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other Common Expenses . The amount of an Assessment against a Contributing
Unit, together with interest thereon and costs of collection thereof , including
reasonable attorneys' fees through and including all trial and appellate levels,
all as hereinbefore set forth, shall also be the personal obligation of the
person, persons or entity who, at the time the Assessment was made, owned
the Contributing Unit assessed. Said lien shall be effective. only from and
after the time that a written, acknowledged statement by the Section 2 Associa-
tion is recorded amongst the Public Records of St. Lucie County, Florida,
setting forth the amount due as of the date the statement is signed. Upon
full payment of all sums secured by that lien, the party making payment shall
be entitled to a recordable satisfaction of the statement of lien . The provi-
sions of Section 718.116(6) of the Act are applicable to the Assessments
hereunder as to Contributing Units contained in any condominium established
on any portion of the Future Development Property . .
F . Enforcement of Assessments .
In the event any Assessment or any installment thereof , if such
Assessment is payable in installments, is not paid within fifteen (15) days
after the same becomes due, then the Section 2 Association, through its
Board, shall have the following remedies: (i) to accelerate the entire amount
of any Assessment which would have otherwise been payable in installments;
(ii) to advance, on behalf .of the Owner of the Contributing Unit in default,
funds to accomplish the needs of the Section 2 Association and the amount or
amounts of money so advanced, including all expenses reasonably incurred
because of or in connection with such payments together with interest thereon
at the highest rate allowed by law and reasonable attorneys' fees through and
including all trial and appellate levels with respect to the collection thereof ,
may thereupon be collected or enforced by the Section 2 Association and such
an advance shall not waive the default; (iii) the Section 2 Association may
file an action in equity to foreclose its lien at any time after the effective
date thereof which lien may be foreclosed by an action in the name of the
Section 2 Association in like manner as a foreclosure of a mortgage on real
property; and (iv) without waiving its lien rights and its right of foreclosure,
the Section 2 Association may file an action at law to collect the Assessment
plus interest at the highest rate allowed by law plus court costs and reason-
, able attorneys' fees through and including all trial and appellate levels .
G . Institutional Mortgagees . .
Where 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 mortgage banking
~ .company doing business in the State of Florida; or any "secondary mortgage
market institution" including the_ Federal National Mortgage Association, Gov-
ernment National Mortgage Association, or Federal Home Loan Mortgage Cor-
poration; or Equities; or the successors and assigns of any such Institutional
Mortgagee) of record obtains title to any Contributing Unit as a result of
foreclosure of its mortgage or deed in lieu of foreclosure, such acquirer of
~ title, and its successors and assigns, shall not be liable for the share of
Assessments pertaining to such Contributing Unit or chargeable to the former
Owner thereof , 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 recorded prior to the recording of the
mortgage which was foreclosed or with respect to which a deed in lieu of
~ foreclosure was accepted . In the case of any condominium which may be
X established on any portion of the Future Development Property, the provisions
of Section 718.116(6) of the Act may be incorporated in the applicable declara-
tion of condominium.
x
Y
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RUDEN, BARNETT, NcC LOSKY 6 SCHUSIER, ATTORNEYS AT LAW, 25 SOUTH ANORE WS AVENUE. FORT LAUDERDALE, iLO RIDA
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