HomeMy WebLinkAbout2210 necessary and adequate to provide for the common expenses of t'~e
condominium property, and such other assessments as are specifically
provided for in this De~laration and the By-Laws attached hereto.
,T:~~ procedure for the determination of such assessments shall be
as set forth in the By-Laws of the Association.
2he common expenses shall be assessed against each Condominium
~rcel owner, as provided in Article VI of tY~is Declaration.
Assessments that are unpaid for over fifteen (15) days after
dua date, shall bear interest at the rate of ten (1096) per cent per
a:~aur., ~rom due date until paid, and at the sole discretion of the ~
Soard of Directors, a late charge of $25.00 shall be due and payable.
T:~e Association shall have a lien on each condominium parcel
:o= any unpaid assessments, together with interest thereon, against
. ~.~:~it owner of such condominium parcel, together with a lie:, on
a11 t~n~ible personal property located within said unit, rxrep~
...:~c 5uc:~ lie:? upor: ~:he aforesaici tanqible personal property shatl
ne subordinate to prior bona fide liens of record. Reasonable
a~to-rney's fees incurred by the Association incident to the collec-
tio:~ o~ such assessment for the enforcement of such lien, together
-wi~n all sums advanced and paid by the Association, for taxes and
pav:nents on account of superior mortgages, liens or encumbrances
which may be required to be advanced by the Association in order to
preserve and protect its lien, shall be payable by the unit owner
and secured by such lien. The Associat•ion's liens shall also include
those sums advanced on behalf of a unit owner in payment of his
obliqations under the Long Term Lease.
The Board of Directors may take such action as they deem neces-
I sary to collect assessments bv personal action, or by enforcing and
~ ~oreclosing said lien, and may settle and compromise the same, iz
, in the best-interests of the Association. Said li.en shall be
; ~.;=iective as ar~3 in the manner provided for by the Condominium Act.
Ttie Association shall be entitled to bid at any sale held pursuant
to a suit to foreclose an assessment lien, and to apply as a cash
credit against its bid, all sums due the Association covered by Lhe
lia:. enforced. In case of such foreclosure, the unit owner shall be
:equired to pay a reasonable rental for the condominium parcel, and
t'r.e plainti~f in such foreclosure shall be entitled to the appoin~ment
o: a Receiver to collect same from the unit owner and/or occupa:~t.
Where the mortgagee of an instituional first mortgage of record,
or other purchaser of a condominium unit obtains title to a con~o:ninium
~arcel as a result of forec~osure of the institutional f irst mortgage,
~ or when an institutional first mortgagee of record accepts a deec
zo said condominium parcel in lieu of foreclosure, or where the
~ I,tssor under the Long Term Lease obtains title as a result of fore-
~ closure of the lien under said lease or accepts a deed to a condominium
~ parcel in lieu of sueh foreclosure, or other purchaser obtains title
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BOOK ~•vv PA6E ~a~~v
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LAW OFFICES BART L. COHEN, CITY NATION/~L BANK BIIILDIN~3, MIAM1~ iL.OR10A
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