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HomeMy WebLinkAbout1039 s. foreclosure (including sale under the terms of any deed of trust or by deed in lieu of foreclosure or by any other method) or (b) at a foreclosure sale a third party acquires title to the Property, or any portion thereof, the proceeds~of which are applied to satisfy the indebtedness of the Developer to the Construction Lender, then the Construction Lender or such Purchaser shall have all of the rights, privileges, powers and benefits of the Developer under this Declaration, the Articles of Incorporation, By-Laws and Rules and Regulations of the-Association, and under the Articles of Incorporation and By-Laws of the Property Owners' Association provided for in Article XVIII hereof. - P. INSTITUTIONAL MORTGAGEE means a Bank, Savings and Loan Association, Insurance Company, or Union Pension Fund, authorized to do business in the State of Florida, an Agency of the United States Government, .a mortgage investment trust, a real estate investment trust, or a lender generally recognized in the community as an institutional type lender. The mortgage maybe placed through a Mortgage or .Title Company. Q. LIMITED COMMON ELEMENTS means those Common Elements which are reserved for the use of certain Units, to the exclusion of all other Units. R. OCCUPANT means the person or persons, other than the Unit Owner, in possession of a Unit. S. PROPERTY OWNERS ASSOCIATION means OCEAN VILLAGE PROPERTY OWNERS' ASSOCIATION, INC., a Florida corporation not for profit. T. SURVEY EXHIBITS means the legal description of the Land, the Surveyor's Certificate and the survey of the Land and graphic - description of the improvements in which Units are located and plot plan thereof which are attached as Exhibit No. "1" to this. Declaration of Condominium and incorporated herein by reference. The Survey Exhibits are "as builts" with reference to Phase (A) but are merely as projected for Phases (B)-and (C) and are subject to change: U. UNIT means a part of the Condominium Property which is to be subject to private ownership. V. UNIT OWNER means the owner or owners of a Condominium Unit. f W. Unless the context otherwise requires, all of the terms l in this Declaration shall be assumed to have the meaning attributed I to said terms by Chapter 718, Florida Statutes. i ARTICLE III - IDENTIFICATION OF UNITS A. General Descri tion of Units. Phase (A) of the Condominium Property consists essentially o all Units in the buildings located on the Land as set forth in Exhibit No. "1" attached hereto and labled as Phase (A). Buildings located on the Phase (A) Land are given identifying numbers and delineated on the Survey Exhibits collectively identified as Exhibit No. "1" attached ~ hereto. No Unit bears the same identifying number as does any other Unit. The aforesaid identifying number as to the Unit is also the identifying number as to the Parcel. The said Exhibit No. "1" also contains a Survey of the land, a graphic description ~ of the improvements in which the .Units are located, and a plot E plan and, together with this Declaration, they are in sufficient ~ r ~ ~ ? - ~ -4- R X03, - - i - :a~_ , - - - - - -