HomeMy WebLinkAbout1416 shared by and among the Apartment Owners in the manner determined under
Article VIII of the Declaration, which share shall be assessed against each
Apartment Owner annually (the "Annual Assessment") . Notwithstanding such
method of allocation of Budget expenses, however, Apartment Owners shall be
obligated to pay any special Assessments as shall be levied in addition to the
Annual Assessment by the Board against Apartments as a result of (a)
extraordinary items of expense, (b) the failure or refusal of other Apartment
Owners to pay their respective Annual Assessment or to otherwise pay their
proportionate share of Common Expenses assessed, or (c) such other reason
or basis determined by the Board which is not inconsistent with the terms of
the Condominium Documents or the Act.
B . Assessments
1. The Apartment Owners shall be personally liable, jointly and
severally, to the Association for the payment of the Annual Assessment, any
special Assessments or Limited Assessments levied by the Association and for
all costs of collecting such Assessments, including .interest, delinquent Assess-
ments and attorneys' fees at all trial and appellate levels . Annual Assess-
ments may , in the discretion of the Board , be made payable in either quarterly
or monthly installments, in advance, during the year in which such Annual
_ Assessments apply . In the event of a default by an Apartment Owner in the
payment of an installment of an Annual Assessment or in the payment of a
special Assessment or Limited Assessment, the Board may accelerate any
remaining installments of the Annual Assessment of such Apartment Owner
upon written notice thereof to such Apartment Owner, whereupon the entire
unpaid balance of the Annual Assessment shall become due upon the date
stated in such notice, which date shall not be less than ten (10) days after
the date of such notice. In the event any special Assessment or Limited
Assessment, installment of an Annual Assessment, or accelerated Annual
Assessment is not paid within twenty (20) days after its respective due date,
the Association, by action of the Board, may proceed to enforce and collect
any of such delinquent Assessments against the .Apartment Owner owing the
same in any manner provided for under the Act or the Condominium Docu-
ments, including, but not limited to, foreclosure and sale of the Apartment.
2. The Association may at any time require Apartment Owners to
maintain with the Association a deposit to cover future Assessments .
3. The Association shall have -all of the powers, rights, privileges,
and may avail itself of any and all of the legal remedies provided for by the
Act, including a lien upon an Apartment, for any unpaid Assessment and
j interest thereon owed by the Apartment Owner of such Apartment and the
right to collect from such Apartment Owner reasonable attorneys' fees at -all
trial and appellate levels incurred by the Association incident to the collection
of such Assessments or the enforcement of such lien . Assessments and
installments thereon not paid when due shall bear interest from the date when
due until paid at the highest rate permitted under law, but in no event in
.excess of the rate of ten (10$) percent per annum.
4. It is specifically acknowledged that the provisions of Section
718.116(6) of the Act are applicable to this Condominium and further, in the
event an Approved Mortgagee (other than a purchase money mortgagee which
~ is not an institution described in Article XV hereof) , including Developer,
holding a first mortgage on an Apartment obtains title to such Apartment by
deed given in lieu of foreclosure, such mortgagee, its successors and assigns
shall not be liable for the share of Common Expenses or Assessments by the
Association pertaining to such Apartment or chargeable to the former Apart-
ment Owner of such Apartment which became due prior to acquisition of title
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gooK 304 PacE 1444
RU DEN, BARN ET T, McCLOSKY S SCH USTER, ATTORNEYS AT LAW. 2S SOUTH ANDREWS AVENUE, FORT LAUDERDALE, FLORiOA
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