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co:~do~r~inium unit and upon the aforesaid mortgagee's no longer
r,oiding ana owning a mortgage on a unit then these accounts shaii
oc rc~aintained in the bank or savings and loan association having
;.i:a r.ignest do-lla: ariount of indebtedness of institutional i irst .
r..c~:.gagas owing against the Condominium units. Where said
~r.s~itu~ional first mortgagee is not a state or national bank
state or federal savings and loan association, said account
s:ull be maintained in one of the foregoing as selected by said
:::~stitu~ioaal first mortgagee.
Tnese accounts shall have the right of withdrawal
res:.rictea to a ~oint request by the Board of Directors oz this
C~:..:orai:.iur,~. Association ar.d the institution holding tne first
r~corded mortgage encumbering a unit and thereafter the institution
h~v~ng the 'r?ighest dollar amount of indebtedness on units.
If for any reason ~his Connominium Association does not _
- a;.•~ ~:1e said ~~al property taxes assessed as to Item 2 above Y~~t::in
s~xty (v0) days after these taxes are permitted by law to be paid,
~:e:~ the institution having the right of withdrawal as aforedescriben,
s:~l~ have the undisputed right to withd~aw, without the wri~~en
c.~:sent of the Board of Directors of this Condominium Association,
sach sums of money as are necessary to pay Item 2. Similariy, in
~he event the annual premium as to Item 1 above is not paid on or
be~ore its due date, said institutio:~ having the right of withdrawal
as a~oredescribed, shall have the right, without the necessity of
securing the written consent of the Board of Directors of this
Cor.dominium Association, to withdraw such sums of money as are
' necessary to pay the then due premiums.
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` Should a Condor~inium unit owner fail to pay that portion
~ oz the monthly assessment relating to Items 1 and 2 above within
:.hirty (30) days from its due date, the Condominium Association
s:.all have the right, but it is not required, to advance the neces-
sary funds, so as to deposit the required monthly sum into the
savings deposit accounts. • .
The Condominium Association shall have a lien for all sums
so advanced, together with interest thereon-:- It shall also have the
right to assign its lien to any unit owner or group of unit owne~s
or to any third party. In the event the Association does not
a~vance funds as aforesaid, the holder of an institutional fir~t
mortgage on the delinquent unit or the institution having the right
o: withdrawal as aforesaid, or the institution having the 2iighest
~ ~ollar indebtedness on Condominium units may advance the necessary
funds into the savings deposit accounts to make up the def iciency.
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Said institution shall have a lien for all sums so advanced an
~ may bring suit to foreclose the interest of the delinquent
Condoa~inium unit owner in his Condominium unit.
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~ The Condominium unit owners herein consent to the .
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es~ablishment of such a lien as a result of theae advances in
favor of the ~institution(s) or Association, as aforedescribed.
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600K ~;JU PACf
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LAW OFFIGES BART L. CONEN, CITY NATIONAL 9ANK BUIIDIN~i, MII?M1~ FLORIOA
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