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F. COMMON EXPENSES means the expenses for which the Unit
Owners are liable to the Condominium Association. r
G. COMMON SURPLUS means the excess of all receipts of the
Condominium Association, including, but not limited to, Assessments,
rents, profits and revenues on account of the Common~Elements, }
over the amount of Common Expenses, including reasonable reserves.
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H. CONDOMINIUM ACT means and refers to the Condominium Act
of the State of Florida (Chapter 718, Florida Statutes), as E
amended; however, this reference to the Act "as amended" shall
not cause or require the application of any portion of said Act
hereafter enacted, hereafter effective, or not now applicable for
constitutional reasons to this Condominium or these Condominium
Documents.
I. CONDOMINIUM DOCUMENTS means this Declaration of Condomin- {
ium and the Exhibits hereto, as the same may be amended from time
to time.
J. CONDOMINIUM PARCEL means a Condominium Unit, together E
with the undivided share in the Common Elements which is appurtenant 3
to the Unit. ~
K. CONDOMINIUM PROPERTY means the Land and all improvements
thereon and all easements and rights appurtenant thereto intended
for the use in connection with the Condominium.
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L. CONDOMINIUM UNIT or UNIT means a part of the Condominium z
Property which is subject to private ownership. Such Units and f
.their boundaries are delineated herein and, as to Phase (A) in 4
Exhibit No. "1" attached hereto.
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M. DECLARATION OF CONDOMINIUM means this instrument and the s
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Exhibits hereto as amended from time to time.
N. DECLARATION OF COVENANTS AND RESTRICTIONS means that
certain "Ocean Village of Hutchinson Island Declaration of Cove-
nants and Restrictions" recorded prior to the recording of this
Declaration of Condominium, in Official Record Book 241, pages ~
485 et seq., Public Records of St. Lucie County, Florida.
O. DEVELOPER means HUTCHINSON ISLAND LIMITED PARTNERSHIP, a
Florida limited partnership, and its successors and assigns.- In
~ the event that (a) the Construction Lender, its successor or
s assigns, acquires title to-the Property or any portion thereof by j
foreclosure (including sale under the terms of any deed of trust
or by deed in lieu of foreclosure or by any other method) or (b)
at a foreclosure sale a third party acquires title to the Property,
' or any portion thereof, the proceeds of .which are applied to
satisfy-the indebtedness of the Developer to the Construction
Lender, then the Construction Lender or such Purchaser shall have
all of the rights, privileges, powers and benefits of the Developer
-under this Declaration,-the Articles of Incorporation, By-Laws
and Rules and Regulations of the Association, and under the
Articles of Incorporation and By-Laws of the Property Owners',
Association provided for in Article VIII hereof.
P. INSTITUTIONAL MORTGAGEE means a Bank, Savings and Loan
Association, Insurance Company, or Union Pension Fund, authorized ~
to do business in the State of Florida, an Agency of the United
States Government, a mortgage investment trust, a real estate
investment trust, or a lender generally recognized in the community E!
as an institutional type lender. The mortgage may be placed
through a Mortgage or Title Company.
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