HomeMy WebLinkAbout0806liability, and they shall have the right to intervene and defend.
A copy of each insurance policy obtained by the Association shall
be made available for inspection by unit owners at reasonable times.
13.3 Control of the Association. The first Board
of Directors of the Association shall remain in office, and
Developer shall control the Association until all units in the
Condominium and units projected for the balance of The Woodland
Condominium Apartments have been sold and closed, or until
Developer elects to turn over control, whichever shall first occur;
provided, hawever, such term of office of the original Directors
shall in no event extend beyond three (3) years after fifty
per cent (50$) of said units and proposed units have been sold
and closed, or three (3) months after ninety per cent (90$) of
such units have been sold and closed. Upon sale and closing of
at least fifteen per cent (15$) of the units of this condominium,
the unit owners other than Developer shall be entitled to elect
one-thi-rd (1/3) of the members of the Board of Directors. Upon the
occurrence of any of said events, a special meeting for the
purpose of electing interim Directors will be held upon due and
proper notice being given to all unit owners in accordance with
applicable law and the By-Laws of the Association. The interim
election and all subsequent elections shall take place in
accordance with the procedures set forth in the By-Laws as
applicable to regular meetings. An employee or an agent of a
business entity owner, such as Developer, shall be eligible to
serve as a Director of the Association. Developer shall be
entitled to elect at least one member of the Board of Directors of
the Association as long as Developer holds at least one (1) of
the units in the condominium for sale in the ordinary course of
business.
14. BY-LAWS. The operation of the Condominium shall be
governed by the By-Laws of the Association. No modification of or
amendment to the By-Laws shall be valid unless set forth in or
annexed to a duly recorded amendment to this Declaration in accor-
dance with the formalities set forth herein. No amendment to the
By-Laws~shall be adopted which would affect or~impair the validity
or priority of any mortgage held by an Institutional Mortgagee
covering any condominium parcel without the consent of said Insti-
tutional Mortgagee. Defects or omissions in the By-Laws shall not
affect the validity of the Condominium or title to the condominium
parcels. .
15. MAINTENANCE, ALTERATIONS AND IMPROVEMENTS.
Responsbility for the maintenance of the condominium property and
restrictions upon alterations and improvements thereof shall be as
follows:
15.1 Common Elements.
(a) The maintenance and operation of the common
elements shall be the responsibility of the Association and
shall be a common expense;
(b) There shall be no material alteration or further
substantial improvement of common elements without prior
approval, in writing, by record owners of seventy-five
per cent (75$) of all units. The cost of such alteration or
improvement shall be a special assessment and so assessed.
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FEE. KOBLEGARD 8~ TEEL. P. A.
ATTOFNEYS AT LAW
POST OFFICE BO% 1000
FORT PIERCE. FI.ORt~A 33480
T[Lt-HON[r (~Od) ~A1•5020
~~45 P~ 804
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