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nssociat.ion is at_t_ached l~erei:o as T:xhibit. "U" and incorporat.ed by
reference I~erein.
2.3 Board of Direc~:ors means t.he represent.at_ive body
responsible for t:he managemen~. of t.he Condominium and business of
t.he Associat:ion.
2.4 By-Laws means ~.he Ay-I.aws of ~.he Associat_ion, as
t_hey exist. frcm t.ime t.o t.ime. A copy of t.he dy-I.aws is af_+-aci~ed
heret=o as F.xhibit "E" and incorporat.ed herein by .reference.
2. S Common Elements means t:he port.ions of the
condominium property (including t_he i-angible personal property
required Eor t_he mainf-enance and operation of t_he condominium
property) not included in t:he unit:s; and t_he unit: owners' easement:
in and to t_he Commori Propert_y, grant_ed in Sect.ion IV of t:he
Declarat_ion of Covenant_s and Rest_rict:ions for Tarpon [3ay Yacht_
Club as recorded in Official Records Book 327, page 924, public
records of St. Lucie County, Florida.
2.6 Common Ex~enses means all expenses and assess-
ments properly incurred by t_he Associat.ion for t_he Condominium and
includes, but. is not: limit.ed t.o: t:he expenses oE administ:rat:ion
and maint.enance, operat.ion, repair and replacement of t:he common
element_s and of ihe ~ort,ions of unit_s t_o be maint_ained by the
Associat:ion; 1_axes, special assessments and ~ nsurance for t_he
common element:s; ot_her expenses declared t:o be common element:s
herein an~ in t.he By-I,aws; and any ot.her vali~i ct,arge against_ t_he
Condominium as a whole.
2.7 Common Propert_y means +.he real propert_y in St_.
Lucie Count_y, Florida more particularly described in Exhibit_ "A"
t_o t_he Declarat_ion of Covenant.s and Rest_rict_ions for Tarpon Bay
Yacht Club, as recorded at. Official Record Rook 327, Page 924,
Public Records of St. Lucie County, Florida.
2.8 Common Surplus means t_he excess of all receipt_s
of t.he Assocza+:ion, including but not_ limit.ed +_o, assessment_s,
rent:s, profi+_s and revenues on account_ of rhe common element.s,
over f_he amount of common expenses.
2.9 Condominium means all of t_he condominium
property as a whole when t_he coni.ext= so permit_s, as well
as t.hat_ form of ownership of real propert_y wliich is comprised of
unirs t:hat_ may be owned by one or more persons, and in which t.here
is appurt:enan+: t:o each unit an undivided share in t_he common
elemenks.
2.10 Condominium Act_ means Chapi.er 718, Florida
St.at:ut_es, in exist.ence as of the dat_e of t=hi~ Declarat_ion.
2.t1 Condominium Parcel means a un:t., ~_oc~~t_her wit_h
t_he undiv~ded share in t_he common element_s which is appurt.enant_ to
f_he unit_.
2.22 Condominium Proper~ means ~nd includes t.he
lands, leaseholds, and personal propert_y t_hat_ are subject t_o
condominium ownership, whet_her or not_ con~.ic~uous, all improvements
t.hereon, and all easement.s and right_s appurt_enant_ t_heret_o int_ended
for use i~ connect.ian with the Condominium.
. ~
2.13 Declaration ar Declarat_ion of Condominium means
this inst.rument as if may from t.ime t:o t_ime be amended.
. 2.14 Developer means S.C.S. TARPON BAY, INC. and
NASCO TARPOIJ BAY, INC. , bot:h Florida corporat_ions, a joint_ venture
D/B/11 TARPON BAY, it_s successors and assigns, and whoever offers
for sale condaminium parcels creat.ed herein in t_he ordinary course
DC - 2 g~~K ~~~ PdGE 10y9