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Membership Agreement ("attached•hereto as F.xhibit "F" ) with Oceana of ~
Hutchinson Island,.Inc. The Membership Aqreement provides for the
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non-exclusive use of the recreational areas and facilities thereon by
the members of the Condominium Assoc.iation, their guests and invitees.
. Under the terms of the Membership Agreement the Condominium Association
shall pay to the Recreation Association certain annual assessment
amounts which shall be calculated by the Recreation Association in
accordance with the follawing formula:
(1) The total estimated annual expense of maintenance,
management and operation of the Recreation Association shall be divided
by the total number of condominium parcels entitled to use said recre-
ational areas.
(2) The quotient derived in step (1) above shall be
multiplied by the total number of condominium parcels in Oceana
Oceanfront Condominiwn One (127); • .
For Example: Total Annual E ense of Recreation Association ;
Tota N er o Con ominium arce s Entit
to Use Facilities '
X ~
Total Number of Condominium Parcels in Oceana
- Oceanfront Condominium One (127)
' . Annual Assessment Share of Condominium Association
Develvper contemplates construction of two additional Oceana Condominiums
of 127 and 32 units respectively. In the event such condomi.niums are
constructed, the Recreation Association shall enter into similar member-
ship agreements with each of the respective Condominium Associations.
I Said Membership Agreement provides for the addition of
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; certain recreational property by addendum. This addendum shall require
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f the execution of the Recreation Association, alone, and shall become~
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~ effective upon its recordation in the Public Records of St. Lucie
F ~ ~
R County, Florida. In no event shall such addendum be considered to i
~ be an amendment to this Declaration of Condominium, requir-
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s
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~ ing the formalities necessary to effect an amendmeat to this
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` Declaration of Condominium.
~ VI. COMMON EXPENSES • •
~ Common expenses cons ist of al.l expenses of maintenance,
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: repairs, replacements, alterations and/or addition of improvements
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' to the Common Elements of this Condominium and the expenses incurred
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~ by the Condominium Association in the management and operation
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