HomeMy WebLinkAbout1769 mortgaqe or mortgages upon any PRIVATB DWELLING may, if they so
desire, notify ASSOCIATION of the existence of any mortgage or
mortgagea held by such party on any PRIVATB DWBLLING, and upon
receipt of such notice, ASSOCZATION shall register in i.ts recorda
all pertinent inforn?ation pertaining to the same.
XXVI.
ASSESSMENTS: LIABILITY. LIEN AND ENFORCEMENT
ASSOCIATION is givea the authority to administer the operation
and management of the CONDOIr11NIiAr1, it being reccgnizec' that the
~~legation of such dutiea to one entity is in the best intere~t of ~
the owners of all PRIVATE DWELISNGS. To properly adminfster the
operation and tnanagement of the Project, ASSOCIATION will incur,
for the mutual benefit of all of the ownera of PRIVATE DWEI,I.IN~3S,
costs and expenaes which will be continuing or non-recurring costs.
as the case may be, which costs and expenses are eometimes herein
referred to as "common expense". To provide the funds necessary for
such proper operation and management, the eaid ASSOCIATIflN has
heretofore been granted the right to make. levy and collect assessmenta
against the owners, of all PRIVATB DWELISNGS and said PRIV1!!TS D~IELLINGS.
In furtherance of said grant of authority to ASSOCIATIODT to make, levy
and collect assesamen'ts to pay the c~sts and expenses for the operation
and management of the t30NDOMINIUM, the following provisions ahall be
operative and bindircg upon the owners of all PRIVATE DWELLINGS, to-wit:
A) Unlesa specifically otherwise providea for in this Declaration
of Condominium; all aseessments levied againet the ownere of
PRIVATB DWSLLINGS and said PRIVATE DWELLINGS shall be unifo~m
in that the assessments made by the ASSOCIATZON shall be in
such proportion that the amount of assessment levied aqainst
each owner of a PRIVATE DWELLING and his PRIVATB D~iELLING
sha1Z bear the same ratio to the total aesessment rnade
against all owners of PRIVATE DWELLINGS and their PRIVATE
D~4~IELLINGS as the undivided interest in COMMON PROPERTY
appurtenant to each PRIVATE DWELLING bears to the tota 1
undivicled interest in COMMON PROPERTY appurtenant to a 11
PRNATE DWELLINGS. Should ASSOCIATION be the owner of
any PRIVATB DWELLING or PRIVATE DWELLINGS, the assessment
which would otherwise be due and payable to ASSOCIATIORd
' by the owner of such PRTVATE D~WELLING or PRIVATE DWELI.INGS,
~ reduced by the amount of income which may be deriv~d from
the leasing of such PRIVATE DWSLLING or PRIVATE DWELLINGS
by ASSOCIATION, shall be apportioned and assessment therefor
ratably among the owners of a 11 PRIVAT$ DW~TELLINGS which are
not owned by ASSOCIATION, based upon their proportionate
intereata in COI~9~iOW PROPERTY exclusive of the interests
therein appurtenant to any PRIVATE DWELLING or PRIVATE
i DWSLI,INGS owned by ASSOCIATION.
~ B) The assessment levied against the owner of each PRIVATE
` D~WELLING and his PRIVATE DWEI,~LINGS shall be payable in
annual, quarterly nr monthly installments, or in such other
installments and at such times as may be detern?ined by the
Hoard of Directors of ASSOCIATION.
C) The Board of Directors of ASSOCIATION shaJ.l establish an
~ Annua 1 Budget in advance, for each fiscal year which shall
; correspond to the ca lendar year, and such budget shall
; project all expenses for the forthc~ming year which may be ~
; required for the proper operation, management and f
maintenance of the CONDOMINIUM, including a reasonable
allowance for contingencies and reserves, such budget to
- take into account projected anticipated income which is to
be applied in reduction of the amounts required to be
a collected as an assessment each year. As a common expense
= of the ASSOCIATION, there aha12 be included the cost of
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; SPIELVOGEL, OOLDMAN AND CARUSO, P, A. - ATTORNEYS A7 LAW - MERRITT 1SLAND. FLORIDA
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