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4.3 Assessment means a share of the funds required for
the payment of common expenses which, from time to time, are
assessed against the apartment owner..
4.-4 Association means OCEAN HARBOUR CONDOMINIUM
- ASSOCIATION, INC., a F or da not for profit corporation, its
successors and assigns.
4.5 Association Pro erties or Pro ert owned b -the
Association means real property w ich as een or w e dee ed to
t e Association and the improvements thereon. This real property
is not submitted to condominium ownership and, therefore, is not a
portion of the common elements of any condominium in the OCEAN
HARBOUR development. As this Association Property is deeded to the
Association, the conveyance shall contain use restrictions limiting
ownership and use to the Association and unit owners within OCEAN
HARBOUR-CONDOMINIUMS A, B, C, D and E. The expenses for-the opera-
tion and maintenance of this Association Property shall be equit- ~
ably apportioned by the Association to those unit owners who are
entitled to use the property.
4.6 B -Laws means the By-Laws of the Association exist- ~
ing from time to time. {
4.7 Common Elements means the portions of the condomin-
ium property not inc a in the apartments.
4.8 Common Expenses include: `
(a) Expenses of administration;
(b) Expenses of insurance, maintenance, operation,
repair, replacement, or betterment of the common elements and of
.the portions of the apartments to be maintained by the
Association;- -
(c) Expenses of insurance, maintenance, operation, E
repair, replacements or betterment of the Recreational Facilities ~
' owned, operated, leased, or maintained by the ASSOCiation;
(d) Expenses of insurance, maintenance, operation,
repair, replacement or betterment of the sewage treatment facil-
ities owned, operated, leased or maintained by the Association.
(e) Expenses declared common expenses by provisions
~ of this Declaration or by the By-Laws of the Association;
(f) Any valid charge against the condominium prop-
~ erty as a whole.
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I 4.9 Common Surplus means the excess of all receipts of
the Association over the common expenses.
• 4.10 Condominium means that form of ownership of prop-
erty under which units o improvements are subject to ownership by
different owners,-and there is appurtenant to each unit, as a part
thereof, an undivided share in the common elements.
4.11 Condominium Property means the lands, leaseholds
and personal property that are subjected•to condominium ownership,
~ whether or not contiguous, and all improvements thereon and all
easements and rights appurtenant thereto intended for use in
connection with the condominium.
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4.12 Institutional Mortgage means a mortgage held by a f
bank, savings and loan association, insurance company, mortgage -
bank, mortgage banker, union pension fund, or other such institu-
tions or agencies, private or public, in the business of provid-
BOOK ~ P1GE
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