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:`:~e said ~easehold interest is hereby declared to ,be ar.3 ~
coastitute a part o: th4 common elements appurtenant to the
Association's Condominium property, and all moneys due and to
c.eco~r?e due under the provisions of the said Lease, including
wit:zout limitation, rent and such other items as are specified
~:.e ;.ease, are and shall continue to be for the full term of
~:~e said Lease, common expenses of the Condominium.
The Lonq Term Lease referred to herein is recorded in Official
:ecorcis Book 226 , at page s 558-590 et seq, of the Public
:~cords of St. Lucie County, r^lorida, and said '..ease
s:-~ali 'ae deemed incorporated herein and made a part hereof by
r~::ereace, just as though said I.ease were fully set forth herein.
~~c:~ unit owner agrees to be.bound by the terms and conditions of
~4id I,ease, and he ar,rees to make payment to the Association of
::;,s sha:e of the moneys due, pursuant to and in the amount~or _
~a~centage amount, if so stated, as specif ied in said Lease and
;,:.is Declaration. It shall be mandatory for the unit owner to make
said payments, regardleas of whether or not they use the recreationa~
.acilities.
~ XVIY2 .
MISCELLAIvEOUS PROVISIONS
A. Escrow Account for__Insurance and Certain Taxes. There
s'r.all be established ar.d maintained in a local, national or state
; bank, or Federal or State savings and Ioan association, two (2)
~ i:.terest-bearinq savings depos it accounts , in order to acciunulate
f sufficient moneys for the following purposes;
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F (1) To pay all insurance premiums for ir~surance on the
~ Condominium property obtained and pUrchased by the Association,
pursuant to Article XII of this Declaration; and
(2) To pay all real or personal taxes assessed by the
~axing authorities aforedescribed, for property owned by the
Condominium, or taxes which the Condominium is required to pay as
~art of its common expenses but which taxes are not i»cluded in
~ne taxes assessed by the taxinq authorities against individual
Condominium parcels. ~
On or before the 30th day of each month the Treasurer of
this Condominium Association shall cause two checks to be issued
ano drawn on the Association's bank account; each check being
equai respectively tio one-twelfth (1/12th)of the estimated yearly
~ amounts as to Items 1 and 2 above. Said checks shall be immediately
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deposited into the appropriate savings deposit account.
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~ These accounts shall be maintained in the state or
~ national bank or state or federal savings and loan association
~ owning and holding tho firat racorde8 mortqaga oncumboring a•
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BOOK~~dU P~~~ }
~ LAW OFFICES BART L. COHEN, CITV NATIONAL BANK BUILOING, MIAM1, FLORIOA
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