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; least one lot in BAY COLONY OF STUART . On or before conveyance by `
~ developer of the last lot v~hich it owns in BAY COLONY OF STUART, developer ~
± shall convey the streets, road and gatehouse to the BAY COLONY OF STUART 6
i' PROPERTY OWNERS ASSOCIATION, ING., subject oniy to any restrictions, ~
~ conditions, limitations, reservations and easements of record. ~
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Section 2. Owner's Easements of Enjoyment. Every owner shall have i
a right and easement of enjoyment in and to the common area which shall be ?
: appurtenant to and shall pass with the titie-to every lot, subject to the foilowing: ~
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; A. Rules and regulations governing use and enjoyment of the '
~ common areas adopted by the Association; and subject to the unlimited and ;
unrestricted use .of said streets and roads by the developer . '
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i~ B. Restrictions contained on any and all plats of all or any part of ~
;f the streets, roads and gatehouse filed separately with respect to all or part or ;
parts of the property . ~
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! 111. MEMBERSHIP AND VOTING RIGHTS IN THE ASSOCIATION.
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;i Section 1. Membership. Every person or entity who is a record fee
; simple owner of a lot, including the developer at all times as tong as it owns all ~
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~ or any part of the property subject to this Declaration, shall be a member of the ~
i Associatian, provided that any such person or entity who holds such interest only j
~ ~ as security for the performanc~ of an obiigation shall not be a member . Member- ~
3 ship shali be appurtenant to, and may not be separated from, owne~ship of any =
~ ~ ;y lot which is subject to assessment. ;
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~ :i tV. COVENANTS FOR MAINTENANCE ASSESSMENTS
~ Section 1. Creation of the Lien and Personai Obligation. of Assess- '
~ ments. The developer, for each lot owned by it within BAY COLONY OF STUART,
~ hereby covenants, and each owner of any lot (by acceptance of a deed the~efor,
~ whether or not it shall be so expressed in any such deed or other conveyance) ;
~ including any purchaser at a judicial sale, shall hereafter be deemed to covenant ;
~ and agree to pay to the Association any annuai assessments or charges, and any ~
~ special assessments for capitai improvements or major repair; such assessments ~
~ ;j io be fixed, established and collected from time to time as hereinafter provided.
- A!! ;u~h 3~~°ssry:~.^.+.s, !^~pther u+~ih itlLPrPC~ thE±rPnn frcxn the ci~~e ciate at the rate
F of ten percent (10~) per annum and costs of collection thereof tincluding reason-
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~ able attorney's fees) , shall be a charge on the land and shall be a continuing lien ~
3 upon the lot(s) against which each s~ch assessment is made and shall also be the ;
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~ ; personal obligation of the owner. No~owner may waive or otherwise escape
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~ ; liability for the assessments provided for herein by non-use of the streets and
~ ! roads or abandonment of the same. ~
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~ ;i Section 1. Purpose of Assessments. The annual and special assess- t
~ ~ ments levied by the Association shatl be used exclusively for the purpose of i
~ ~ promoting the recreation, health, safety and welfare of the residents in Bay ,
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~ ^ B~Or ~SO P~,~r VVO L M. TAYLOR, UWYERS ~
;I r, v. oa~~ ~~oii, nuRTM PALM BEACM,~~LA. 33406 • TEL. ~
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