HomeMy WebLinkAbout0860following officers; President, Secretary or Treasurer, or by such
officer(s) or such other person(s) as the Board of Directors may
from time to time designate.
Section 3. ~ositories: The funds of the Association
shall be deposited in a banc s) in St. Lucie County, Florida, in
an account for the Association under resolutions approved by the
Board of Directors, and shall be withdrawn only over the signature
of the Treasurer, the President or the Vice-President, or such
other person(s) as the Board may authorize. The Board may require
more than one signature on checks and bank drafts. Said funds
shall be used only for Association purposes. If necessary., a~d if
demanded by Institutional Mortgagees, separate accounts shall be
established to maintain and disburse escrow funds required by
Institutional Mortgagees to meet mortgage requirements as to
establishment of escrows for real estate taxes and insurance
respecting condominium parcels.
Section 4. Inspections and Records: The Association shall
maintain good accountinq records. All such records and any legal
documents, policies of insurance, and books of the Association
shall be open to inspection at reasonable times by members, their
authorized representatives, and all Institutional Mortgagees.
Upon request, Institutional Mortgagees shall have the right
to receive an unaudited financial statement of the Association
within ninety (90) days following the end of the fiscal year.
Section 5. Annual Statement: The Board of Directors shall
present at each annual meeting a full and clear statement of the
business and condition of the Association.
Section 6. Insurance: The Association shall procure,
maintain and keep in ~ull ~orce and effect, all insurance required
bv and in accordance with the Declarations of Condominium.
Section 7. Fidelity Bonds: Fidelity bonds may be required
by the Board of Directors from all officers and employees of the
Association and from any contractor handling or responsible for
Association funds. The premiums for such bonds shall be paid by
the Association as a common expense.
Section 8. Assessments:
(a) The Board of Directors has the power to and shall
from time to time fix and determine the amount
necessary to pay the common expenses of the
Condominiums. Common expenses include those
expenses described in Paragraph 2.6 of the
Declarations of Condor-inium and any other expenses
designated as common expenses by the Board of
Directors.
(b) Funds for the payment of common expenses shall be
assessed and be a lien against the condominium
parcels in the proportion of percentage of sharing
common expenses as provided in the Declarations of
Condominium.
(c) Regular assessments shall be paic~ by the members on
a quarterly basis unless the membership shall
approve a different peri~d for payment.
-11-
4
t
S
!~
FEE. K09LEGARD 8~ TEEL. P. A.
ATTORNEYS AT LAW
POST OFFIGE BOl( 1000
FORT PI[RC[. Fl,OR1OA 33430
T~~t~MOr+[: (]051461•5020
B~K~~ PJCE ~v'J
.._Y~ ...._~_ '~ ' .y .: .,. ~ ~
_~'C $s:`~- '~V~$k,4m~ ~ .~cr -_. T ... _. - _ Y't '~+-T`'-~~..5+'a .,