HomeMy WebLinkAbout1771 to auch operating reserve ahall be in~luded in the arnual
asseasment eo ae to reatore said operating reserve to an
amount which will equal 309b of the current annual amount
of asid aseessment.
Fj All monfee collected by ASSOCIATION shall be treated as
the separate property af said ~,SSOCJATION, and such monies
n~a~y be applied by ASSOCIATION to the paytnent of any expense
of operatl,ug and managing the CONDOMINIUM, or to the proper
undertakinq of all acts ancl duties imposed upon it by
virtue of this Declaration of Condominium and the Articles
- of Incorporation and By-Lawa of said ASSOCIATION, and as
monies for any asseeament are paid unto ASSOCI1~iTION by any
owner of a PRIVATTs DWELLING, the same may be co-mingled
with monies paid to said ASSOC7ATION by the other awners of
PRIVATS DWELI.INGS. Altihough all funds and co~snon surplus,
including other assets of ASSOCIATION, and any incrementa
thereto or profits derived therefrom, or fro~n the leasing
or use of COI~IIrION PROPERTY, ehall be held for the benefit of
the members of ASSOCIATION, no member of saia xssoc~,Tao~t
shall have the right to assign, hypothecate, pledge or in
any manner transfer hia membership intereet therein, except
as an appurtenance to~his PRIVATE DWEL~LING. When the owner
of a PRIVATS DiWELLIDIG shall cease to be a member of
ASSOCIATION by reason of his clivestment of ownership of
auch PRIVAT$ DWELLIL~, by whatever means, ASSQCIATION shall
not be required to account to such owner for any share of
the f~nd or assets of ASSOCIATION, or which may have been
paid to ASSOCIATION by such owner, as all moniea which any 1
owner has paid to ASSOCIATION shall be and conetitute an
asset of said ASSOCIATION which may be used in the operation
~ and management of the CONDOMINIUM.
Gj The payment of any assessment or installment thereof due to
ASSOCIATI4N shall be in default if such assesament, or any
installment thereof, is not paid unto ASSOCIATION on or
before the due date forsuch payment. When in default, the
delinquent assessment or delinquent installment thereof due
to ASSOCIP,TION shall bear interest at the rate of 896 per
annum until such delinquent assessment or inetallment
thereof, and a21 interest due thereon, haa been paid in full
to ASSOCIATIONe All monies owing to ASSOCIATION shall be
due and payable at the main office of ASSOCIATION i.n Merritt
~Island, Florida.
Hj The owner or ownera of each PRIVATE DWELLING ahall be
peraonally liable, jointly and severally, as the case may .
be, to ASSOCIATION for the payment of all assessments,
=egular or special, which may be levied by ASSOCIATION
while such party or parties are o~iner or owners of a PRIVATB
` DWELLING in the CONDOMINYUM. In the event that any owner or
owners are ir~ default in payment of any asseasment or
F installment thereof owed.to ASSOCIATION, such owner or owners
? bf any PRIVAT$ DiWELLING shall be peraonally liable, jointly '
i and severally, for interest on such delir,quent assessment or -
installment thereof as above provided, and for all costs of
collecting such assessment or installment thereof and intereat
; thereon, including a reasonable•attorney's fee, whether suit -
be brought or not.
I) No awner of a PRIVATE DWELLING may exempt himself from ;
liability for any assessment levied against su~h owner and h~ '
PRIVATE TIWELLING by waiver of the use or enjoyment of any of ~
the COMHDN PROPERTY, or by abandonment of the PRIVATE DWELLING ~
or in any other way.
~ Jj Recognizing that the necessity for providing proper operation
and management of the Project entails the continuing payment
of costs and expenses therefor, which results in bene#it to
all of the owners of PRIVATE TJWELLINGS, and that the payment
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SPIELVOGEL, GOLD`1AN ANU CARUSO, P. A. • ATTORNEYS AT LAVV - I~fERl21TT lSLAND. FLOIUDA
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