HomeMy WebLinkAbout0141 and requirements of the Condominium Act and lawful amendments
thereto. Membership is automatic upon acquisition of a unit and
approval by the Association, and may not be transferred apart and
separate from a transferrof the ownership of the unit. Membership
shall automatically terminate upon sale or transfer of the unit,
whether voluntary or involuntary.
13.2 Voting Rights. There shall be one person with
respect to each unit who shall be entitled to vote at any meeting
of the unit owners. Such person is hereafter referred to as a
voting member. If a unit is owned by more than one individual,
the owners of said unit shall designate one of them as the voting
member. If a unit is owned by a corporation, the Board of
Directors of the corporation by duly passed. resolution shall
designate one of its officers or employees as the voting member.
If a unit is owned by a partnership all of the partners by an
appropriate resolution shall designate one of the partners as the
voting member. If a unit is owned by more than one trustee, all
of the trustees shall designate one of the trustees as the voting
member. The ey-Laws of the Association shall govern the
proceedings to follow in designating an individual as the voting
member of the unit. If one individual owns more than one unit,
he shall have as many votes as the number of units that he owns.
The vote of a unit is not divisible.
14. THE ASSOCIATION. The operation of the condominium
property shall be by TARPON BAY YACHT CLUB CONDOMINIUM H
ASSOCIATION, INC., a corporation not for profit under the laws of
the State of Florida. The Association shall have all of the
powers and duties set forth in the Condominium Act, and all of the
powers and duties granted to or imposed upon it by this
Declaration, the Articles of Incorporation, and the By-Laws of the
Association. A copy of the Articles of Incorporation and By-Laws
of the Association are attached hereto as Exhibits "D" and "E",
respectively, and incorporated herein by reference.
14.1 Limitation Upon Liability of Association.
Notwithstanding the duty of the Association to maintain and repair
parts of the condominium property, the Association shall not be
liable to unit owners for injury .or damage, other than the- cost of
maintenance and repair, caused by any latent condition of the
property to be repaired and maintained by the Association or
caused by the elements or other unit owners or persons.
14.2 Notice of Contingent Liability. In any legal
action in which the Association may be exposed to liability in
excess of insurance coverage protecting it and the unit owners,
the Association shall give notice of the exposure within a reason-
able time to all unit owners who may be exposed to .the liability,
and they shall have the right to intervene and defend. A copy of
each insurance policy obtained by the Association shall be made
available for_inspection by unit owners at reasonable times.
14.3 Control of the Association. The first Board of
Directors of the Association shall remain in office, and Developer
shall control the Association until all-units in the Condominium
have been sold and closed, or•until Developer elects to turn over
control, whichever shall first occur; provided, however, such
term of office of the original Directors shall in no event extend
beyond three (3) years after fifty percent (50$) of the units have
been sold and closed, or three (3) months after ninety percent
(90$) of the units have been sold and closed. Upon sale and clos- j
ing of at least fifteen percent (15$) of the units, the unit
owners other than Developer shall be entitled to elect one third
(1/3.) of the members of the Board of Directors. Upon the
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