HomeMy WebLinkAbout2216 to such operati~g reserve anaii be inciudea in tne dx~n~al -
assessment ao as to reatore aaid operating reserve to an
amount which will equal 3096 of Che current annual amount
of said assessment.
F~ All monies collected by ASSOCIATION shall be treated as
the separate property ot said ASSOCIATION, and such moniee
may be ap lied by ASSOCIATION to the payment of any expense
of operat~g and managing ~he CONDOMINIUM, or to the proper
undertaking of all acts and duties imposed upon it by
virtue of this Declaration of Condaninium and the Articles
of Incorporation and By-Laws of saicl ASSOCIATION, and as
monies for any assessment are paid unto ASSOCIATION by any
owner of a PRIVATS D~IELLING, the eame may be co-mingled
with monies paid to~said ASSOCIATION by the other o~wners of
PRIVATE DWELLIN~GS. Although all funde and conunon surplus,
including other assets of ASSOCIP,TION, and any increments
thereto or profits derived therefrom, or fram the leasinq
or use of COI~ON PROPERTY, ehall be held for the~benefit of
the members of ASS4CIATION, no member of said ASSOCIATIODi
shall have the right to asaign, hypothecate, pledge or in
any manne= transfer his membership intereet therefn, except
as an appurtenance to his PRIVATE DWELI,ING. When the owner ;
of a PRIVATE DWSLLING shall cease to be a member of '
~?~sg~~~~4~ by reason of his divestment of ownersh3p of
such PRIVATS DWELLING, by whatever meana, ASSOCIATION shall
not be required to account to such owner for any ehare af
the fund or assets of ASSOCIATION, or which ~r.ay have been
paid to ASSOCIATION by such owner, as all moniea which any
owner has paid to ASSOCIATION shall be and constitute 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
ASSOCIATION shall be in default if such assessment, or any
installment thereof, is not paid unto ASSOCIATION on or
4 before the due date for such paya?ent. When in default, the
delinquent assessment or delinquent installment thereof due
i to ASSOCIATION shall bear interest at the rate of 896 per
,
y 2r21I1llIYl Illltll SIiCA Q@11AQtlE3ilt atf~CtststuCUi. Gi i.a`ao~.ai~.w~....
; thereof, anc7 all intereat due thereon, haa been paid in full
( to ASSOCIATION. All monies owing to ASSOCIATION shall be
s due and payable at the main office of ASSOCIATION in Merritt
~ ~Island, Florida.
~ H~ The owaer or owners of each PRIVATE DWELLING shall be
~ personally liable, jointly ~nd severally, as the case may
~ be, to ASSOCIATION for the payment of all assessments.
~ regular or special, which may be levied by ASSOCIATION
~ while such party or parties are owner or owners of a PRIVATB
~ DWELLING in the CONDOMINIUM. In the event that any owner or
owriers are in default in payment of any assessment or
~ installment thereof owed to ASSOCIATION, such owr?er or owners
~
~ bf any PRIVATE IyWELLING shall be personally liable, joiritly
~ and severally, for interest on such delir.quent assesament or
~ installment thereof as above provided, and for all costs of
~ collecting such assessment or installment thereof and intereat
y thereon, including a reasonable•attorney's fee, whether suit _
~ . be brought or not.
Ij No owner of a PRIVATE DWELLING may exempt himself from
- liability for any asseasment levied against such owner and hs
PRIVATE DWELLING by waiver of the use or enjoyment of any of _
the C~1KNY3N PROPERTY, or by abandonment of the PRIVATE DpWELLING
~ or in any other way.
~ J~ Recognizing that t~le necessity for providing proper operation
~ti and management of the Project entails the continuing ~ayment
of costs and expenses therefor, which results in benefit to
ail of the own~rs of PRIVRTE DWELLINGS, and that the payment
-i9- aoo~c2~ p~cf~~
~ 10% 15. 2 E"c ~;~V
_-r~
r:~ SPIELVOGEL., GOLD~IAN ANU CAAUSO, P. A. • ATTORNEYS AT LAW - MEREtITT lSLAND, FLORIDA
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