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HomeMy WebLinkAbout0620 K. Assessment, means a§hare of the funds required for the payment of common expenses which, from time to time, is assessed aqainst the Unit Owner., L. Condominium PaXcel, means a Unit, together with the un- divided share in the common elements which is appurtenant to the Unit. M. Condominium Un~.t, or Unit, means a part of the condominium property which is to be subject to private ownership. Such units and their boundaries are delineated in Exhibit No. 1 attached hereto. A -condominiwa unit in the Condomi.nium may be an apartment type unit~, a unit in a low rise multi-unit building, or a townhouse unit in a townhouse type unit. ~ N. Unit Owner, or Owner of a Unit, or Parcel Owner, means the owner of a condominium parcel. O. Developer means HUTCHINSON ISLAND LIMITED PARTNERSHIP, a Florida limited partnership, its successors or assigns. In the event that (a) the construction lender, its successor or assigns, acquires title to the Property or any portion thereof by foreclosure (includinq sale under the terms of any deed of trust or by deed in lieu of fore- closure or by any other method) or (b) at a foreclosure sale a third party acquires title to the Property, or any portion thereof, the _proceeds of which are applied to satisfy the indebtedness of the Developer to the construction lender, then construction lender or such purchaser shall have all of the riqhts, privileges, powers and benefits of the Developer under this Declaration, the Articles of Incorporation, By-Laws and Rules and Regulations of the Association, and under the Articles of Incorporation and By-Laws of the Property Owner's Associ- ation provided for in Article XVII hereof. _ P. ~Institutiorial Mortgaqee means a Bank, Savings and Loan Association, Insurance Company, or Union Pension Fund, au~horized to do business in the State of Florida, an Agency of the Uni:ed States Government, a rea~ estate investment trust, or a lender generally recognized in the community as an Institutional type lender. The mortgage may be placed through a Mortgage or Title Company. Q. Occupancy means the person or persons, other than the unit owner, in possession of a unit. R. Construction Lender means First National City Bank, New York, New York. ~ S. Condominium Documents means this Declaration, the By- E Laws, and all Exhibits annexed hereto as the same from time to time may be amended. T. Unless the context otherwise requires, all other terms unit owner in possession of a unit. in this Declaration shall be assumed to have the meaning attributed to said term by Section 711.03, Florida Statutes, a section of the Condominium Act of the State of Florida. II NAME The name by which this Condominium is to be identified is as specif ied at the top of Page 1 of this Declaration. III ~ IDENTIFICATION OF UNITS ~ ~ ~ The condominium property consists essentially of all , units in the buildings located on said Condominium property as ~ set forth in Exhibit No. 1 attached hereto and buildings located on ~ said condominium property are given identifying numbers and delineated on the survey exhibits collectively identified as Exhibit No. 1 attached hereto. No unit bears the same identifying ~ number as does any other unit. The aforesaid identifying number as to the unit is also the identifying number as to the parcel. The. said Exhibit No. 1 also contains a Survey of the land, a - graphic description of the improvements in which the units are ~~J~+ P~?~i - -2- - bOt~K ~ _ a~' , ; ~ ~ ~ +t~ ~ ~ ~ , _ ' ~ i . _ _ .s _ r,._ w"`_`' _ . _r... _ . .