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HomeMy WebLinkAbout0100 - . A. Share of Common Expenses . Each dv~~elling unit owner shall be liable for a propor- tionate share nf the common expenses, such shares being the same as the undivided share in the common elements appurtenant to the dwelling unit owned by him . F.ach dwelling unit owner shall share in the common surplus, such shares being the same as the undivided share in the c~mmon elements appurtenant to the dwellit~g unit owned"by him. Provided, however, that if services are made available to dwelling unit owners from a revenue producing operatian , no assessment on account of such services shall be made against a bank , life insurance company or savings and loan association that acquires its title as a result of owning a first mortgage tipon a dwelling unit. and this shall be so whether the title is acquired by deed from the mort- gagor or through foreclosure proceedings: but this shall not preclude such an assessment against an occupant of a dwelling unit owned by such an institurion for services voluntarily accepted by the occupant. The shares of any cost or loss not so assessed shall be assessed f to the other dwelling unit owners in the shares that their shares in the common elements bear ; to each other . 4 ~ B. Interest; applicarion of payments. Assessments and installments on such assessments : _ - ~ gaid on or before thirty (30) days after the date when due shall not bear interest, but aiI sums ~ not paid on or before thirty (30) days after the date when due shall bear interest at the rate € ~ of ten (10$) percent per annum from the date when due until paid. All payments upon account ~ shall be first applied to interest and then to the assessment payment first due . x ~ C. Lien for Assessments . The lien for unpaid assessments shall also secure reasonable attorneys' fees incurred by the Association incident to the collection of such assessment or enforcement of such lien . • ~ ; E € D. Rental Pending Foreclosure. In any foreclosure of a Iien for assessments the owner = of the dwelling unit subject to the lien shall be required ta pay a reasonable rental for. the : dw~elling unit, and the Association shall be entitled to the appointment of a receiver to collect r the same . _ ; E. Assessments Pending Foreclosure . When the mortgagee of a first mortgage of record ~ or other purchaser of an apartment obtains title to the apartment as a result of foreclosure of ; the first mortgage, such acquirer of title, his successors and assigns, shall not be liable for ~ the share of common expenses or assessments by the Association pertaining to such aparrn~ent ~ ~r chargeable to the former unit owner of such parcel which became due prior to acquisition t of title as a result of the foreclosure until said apartment is either sold or leased by the first mortgage holder. Such unpaid share of common expenses or assessments shall be deemed to be common expenses collectible from alI of the unit owners including such acquirer, his suc- cessors and assigns. F. Ueveloper's Guarantee . The neveloper of ATLANTIS COI~`DOI~tINIUr.1 - BL'ILDING A, gives to each and every condominium unit purchaser its guarantee that for a period of 12 months from the date of execution of this Declararion of Condominium, or until such time as Developer elects to pay regular monthly maintenance assessments for common expenses, that -11- 3GOK ~ PAGf - - : _ , _ ~ . S L~t : . . z :