HomeMy WebLinkAbout1259 including, but not limited to, such amounts necessary to make up
for uncollectible assessments, budget deficits and reasonable
reserves, and such other assessments as are specifically provided
for in this Declaration and the By-Laws attached hereto. The
Association shall maintain reasonable and adequate reserves for
reFlacement of the Common Elements as required by normal deteriora-
tion; said reserves shall. be funded by the regular monthly assess-
ments. The procedure for the determination of such assessments
shall be as set forth in the By-Laws of the Association and this
Declaration. Each Unit Owner shall be liable for a proportionate
share of the Common Expenses as provided in Article VII of this
Declaration. ~ r
B. Assessments Due and Late-Char es. Assessments that are
unpaid for over i teen days a ter due date shall bear
interest at the rate of ten percent (108) per annum, from due }
date until paid. In the sole discretion of the Board of Directors, t
a late charge of $10.00 per assessment or installment thereof not
paid when due may be assessed against a delinquent Unit Owner.
Regular assessments shall be due and payable monthly on the first
(lst) of each month:- ?
C. Lien for Assessments. The Association shall have a lien
on each Con ominium Unit or any unpaid assessments, together f
with interest thereon, against the Unit Owner of such Condominium
Unit, together-with a lien on all tangible personal property
located within said Unit; such lien is effective from and after
recording a claim of 1-ien in the Public Records of St. Lucie
County, Florida, stating the description of the Condominium Unit,
the name(s) of the record owner(s), the amount due and the due
dates. Any such lien upon the aforesaid tangible personal property
shall be subordinate to prior bona fide liens, including, but not
limited to mortgages of record. Reasonable attorney's fees,
including attorney's fees for appellate proceedings, incurred by
the Association incident to the collection of .such assessment or ~
the enforcement of such lien, together with sums advanced and
paid by the Association in order to preserve and protect its
lien, shall be payable by the Unit Owner upon demand and shall be -
secured by such lien.
D. Enforcement of Lien. The Board of Directors may take-
' such action as it deems necessary to collect assessments by
personal action, or by enforcing and foreclosing said lien, and
may settle and compromise the same, if in the Association's best
j interests. Said lien shall be effective as and in the manner
~ provided by the Condominium Act, and-shall have the priorities
~ established by said Act. The Association shall be entitled to
bid at any sale held pursuant to a suit to foreclose an assessment
lien, and to apply as a cash credit. against its bid all sums due
the Association covered by the lien enforced. In case of such
foreclosure, the Unit Owner shall be required to pay a reasonable
~ rental for the Condominium Unit, and the Plaintiff in such fore-
s closure shall be entitled to the appointment of a Receiver to
collect same from the Unit Owner and/or occupant.
E. Institutional Mort a ee Not Liable. Where the holder of s
an institut~ona mortgage of record, or other purchaser of a
Condominium Unit, obtains title to a Condominium Unit as a result
of foreclosure or the institutional mortgagee of record accepts a
deed to said Condominium Unit in lieu of foreclosure, such t
acquirer of title, its successors and assigns, shall not be -
liable for the share of Common Expenses or assessments by the
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~ Association pertaining to such Condominium Unit, or chargeable to
the former Unit Owner of such Unit, which became due prior to
acquisition of title as a result of the foreclosure, or the
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