HomeMy WebLinkAbout1541 Section 2 - Limitation of Lien
If an institutional nertgagee obtains title to a condominium
parcel as the result of foreclosure of a first mortgage thereon, or by
voluntary conveyance in lieu of such foreclosure, said mortgagee shall
not be liable for the share of any common expenses or assessments by
the association pertaining to such condominium parcel or chargeable to
the former owner thereof Which became due prior to the acquisition of
title by said mortgagee. Such unpaid share of common expenses or
assessments shall be deemed to be common expenses collectible from all
of the owners of condominium parcels including such owner, his suc-
cessors or assigns. _
XII. Termination
The condominium property and the units therein contained may
be removed from the condominium form of ownership only by written con-
sent of all of the unit owners evidenced by a recorded instrument to
that effect and upon the recording of the written consent by all of
the owners of recorded liens affecting any of the condominium parcels.
The provisions of the applicable Florida Statutes provisions
(Section 718.117) shall apply in the event of such tenafnation pur-
suant to the provisions of this paragraph XII. -
XIII: Insurance
Section 1 - Casualty Insurance
The association, through its Board of Directors, shall
purchase an insurance policy insuring the buildings and improvements
erected upon the property, and all fixtures and personal property
owned in common by the unit owners, against loss or damage by fire and
hazards covered by windstorm and extended coverage endorsement. The
association shall also purchase flood insurance where applicable.
Such policy shall be in an amount which shall be equal to the maximum
insurance replacement value as determined annually by the insurance
carrier. The policy shall be purchased in the name of the association
for the benefit of the association, the unit owners and their mortga-
gees as their interests may appear, and provision shall be made•for ;
the issuance of mortgagee endorsements to the mr~rtgagees of the
respective units.
Section 2 - Losses
In the event of loss, the association shall use the net
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