HomeMy WebLinkAbout0078 prior to the time of recordation of the lien £or assessments in
the Public Records of St.. Lucie County, Florida, which "institu-
tional mortqage" fs hereby defined to be a first mortgage executed
and delivered to an "institutional lender", to-wit: a bank, savings
and loan association, Massachusetts Business Trust, real estate
investment trust, or insurance company. The lien for assessments,
making reference only to the apartment o= unit, shall effectively
encumber the entire Condominfum Parcel of the delinquent owner.
C. Collection and Enforcement of Lien - The
Condominium Association shall have the power and authority to
collect past-due assessments by an action at law against the
delinquent Condominium Parcel owner and/or by foreclosure of the
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lien for assessments in a court of equity or other court having
jurisdiction thereof, or the Condominium Association may enter
into such settlements or compromises with reference to past-due
accounts as the Condominium Association deems to be in its best
interests. In_the event of the foreclosure of the assessment lien,
the Condominium Association shall be entitled to bid at the fore-
closure sale, and to become the owner of the Condominium Parcel
being foreclosed. In the event' the Condominium Association
becomes the owner of a Condominium Parcel as a result of the
foreclosure of such lien, or otherwise by virtue of a default,
the Condominium Association may sell or lease the Condominiwm ~
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Parcel upon such terms and conditions as it deems best and, in the `
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; ~vent of such sale and/or lease, the proceeds realized therefrom
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i shall be applied first in payment of all past-due assessments and
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~ obligations charged against said Condominium Parcel, and then in ~
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! payment of any and all costs, expenses, commissions, and/or fees ~
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f i.ncurred in recovering or obtai.ning possession of said Condominium '
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~ Parcel, in the sale and/or leasing of same, in maintaining same,
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