HomeMy WebLinkAbout1014 cessors and assigns and the owners of the Recreation Area, or any portion
thereof, shall have the right, but not the obligation, to so maintain all por-
tio~s of the Sectio~ 1 Water . System and the Section 1 Sewage System, the
operation of which is necessary to provide such water service and sewage
service to the Recreation Area. Such easements over and across the property
constituting the Section 1 Condominium as may be necessary to provide such
maintenance are hereby granted by 1 Association on behalf of itself and all
Section 1 Unit Owners to Equities and its successors and assigns as the
owners of the Recreation Area which easements shall be appurtenant to and
run with the Recreation Area and all portions thereof . ,
The owners of the Recreation Area, or any portion thereof, shall _
have the same r~ghts as the owners of Contributing Units on the Puture
Development Property to have a"trustee" appointed should 1 Association fail
to perform as hereinbefore set forth .
8. Institutional Mortgagees. If an "Institutional Mortgagee" (meaning -
an insurance company, federal or state savings and loan or building and loan
association, national or state banking institution, or real estate investment
trust or mortgaqe banking company, doing business in the State of Florida;
or any "secondary mortgage market institution" including the Federal National
Mortgage Association, Government National Mortgage Association, or Federal
Hom~ Loan Mortgage Corporation; or Equities; .or the successors and assigns
of any such Institutional Mortgagee) of i•ecord obtains title to any Contrib-
uting Unit as a result of foreclosure of its mortgage (which mortgage .was
given in connection with the acquisition of title to such Contributing Unit) or
deed in lieu of foreclosure, such acquirer of title, and its successors and
assigns, shall not be liable for the share of any Assessment pertaining to
such Contributing Unit or chargeable to the former owner thereof under or
pursuant to or arising from this Agreement, which became due prior to the
acquisition of title as a result of the foreclosure or deed in lieu thereof ,
unless such share is secured by a claim of lien for assessment that is record-
ed prior to the recording of the mortgage which was foreclosed or with re-
spect to which a deed in lieu of foreclosure was accepted . In the case of any
condominiums which may be established on any portion of the Future Develop-
ment Property or any portion of the Total Equities Property and in the case
of the Section 1 Condominium, the provisions of Section 718.116(6) of the Act
may be incorporated into the applicable declarations of condominium.
9 . General Provisions .
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; A. Captions. Captions and headings inserted throughout this
~ Agreement are int~nded only as a matter of convenience and for reference
only and in no way shall such captions or headings define, limit or in any
F way affect any of the terms and provisions of this Agreement.
~
~ B. Pronouns , Etc . Whenever the context so requires , any
~ pronoun used herein may be deemed to mean the corresponding masculine,
k feminine or neuter form thereof and the singular form of any nouns and
~ pronouns herein may be deemed to mean the corresponding plural form thereof
~ and vice versa.
~ C. Benefits and Burdens. The benefits and burdens hereof shall
~ be for and imposed upon the property constituting the Section 1 Condominium
~ and the Total Equities Property or such portions thereof as may be applicable .
~ and shall be deemed covenants running with the land with respect thereto and ~
Y all applicable portions thereof for the benefit of all fee owners thereof and ;
~ Institutional Mortgagees holding mortgages on any portion thereof including, :
~ but not limited to, any "condominium parcels" (as that term is defined in the `
~ Act) located thereon . ~ ~
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