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XII, THE CPERA TING ENTI'TSi ~
I'he operating entity of the Condominium shall be the Florid3 non- ~
profit Corporation which is the As~ociation re~ponsible for the operation of
the Condominium specified in A rticle II hereinabove, said A~ssociation being ~
organized and existing pursuant to the Condominium Act. The said Associa-
tion sh~ll have all of the powers and duties set forth in the Condominium P.ct, }
~ as well as all of the powers and duties qranted to or imposed upon it by this ~
L`eclaration, the Py-L3ws of the Association and it~ Articles of In~orporatio t
and all of the powers and duties necessary to operate the Condominium, as '
set forth in this L`eclaration ~nd the ~y-Laws, and as they may be amended
from time to time. ~
~ery owner of a Condominium par~el and/or Interval Cwnership,
whether he has acquired his ownership by purcha~e, by qift, conveyance or
transfer by operation of law, or otherwise, shali be bound by the Ly-Laws
and A rticles of Incorporation of the ~aid Associ3tion, the provisions of this
reclaration and the Management Agreement and the MASTER L~EC'LARATICN
CF CCNL~ITICNS, CC~' ENA NTS A N~ RESTRICTICNS CF TURTL E REEF and
the Exhibits thereto.
~ XIII. ASSESSMENTS .
- I'he Asso~iation, through its Board of Administra.tors, has delegated
to the Management Firm the power of the Association to fix and to provide
for the common expenses of the Condominium property, maintenan~e fees,
and such ot~er sums as are soecifica.lly provided for in this Leclaration and
the Exhibits atta~hed hereto, for such period of time as provided in the ~
Nian~.gemerit Aqreement, and thereafte~ the Asscciation shall have such ~
power. The Asso~i3tion, throuqh its Loard of Administra.tion sha.ll have the ~
power, subj~ct to the limitations specified for the Loard of A dministration =
in the Condominium Act, to fix and determine from time to time the sum or
sums necessary and adequate to provide for the common expenses -of the
~ Condominium property and such other assessments as are specifieally provi- ;
; - ded fo r in this L`ecla ration and E~hibits attahced he reto, w he re sa id powe r
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~ ha~ not been or is no longer delega.ted to the Management Firm. The pro-
~edure for the determination of all such assessments sha11 be as set forth ~
~ in the Leclac~,tion, and the ~hibits 3ttached hereto. -
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~ The common expenses shall be assessed against each Unit Cwner a~ ~
provided for in Article VI of this L~eclaration. Each Unit G~vner shall be~om a
lia.ble for the payment of 3sseGsments upon his unit (or in the ca.se of 3n ~
Interval Cwner, the unit in whi~h he owns an Interval Cwnership) upon =
issuance of a statement of acsessment by the Nan~gement Firm and/or ~
A ssociation. ~
Assessments and installments that are unpaid for over ten (10) dayG
~ 3fter due date sha.ll bear interest at the rate of~nine percent (9~) per ~
annum from due d3te until paid, and at the sale dis~retion of the Management ;
~ Firm and/or the Eoard Of Administra.tors, a late charge of not more than
~ $~.00 shall al~o be due and pay~ble to cover handling. All assessments, ~
~ dues and fees shall be due and payable within fifteen (15) days after noti- ~
~ fication of billinq ay the Ivlan3qement Firm which shall be mailed as provided
~ in Section XXI G herein; failure toreceive the said not ice shall not ex~use
~ payment thereof. ~
The A ~sociation (and the Management Firm if so qranteci in the
vr. R. SCOTT management Aqreement and so long as the Management Aqreement remains
,noR~,~,~TUw in effect) shall ha.ve a lien on each Condominium parcel for unpaid assess-
,~,~,~,,,,,a,~„a„~ ments, together yvith interest thereon, against the Unit Owner(s) of such
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