HomeMy WebLinkAbout0367 The Membership Agreement attached hereto as
~ Exhibit "E" provides for the addition of certain other
recreational property, at the election of Developer, by
addendum. Such addendum shall require the execution of the
Recreation Association, alone, and shall become effective
upon its recordation in the Public Records of St. Lucie
County, Florida. In no event shall such addendum be con-
. sidered to be an amendment to this Declaration of Condo-
minium, requiring the formalities necessary to effect an
~ amendment to this Declaration of Condominium.
. Said Membership Agreement attached hereto as
Exhibit "E" shall provide that the same may be modified
or amended from time to time by the execution of an
instrument in writing requiring only the execution by
Oceana Recreation Association, Inc. and Oceana of Hutchin-
son Island, Inc. In no event shall such amendment or
modification be considered an amendment to this Decla-
ration of Condominium requiring the formalities necessary
to effect an amendment hereto."
Article VI, Common Expenses, Paragraph B, Lien for
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; Assessment, the definition of "Institutional Lenders", at
~ Page 11, is amended to read as follows:
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~ "a bank, savings and loan association, Massachu-
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; setts Business Trust, real estate investment trust, mortgage
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~ banker or broker or company, or insurance company."
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~ Article VI, Common Expenses, is amended, at Page
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~ 13, by adding the following additional provision:
~ . "Nothing herein shall abridge or limit the rights,
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~ privileges or responsibilities of the holder of an institu-
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tional mortgage encumbering a Condominium Parcel as set out
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~ in greater detail in the Statutes and laws of the State of
K
~ Florida or in such mortgage, as made and provided for."
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~ Article X, Znsurance, Destruction of Premises, at
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~ Pages 19 to 24, is amended in its entirety and all other
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~ provisions of the Declaration making reference to such
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~ Article are amended to relate to this new Article X, "Insurance
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Provisions", as follows:
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