HomeMy WebLinkAbout1693 Surplus shall be owned by, each of~the Unit Owners in proportion
to each Unit Owner's undivided share in the Common Elements.
Notwithstanding the foregoing, Developer ham
guaranteed that the Assessments for Common Expenses imFosed
upon Unit Owners other than Developer shall not increase
over the stated dollar amount, said guaranty to be effective
for a period (the "Guaranty Period") commencing with the
conveyance of the first Unit conveyed by Developer to a
party other than Developer and terminating on the first to
occur of the following dates:
(i) January 1, 1981; or
(ii) such date as Unit Owners other than
Developer shall be entitled to elect not less than a majority
of the Board of Directors.
Developer has also agreed to pay any amount of Common Expenses
incurred during the Guaranty Period and not produced by _
Assessments at the guaranteed level receivable from Unit
Owners other than Developer. Accordingly, pursuant to _
Section 718.116(8)(b) of the Condominium Act, Developer
shall be excused during the Guaranty Period from any obligation
to pay any share of the Common Expenses in respect of those -
Units owned by Developer.
Except as aforesaid, no Unit Owner may avoid
liability for Assessments by waiver of the use or enjoyment
of any Common Elements or by abandonment of the Unit for
which the Assessments are made or otherwise.
ARTICLE VII
AMENDMENT OF DECLARATION OF CONDOMINIUM
A. Except as provided in Articles XXII and XX A
hereof, and except as to matters described in Paragraphs B,
C and D of this Article VII, this Declaration of Condominium .
may be amended by the affirmative vote of not less than two- -
thirds (2/3) of the Unit Owners at any regular-or special
meeting of the Unit Owners called and held in accordance
! with the Bylaws or by written consent in lieu of a meeting.
Such amendment shall be evidenced by a certificate executed
by the Condominium Association in recordable form in accor-
dance with the Condominium Act, and a true and correct copy
of such amendment shall be mailed by certified mail to the -
Developer and to all holders of Approved Mortgages (as said
term is defined in Article XI B hereof). The amendment
shall become effective upon the recording of such certif icate
in the Public Records of St. Lucie County, Florida, provided,
however, such certificate shall not be so recorded until
thirty (30) days of ter the mailing of a copy thereof to the
Developer, unless such thirty (30) day period is waived in
writing by Developer.
B. Except as provided in Article XXI A hereof, no
amendment to this Declaration of Condominium shall change
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