not be construed so as to alter the duties of the Manager,
as hereinbefore set forth, in any manner.
The excess of the amounts collected by the Manager over
the amounts expended and held in reserve for current expenses t
will be the compensation of the Manager.
7. DEFAULT.
~ In the event of default by either the Association or
~ the Manager in the performance of this Management Agreement,
~ the other will have the right to specific performance and to
~ any other remedies given by law. However, a failure on the
~ part of the Manager to perform any of the conditions hereof
~ will not be considered a default unless such failure shall continue for a
period of sixty (60) days after the Association shall have ~
~ given it written notice-thereof, and unless the Manager does '
not undertake during said sixty-day period to cure its failure
by vigorous and affirmative action.
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~ -6- ~
FEE. PARKER & FEE. P.A. gD~A~~ n, y~
s ~ ATTORNEVS AT LAW ~ ~,~~;1~7 %
~ POST O~fICE BOX 1000 ~~~r
FORT PIERCE. FLORIDA 33~50
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