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Section 4. Subordination. No breach of any of the
conditions herein conta ne 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 s sale or otherwise.
Section S. Duration. The covenants and restrictions
of this Declaration shal~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.
Section 6. Annexation. Additional residential
property and Common Area may a annexed to the Property with
the consent of two-thirds (2/3) of each class of members.
Section 7. FH~A/VA Al royal. As long as there
is a Class B membership,
the fo owing actions will require
the prior approval of the Federal Housing Administration
or the Veterans Administration: annexation of additional
properties, dedication of Common Area, and amendment of this
Declaration.
IN ~IITNESS WHEREOF, Declarant, Key Realty h Development,
Inc., a Florida Corporation, caused this Declaration of
Party Walls, Restrictions, Reserve ions, Easements nd Protective
Covenants to be executed this ~•day of 1950.
Sign d, sealed and KEY REALTY & DEL'E OP?~NT, I?~IC. ,
del' red in th a orida Corpor t on
pre n
By : ,r.
ian a ra, resi entr_- ~f;~ ::"_t
•r
i ( ORATE' SEAL) is - • `
STATE OF FLORIDA - t -
y~y4-,~,
- I HEREBY CERTIFY that on this day before me an officer
duly authorized in the State and County aforesaid to take acknowledg-
ments, personally appeared JULIAN DEMORA, President of Key Realty ~
Development, Inc., a Florida Corporation, and he acknowledged
executing the same in the presence of the above subscribing .
witnesses freely and voluntarily for the purposes therein"
expressed.
WITNESS my hand and official seal in the County and
State last aforesaid this day of 1980•
; t K - \ .
1C - - •s~S•-~
State of Florida At Larg~_~`~j=~-, ~~f~
*~iy commission expires : v ' ' ~ ~ ~ -
dpT/~tT Pvet~C i.e:E .iF ?LCii1lDA AT LARGE '•'~~i~h. .
MY Cv... • . _ - • ~ r ~ "is OCT 16 198.3_ -
- THIS INSTRU:'~NT PREPARED BY : _
Scott *i. Kenney _
Attorney At Law _
515 S. Indian River Dr.
Ft. Pierce, FL 33450
-11- ~~c337 P~cE ii24