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HomeMy WebLinkAbout2214 mortgaqe or roortgages upon any PRIVATE DWELLING may, if they so desire, notify ASSOCIATION of the existence of any mortgage or mortgages held by such party on any PRIVAT~ DWELLING, and upon receipt of such no~i~~, ASSOCIATION ~ha13 register in its recorda all pertinent information pertaining to the same. XXVI. ASSESSMENTS: LIABILITY, LIEN AND ENFORCEMEr1T ASSOCIATION is given the authority to administer the operation and management of the OONDOMINIUM, it being recognizec~ that the delegation of such duties to one entity is in the best intere$t of the ov~mers of all PRIVATE DWSLLINGS. To properly adminfster the operation and management of the Project, ASSOCIATION will incur, for the mutual benefit of all of the ownere of PRIVATE DwELLIN~S, costs and expenaes which will be continuing or non-recurring costs, as the case may be, which costs and expenses are sometimes herein referred to as "common expense". To provide the funds necessary for such proper operation and management, the said ASSOCIATION has heretofore been granted the right to make, levy and collect assessments againat the owners of all PRIVATE DWELLINGS and eaid PRIVATE DAIELLINGS. I~ furtherance of eaid grant of authority to ASSOCIATIODT to make, levy and collect assesaments to pay the costs and expenses for the operation and management of the OONDOMINIUM, the following provisions shall be operative and bincling upon the owners of all PRIVATE DWELLINGS, to-wit: A) Unless specifically otherwise provided for in this Declaration of Condominium, a 11 assessments levied against the owners of PRIVATS D~WELLINGS and said PRIVATE DWELLINGS shall be uniform in that the assesaments made by the ASSOCIATION shall be in such proportion that the amount of assessment levied against each owner of a PRIVATE DWE LLING and his PRIVATE DWSLLING shall bear the same ratio to the total assessment made against all owners of PRIVATE DWE LLINGS and their PRIVATB DWELLINGS as the undivided interest in COMMON PROPERTY ' appnrtenant to each PRIVATE DWELLING bears to the tota 1 ; undivided interest in COMMON PROPERTY appurtenant to all ~ PRIVATE DWELLINGS. Should ASSOCIATION be fihe owner of E any PRIVATB DWELLING or PRIVATE DWELLINGS, the assessment ~ - which would otherwise be due and payable to ASSOCIATION ; 'by the owner of such PRIVATE DWELLING or PRIVATE D~WELLINGS, ~ reduced by the amount of income which may be derived from ~ the leasing of such PRIVATE DWELLING or PRZVATE DWELLINGS ~ by ASSOCIATION, sha 11 be appor~ioned and assessment therefor ~ ratably among the owners of all PRIVATE DWELLINGS which are ~ not owned by ASSOCIATION, based upon their proportionate ~ interests in CO1rYrION PROPERTY exclusive of the interests ~ therein appurtenant to any PRIVATE DWELLING or PRIVATE ~ DWSLLINGS owned by ASSOCIATION. " B) The aseessment levied against the owner of each PRIVATE DWELLING and his PRIVATE DWELLINGS shall be payable in annual, quarterly or monthly installments, or in such other ~ installments and at such times as may be determined by the ~ Board of Directors of ASSOCIATZON. C) The Board of Directors of ASSOCIATION shall establish an = Rnnual Budget in.advance, for each fiscal year which shall ~ correspond to the ca Lendar year, and such budget shall project all expenses for the forthcoming _year which tnay be required for the proper operation, tnanagement and r~, maintenance of the CONDOMINIUM, including a reasonable allawance 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 ~ collected as an assessment each year. As a corm~non expense ~ of the ASSOCIATION, there shall be included the cost of ~ ~ -17- BOOK2~V YAGE~21O ~ ~3 ' R ~ ~ 220 ~765 io.is.2 ~:~r ::~s SPIELVOOEL, OOLDMAN AND CARUSO, P. A. - AT70RNEYS AT LAW - ~tERRITt iSLAND. FLORIUA ~ , . a ~ " . _ . . ' . ~ . _ . 3'