HomeMy WebLinkAbout2224 F) To cause ASSUCIATION to create and maintain an Escrow
Account for the purpose of assuring 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 shall deposit in an Escrow Depository satis-
factory to such Institutional Lender or Institutional Lenders
a monthly sum equal to one-twelfth (1/12th) of the annual
amount of such insurance expense, and to contribute auch
other sum as may be required therefor to the end that there
shall be on deposit in said Escrow Account at least one
. month prior to the due date for payment of such premium or
premiums, a sum which will be sufficient to make full
payment therefor. The Insurance Trustee designated by
ASSOCIATION shall be the Escrow Depository for purposea
hereof or Board of Directors of ASSOCIATION may designate
any Institutional Lender interested in the CONDOMINIUM to
act in such capacity or in the alternative, designate a
local state or national banking inetitution.
Whenever any Institutional Lender or Institutional Lenders desire the
provisions of this ARTICLE X~I to be applicable unto it, it shall ~
serve written notice of such fact upon the ASSOCIATION by Registered
Mail or Certified Mail addressed to the ASSOCIATION and sent to its
aa~t~ss sza~ea nEfein ive~~~~y~~g ~~e ~~IVK•i~ ~vrr~Liii~w PRIVATS
DWSLLINGS upon which any such Institutional Lender or Ins~itutional
Lenders hold any mortgage or mortgages, or identifying any PRIVATE
DWELLIPIGS owned by them, or any of them, together with sufficient
pertinent facts to icientify any mortgage or mortgages which may be held
by it or thetn, and which notice shall designate the place to which
notices are to be given by the ASSOCIATION to such Institutional Lender
or Institutional Lenders.
So long as DEVELOPER holds any mortgage upon a PRIVATE Dti1ELLING or
PRIVATE DiWELLIP1iGS , or sha 11 be the owner of any PRIVATE D~TELLING or
PRIVATE DWELLINGS, then the DEVELOPER shall exercise the rights
reserved unto Institutional Lenders. At such time as DEVELOPER does
j not hold a mortgage on any PRIVATE DPWELLING, and is not the owner of
anv PRIVATE DiWELLING. then the ASSOCIATION shall have the right to
` designate the Institutional Lender who shall exercise the rights above
E described or manner of exercising said rights; provided that said
~ Institutional Lender so designated shall be an Institutional Lender
~ who holds a mortgage on any PRIVATE DWELLING• or is the owner of any
~ PRIYATE DWELLING, so long as any Institutional Lender is the holder of
~ any such mortgage or owner of any PRIVATE D~FIELLING. Whenever there
~ does not exist any Institutional Lender who hoZds a mortgage on any
~ PRIVATE D~WELI,ING or is the owner of any PRIVATE D'WELLING, then, until
any Institutional Lender shall acquire any said mortgage or awnezship
~ of any PRIVATE DiWELLING, the rights reaerved unto Institutional Lenders
~ shall be exercised solely by the Board of Directors of ASS~CIATION.
~ Within ten (10) days after request of any Institutional Lender to
ASSQCIATION for the name of the Institutional Lender who is exercisirig
~ the rights hereunder reserved to all Institutional Lenders, ASSOCIATION
~ shall provide such inquiring Institutional Lender with the name and
~ address of the Institutional Lender exercising said rights for benefit
~ of all said Institutional Lenders.
~
~
~ XXXII. .
s
RIGHT OF DEVELOPER TO PURCHASE, SELL OR LEASE PRIVATE
D~WELLINGS FREE OF RIGHT OF FIRST REFUSAL OR RIGHT OF
~ REDEMPTION; RIGHT OF DEVELOPER TO REPRESENTATION ON
s4 BOARD OF DIRECTORS OF ASSOCIATION; AND RIGHTS OF
~
~ DEVELOPER ASSIGNABLE
~
~ DEVELOPER shall have the absolute right to purchase, sell or
lease any PRIVATE DWELLING from or to any person, firm or corporation,
upon any terms and conditions deemed by DEVELOPER to be in its own
:y
r~: best interests, and any such purchase, sale or lease shall be free
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~x 10.15 . 2
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~ SPIELVOGEL, GOLQ~t,~N AND CARLSO, P. A. • ATiORtvE1'G :1T t.AVG • titERRITT 1SLAND, FLORIDA
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