HomeMy WebLinkAbout0366 nance, management and operation of the Recreation Associa-
tion shall be divided by the total number of residential
units of all types of ownership from time to time entitled
to use said recreational areas pursuant to a valid Member-
ship Agreement or Agreements in effect Prom time to time.
(2) The quotient derived in step (1) above shall
be multiplied by the total number of condominium parcels in
OCEANA OCEANFRONT CONDOMINIUM ONE (127);
For Example: Total Annual Expense of Recreation Association
(divided by)
Total Number of Units Entitled to Use Facilities
Under a Membership Agreement
X
Total Number of Condominium Parcels in Oceana
Oceanfront Condominium One (12~)
Annual Assessment Share of Condominium Asso-
ciation
Developer contemplates construction of two additional phases
of multi-family residential buildings of approximately 127
and 32 units respectively. In the event either or both
f such phases are constructed, the.Recreation Association
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~ shall enter into similar membership agreements with the
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~ respective owner or membership, condominium or other form of
~ residential association as may exist with respect thereto as
~ a condition of such owners or members of such association
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~ using the recreational facilities in common with the members
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