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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.
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4.4 Association means OCEAN BARBOUR CONDOMINIUM 1
ASSOCIATION, INC., a F or da not for profit corporation, its
successors and assigns.
4.5 Association Pro erties or Pro err owned b the
Association means rea property w c as een or w e ee ed to
the Assoc ation 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
BARBOUR 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- t
ing from time too
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4.7 Common Elements means the .portions of the condomin-
ium property not nc e n the apartments.
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4.8 Common Bxpenses•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,
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.
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 un is o mprovements 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 Pro err means the lands, leaseholds
and personal property t at are su 3ected to condominium ownership,
whether or not contiguous, and all improvements thereon and all i
r easements and rights appurtenant thereto intended for use in
connection with the condominium.
4.12 Institutional Mort a e means a mortgage held by a
bank, savings and loan associat on, assurance company, mortgage
bank, mortgage banker, union pension fund, or other such institu- i
tions or agencies, private or public, fn the business of provid-
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