HomeMy WebLinkAbout0446AP.TICLE XIII
ASSESS'riENTS
A, Common Expenses. The Association, through its
Board of birectors, s~iaLl have the power to fix and determine~
from time to time, the sum or sums necessary and adequate to
provide for the Common Expenses of the ('ondominium pronerty
including, but not limited to. such amounts necessary to
make up for uncollectible assessments, budget deficits and
reasonable reserves, and such other assessments as are
specifically provided for in this Declaration and the Bylaws
attached hereto. The Association shall maintain reasonable
and adequate reserves for replacement of the Common Elements
as required by law and normal deterioration; said reserves
shall be funded by the regular monthly assessments. The
procedure for the determination of such assessments shall be
as set forth in the Bylaws of the P.ssociation and this
Declaration. Each Unit Owner shall be liable for a proportionate
share of the Common Expenses as provided in Article VIII of
this Declaration.
B. Assessments Due and Interest. Assessments that are
unpaid for over fi~teen (I3) days a~er due date shall bear
interest at the rate of ten percent (10%) per annum from due
date until paid. Regular assessments shall be due and
payable monthly on the first (lst) of each month.
C. Lien for Assessments, The Association shall have a
lien on eac Condominium ~nit for any unpaid assessments,
together with interest thereon~ against the Unit Owner of
such Condominium Unit~ together with a lien on all tangible
personal property located within said Unit; such lien is
effective from and after recording a claim of lien in the
Public Records of St. Lucie Countv, Florida, statinp the
description of Che Cor_dominium Unit. the name(s) of the
record owner(s), the amount due and the due dates. Anv such
lien upon the aforesaid property shall be subordinate to
prior bona fide 2iens, including. but not limited to mortgages
of record. Reasonable attorney''s fees. including attorney's
fees for appellate proceedings, incurred by the Association
incident to the collection of such assessment or the enforcement
of such lien, together with sums advanced and vaid by the
Association in order to preserve and protect its lien, shall
be payable by the Ilnit Owner upon demand and shall be secured
by such lien.
D. Enforcement of lien. The Board of Directors may
take such action as it deems necessary to collect assessments
by personal action, or by enforcing and foreclosing said
lien, and may settle and compromise the same, if in the
Association's best interests. Said lien shall be effective
as and in the manner provided by t?~e Condominium Act, and
shall have the priorities established by said Act. The
Association shall be entitled to bid at any sale held pursuant
to a suit to foreclose an assessment lien, and to apply as a
cash credit against its bid all sums due the Association
covered by the lien enforced.
E. Institutional Mortgagee Not 1.iable. 4There the
holder of an institutionat mortgage ot record, or other
purcnaser of a Condvminium t?nit, obtains title to a Condominium
Unit as a result of foreclosure or the institutional mortgagee
of record accepts a deed to said Condominium Unit in lieu of_
foreclosure, such acquirer o£ title, its successors and
assigns, shall not be liable for the share of Common Expenses
or assessments by the Association pertainin~ to such Condominium
Unit, which became due prior to acq_uisition of title as a
.result of the foreclosure, or the acceptance of such
deed in lieu of foreclosure unless the share is secured
by a claim of lien recorded prior to the recording of said
mortgage. Such unpaid share of Common Expenses or assessments
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