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B. So long as Declarant owns any parcels herein
it shall have the absolute right to make any amendments to
this Declaration which are reasonably necessary to cause any
institutional lender described herein to accept a parcel as ~
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mortgage security for a loan by said lender.
C. Declarant reserves the right to make non-
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material changes to this Declaration so long as it owns any
of the parcels herein.
Section 4. Subordination. No breach of any of the
conditions herein contained or re-entry by reason of such
breach shall defeat or render invalid the lien of any mortgage
made in good faith and for value as to the property which is
the subject matter of this Declaration or any lot therein;
provided, that such condition shall be binding on any owner
whose title is acquired by foreclosure, trustee sale or
otherwise.
Section 5. Duration. The covenants and restrictions of
this Declaration shall run with and bind the land and shall
inure to the benefit of and be enforceable by the Association
or any member thereof for a period of thirty (30) years from
the date hereof. Thereafter, they shall be automatically
extended for additional periods of ten (10) years unless
~ otherwise agreed to in writing by the then owners of at least
three-fourths (3/4) of the parcels.
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E IN WITNESS WHEREOF the Declarant, VILLAGER DEVELOPMENT, INC.,
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a Florida corporation has caused this Declaration of Party
Walls, Restrictions, Reservations, Easements and Protective
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z Covenants to be executed by its duly authorized President
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and its corporate seal affixed thereto this !~,~~day of
A.D., 1979.
Signed, sealed and VILLAGER DEVELOPMENT, INC.
deli ered in presence of: A Florida Corporation
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Sam ilio;•:Pr~sident
(Corporate- Seal)
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LAM' OFFICES OP ItICHAHD D. S\EEU, dlt., P. A.. 700 ~'IItGISIA A~ E\1'E, 51'ITF. IQ{-SI'N UA\H ULIX'i.. Pf. PIEBCE, FLORIDA a.'7-1b0 (:]QS) •f65-2Sa0
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