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HomeMy WebLinkAbout1449 However, any person who acquires an interest in an .apartment (except through foreclosure on an institutional first ' mortgage of record, or deed in lieu thereof) as specifically provided in the paragraph immediately preceding, including without limitation, persons acquiring title by operation of law, including purchasers at judicial sales, will not be entitled t~ occupancy of the apartment or enjoyment of the common elements, until such time as all unpaid assessments due and owing by the former owner have been paid. 9.6. Assignment of Claim and Lien Rights. The Association, acting through the Board of Directors, will have the right to assign its claim and lien rights for the recovery of any unpaid assessments to the Developer, or to any apartment owner or group of apartment owners, or to any third party. 10. ASSOCIATION The operation of the Condominium will be by SAND DOLLAR VILLAS CONDOMINIUM ASSOCIATION, INC., a Florida not for profit corporation, membership in which is mandatory by each apartment owner, one vote per unit. The Association will fulfill its functions pursuant to the following provisions. 10.1. Articles of Incorporation. A copy of the Articles of Incorporation of the Association is attached hereto as Exhibit " B" 10.2. The By-Laws of the Association will be the By-Laws of the condominium, a copy of which is attached hereto as Exhibit nCp 10.3. Limitation upon Liability of Association. Not- withstanding the duty of the Association to maintain and repair parts of the condominium property, the Association will not be liable to apartment owners, lessees, invitees or licensees for injury or damage, other than the cost of maintenance and repair, caused by any latent condition of the property to be maintained and repaired by the Association. 10.4. Restraint upon assignment of shares in assets. The share of a member in the funds and assets of the•Association ~ cannot be assigned, hypothecated or.transferred in any manner except as an appurtenance to his apartment. 10.5. Multiple. Condominiums. The Association shall be ~ - administering and operating other condominiums in SAND DOLLAR VILLAS. It shall be the Association's sole responsibility and discretion to determine which items of cost, expense and income are attributable in their entirety to the Condominium, and which are to be apportioned amongst more than one condominium, as well as the basis of such apportionment, and in all events the Associations' determination as to such attribution shall be conclusive and binding, and all costs and expenses attributed to the Condominium, whether in their entirety or as an apportionment of an expense shared by more than one condominium, shall-constitute common expenses of the Condominium. 11. INSURANCE } ~ The insurance, other than title insurance, that will be carried upon the condominium property and the property of the apartment owners will be governed by the following provisions: k 11.1. Authority to purchase; named insured. All insur- ance Qolicies upon the condominium property will be purchased by ~ the Association. The named insured will be the Association indivi- ~ dually and as agent for the apartment owners, without naming them. ) Provision will be made for the issuance of mortgagee endorsements and memoranda of insurance to the mortgagees of apartment owners. -9 BOOK~~ P~GE1447 Y ^4~ ~ ` 4 _ .