HomeMy WebLinkAbout0798 7.~~ Alteration and Improvemenfi. After the completioii of
the imp rovements included in the corionon elements which are ~
contemplated in the Declaration, there shall be no alteration or '
further i.mprovements of corionon elements without the prior
approval, in writing, by record owners of seventy-five (75;:;)
percent of all apartment unit owners, together with the approval
of the Association. The cost of such alteration or improvement
s}~all be a comnon expense and so assessed. Any such alfieration
or improvement shall not interfere with the rights of any apart-
ment owner without his consent.
8. Assessments. The making and collection of assessmer~ts against
apartment owners for cor~non expenses, and for reserves as may from ~
time to time be established by the Association, shall be p~arsuant~to
the By-Laws of the Association, subject to the following provisions:
8.1 Interest Ap lication of Paymenfs.J A~sessments and
instalLnents on such assessments paid on or before five (5) days
after the date when due, shall not bear interest, but all sums
. not paid on or before ten (10) days after t1~e date when due shall
bear interest at the rate of ten (10;~~ percent per annum from
the date when due until paid. All payments on account shall be
first applied to.interest and then to the assessment payment first
due.
8.2 Lien for Assessments. The Association shall have a lien
against each apartment unit for any unpaid assessments against
the owner thereof, and for interest accruing thereon, which lien
shall also secure reasonable attorneyts fees incurred by the
enforcement of such lien, w}~etlier or not legal proceedings are
initiated. The said liens may be recorded among the Public .
Records of St. Lucie County, Florida, by filing a claim therein
which states the legal description of the apartment unit, and the
f amount claimed to be due, and sai~d lien shall continue in effect
; until all sums secured by the lien, together with all costs
i incurred in recording and enforcing said lien, shall have been
~ . paid. Such claims of lien may be signed and verified by an officer
of tlie Association, or by a managing agent di the Association.
~ Upon ~full payment, the party making payment shall be entitled to _
~ a recordable satisfaction of lien, to be prepared and recorded
~ at his expense. All such liens shall be subordinate to the lien
; of mortgages or other liens recorded prior to the date of
~ recording the claim of lien, and all such liens may be foreclosed
' by suit brought in th~e name of the Association in like manner as
~ a foreclosure of a mortgage on real property. In any such fore-
~ closure the owner of the apartment unit subject to the lien shall
~ be required to pay a reasonable rental for the apartment unit,
~ and the Association shall be entitled to the appointment of a
~ receiver to collect the same. The Association may also, at its
y option, sue to recover a money judgment for unpaid assessments
~ ~vithout thereby wai~ling the lien securing the same. In the event
~ a mortgagee of a first mortgage of record or any other person or
~ entity shall obtain title to the aparfinent unit as a result of
~ the foreclosure of a first mortgage, or in the event an
n institutional mortgagee as to a first mortgage of record shall
~ obtain title to an apartment unit as the result of a conveyance -
in lieu of first foreclosure of such first mortgage, such acquirer ~
of title, its successors and assigns, shall not be liable for th~ ~
• share of the-comnon expenses or assessments by the Association ~
~ ~ chargeable to the apartment unit, or the ow~ner thereof, which ;
" became due prior to the acquisition of title by such institutional ~
; mortgagee or purchaser at foreclosure sale, and any such unpaid ~
° share of corrmon expenses, or assessment, chargeal~le against any
~ such foreclosed apartment unit, or against apartment unit trans-
ferred in lieu of a foreclosure, shall be deemed a comnon expense,
to be paid in the same manner as other corrunon expenses of the -
- Condominitun or all of the Condomi.nium unit owners.
9. Association. The operation of the Condominium shall be by
COLONNADES CONDOMINIII~i ASSOCIATION N0. 8, I\C,, a corporation not for
profit under the laws of the State of Florida, which shall.fulfill
its functions pursuant to the following provisions.
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