HomeMy WebLinkAbout1695 Inc. is attached as Exhibit No. 3 to this Declaration of
Condominium and incorporated herein by reference. A copy of
the Sy-Laws o: The Oceana ZI Condominium Association, Inc.
is attached as Exhibit No. 4 to this Declaration of Condo-
minium and incorporated herein by reference.
A.~TICLE X
ASSESS:4E~iTS
The Condominium Association, actinc t~.r~ugh t::e Board
o: Directors in accordance with the By-Laws; shall have the
power to fix and deteraine, from to tire, the sum or su.*rs
necessary and adequate to provide for the Common E:penses,
including, but not limited to, such amounts as are necessary
for uncollectable Assessments, budget deficits, such reserves
as the Board shall deem necessary or prudent, and such other
expenses as are specifically provided for in the Condominium
Act, this Declaration of Condominium or the 3y-La•.~s. Assessments
sufficient to provide for the Common Expenses shall be made
. from time to time against each Unit Owner in accordance with '
Article VI of this Declaration of Condomi^.ium.
Assessments that are unsaid for over :~f~een (15) days
after the due date shall bear interest at a rate equal to
the lesser of: (i? ten (108) percent per annum, or (ii) the
maximum legal rate permitted under controlling law, from the
due date until paid. Zn the sole discretion of the Board of
Directors, a late charge of 525.00 per Assessment or installment
thereof not paid when due may be assessed against a delinquent
Unit Owner. Regular assessments shall be due and payable
quarterly on the first (1st) day of each Janua.-y, April, July
and October, unless the Hoard o: Directors shall otherwise
determine. ,
The Condominium Association shall have a lien on each
Unit for any unpaid assessments, together with interest
thereon, owed by the Unit Owner of such Unit. Reasonable
attorney's fees (including fees in apeellate proceedings)
incurred by the Cordominiu.~ Associatior. incident to the
collection of any Assessaent or t:^.e enforcemer.= of such
lien, together with sums advanced or paid by tze Condominium
Association in order to presez-ve and protect its lien, shall
be payable by the L.^^.it Cwrer uFon de.•nard and stall be secured
by such lien.
The Board of Directors :nay take such.actioa as it deems
necessary to collect assessments by personal a=t?oz, or by
enforci-g and foreclos_:;c said lien, and may sett'_e anC
caraercmise = a sane, :f it shall so ceterniae. Saic lien.
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