HomeMy WebLinkAbout1260 acceptance of such deed in lieu of foreclosure unless the share
is secured by a claim of lien recorded prior to the recording of
said mortgage. Such unpaid share of Common Expenses or assessments
shall be deemed to be Common Expenses collectible from all of the
Unit Owners, including-such acquirer, its successors and assigns.
F. Liabilit of Subse uent Owner. Any person who acquires
an interest n a Un t except t roug oreclosure of an institu-
tional mortgage of record or deed in lieu thereof as specifically
provided in the paragraph E immediately preceding, including,
without limitation, persons acquiring title by operation of law,
such as purchasers at judicial sales) shall not be entitled to
occupancy. of the Unit or enjoyment_of the Common Elements, until
such time as all unpaid assessments due and owing by the former
Unit Owner have .been paid.
G. Assi nment. The Association, acting through its Board
of Directors, s a ave the right to assign its claim and lien
rights-for the recovery of any unpaid assessment, to the Developer,
or to any Unit Owner or group of Unit Owners, or to any third
party .
H. Pro ert Owners' Association Ma Collect. The Association
may contract with a Property Owners Association so that the
Property Owners' Association will collect the Condominium Associa-
tion's assessments and remit said assessments to the Condominium -
Association.
ARTICLE XII
SPECIAL PROVISIONS RE DEVELOPER
A. Rights. The Developer shall have the right to transact
any business necessary to consummate sales or rentals of Units,
or in the event there are unsold Condominium Units, the Developer
retains the right to be the owner of said unsold Condominium
Units under the same terms and conditions as all other Unit
Owners in said Condominium; however; said Developer, for such
i time as it continues to be a Unit Owner, but~not exceeding the
period for which it has guaranteed that the amount of each Unit
Owner shall pay as monthly Common Expense assessments shall not
increase, shall not be liable for such monthly Common Expense
assessments. It being understood that during the period of such
~ guarantee, the Developer shall be solely responsible for Common
Expenses in excess of the amounts collected from said guaranteed
monthly Common Expense assessments. Commencing at the end of
said guarantee period (as to Common Expenses), the Developer
~ shall contribute to the Common Expenses, as to-the Condominium
E Units owned by it, in the same manner as all other Unit Owners,
as provided in Exhibit "A" attached to this Declaration as it may
be amended from time to-time. Each Condominium Unit's share of
Common Expenses and assessments as provided in Article VII and
Article XI of this Declaration shall commence as of the first day
of such month or the fifteenth (15th) day of such month as is
closer to the date the Certificate of Occupancy, or similar
instrument, is issued by the applicable governmental authority as
to said Unit and building within which said Condominium Unit is -
, located in this Condominium.
B. Assignability. The Developer may assign any or all of
its rights and privileges established by -this Declaration to any
individual(s) or entity or entities that Developer may choose.
s
-IO-
'
B~P~30Q t'~~E1264