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HomeMy WebLinkAbout1779 F) To cause ASSOCIATION to create and maintain an Escrow Account for the purpose of asauring the availability of funds with which to pay premium or premiums due from time to time on insurance policy or policies which the ASSOCIATION is required to keep in existence, it being understood that the ASSOCIATION ehall deposit in an Escrow Depository satis- factory to such Institutional Lender or Institutional Lenders -a ~onthly sum equal to one-twelfth (1/12thj of the annual amount of such insurance expense, and to contribute auch • oCher sum as may be required therefor to the end that there shall be on deposit 3n said Escrow Account at least one month prior to the due date for payment of such premium or premiums, a sum which will be sutficient to make full payment therefor. The Insurance Trustee designated by ASSOCIATION shall be the Escrow Depository for purposes hereof or Board of Directors of ASSUCIATION may designate any Institutional Lender interested in the CONDOMINIUM to ~ act in such capacity or in the alternafiive, designate a Zocal state or national banking inst=tution. Whenever any Institutional Lender or 2nstitutinnal Lenders desire the provisions of this ARTICLE XxXI to be applicable unto it, it shall serve wrifiten notice of such fact upon the ASSOCIATION by Registered Mail or Certified Mail addressed to the ASSOCIATION and sent to its address stated hesein identifying the PRIVATE DWELLING or PRIVATE DoWELLINGS upon which any such Institutional Lender or Institutional Lenders hold any mortgage or mortgages, or identifying any PRIVATE DWELLINGS owned by them, or any of them, togethe= with sufficient pertinent facts to identify any mortgage or mortgages which may be held by it or them, ar.d which notice shall designate the place to which notices are to b~ given by the ASSOCIATION to such Institutional Lender or Institutional Lenders. So long as DEVEIAPER hoic~s any mortgage upon a PRIVATE D~WELLING or PRIVATE D~WELLINGS, or shall be the owner of any PRIVATE D~WEI.LING or PRIVATE DWELLINGS, then the DEVELOPER ehall exercise the rights reserved unto Institutional Lenders. At such time as DEVELOPER does not noia a mortgage on any PRIVATE DWELLING, and is not the owner of any PRIVATE DiWffi,LING, then the ASSOCIATION shall have the right to designate the Institutional Lender who shall exercise the rights above described or manner of exercising said rights; provided that said Tnstitutional Lender so designated shall be an Institutiona2 Lender who holds a mortgage on any PRIVATE DWELLING or is the owner of any PRIVATE DWFLLYNG, so Iong as any Institcttional Lender is the holder of any such mortgage or owner of any PRIVATE DWELLING. Whenever there does not exist any Znstitutional Lender who holds a mortgage on any PRIVATE DWELLING or is the owner of any PRIVATE DiWELLING, then, until ~ any Institutional Lender shall acquire any said mortgage or awnership ! of any PRIVATE DiWELLING, the rights reserved unto Institutional Lenders ~ shall be exercised solely by the Board of Directors of ASSOCIATION. : Within ten (10) days after request of any Institufiional Lender to ; ASSOCIATION for the name of the Institutional Lender who is exercising ; the rights hereunder reserved to a11 Institutianal Lenders, ASSOCIATION - ,ahall provide such inquiring Institutiorial Lender with the name and € addres~ of the Institutional Lender exercising said rights for benefit = of all said Institutional Lenders. f ~il• . ~ ; RIGHT OF DEVELOPER TO PURCHASE, SELL OR LEASE PR2VATE D~WELLINGS FREE OF RIGHT OF FIRST REF~7SAL OR RIGHT OF ''s REDEMPTION; RIGHT OF DEVELOPER TO REPRESENTATION ON ~ BOARD OF DIRECTORS OF ASSOCIATION; AND RIGHTS OF ~ DEVELOPER ASSIGNABLE ` DEVELOPER shall have the absolute right to purchase, sell or 3 lease any PRIVATE DiWELLING from or to any person, firm or corporation, upon any terms ana conditions deemed by DEVELOPER to be in its own _ best interests, and any such purchase, sale or lease shall be free ` -27- ~ a # 10.15.2 ' : :~~i 2~0 ~.`775 , SPIELVOCEL, GOLD~iAN AND CARt,f50, P. A. - ATTORhEl'S AT ~AVV • tlERRIT7 lSLAND, FLORlDA <