HomeMy WebLinkAbout0454acquired or charge~hle to the former Owner of the acquired
Unit which became due prior to the acquisition of the title
as a result of the foreclosure or deed in lieu of f.oreclosure
unless the share is secured by a claim of lien for assessments
recorded prior to the recording of the mortgage which is
foreclosed or for which a deed was given in lieu of foreclosure.
That unpaid share of the Common Expenses or assessments
sha1Z be C~non Expenses collectible from all of the Unit
Onwers including such acquiror, his successors and assigns.
C, The term "institutional mortgagee" as used in this
Declaration shall mean a bank~ savings and loan association,
insurance company or union pension fund authorized to do
business in the State of Florida or an agency of the linited
States Government, such as Federal National ~iortgage Association,
Federal Housing Authority or the~Veterans' Administration.
Where an institutional first mortgage by some circumstance
fails to be a first mortgage but it is evident that it is
intended to be a first mortgage, it shall nevertheless for
the purposes of this ~eclaration and the Exhibits annexed
hereto be deemed an institutional first mortgage and the
holder thereof shall be deemed an institutional first mortgagee.
ARTICLE XXI
N[AINTENANCE , ALTERATIONS AND IN',PROVE'~E?~1TS
A. Common Elements or Limited Common Elements.
(1) Maintenance and "ianagement Contracts. 'The
Board of Directors of the ~+ssociation may enter into a
contract with any firm~ person or corporation, or may join
with other Condominium Associations and entities in contracting
for the main~riance and repair of the Condominium Property
and other type praperties, and may contract for or may join
with other Condominium Associations and entities in contracting
for the management of the Condominium Propertv and other
type properties, and may delegate to the Contractor or
Manager all the powers and duties of the Association, except
such as are specifically required by this Declaration, or bv
the Bylaws or the laws of the State of Florida to have the
approval oi the Board of Directors or the membershin of the
Association.
(2) Alterations or Additions. No alterations or
additions to the Common ~lements cr Limited Common Elements
shall be made if the cost is in excess of 10% of the annual
budget of the Condominium for Common Expenses unless authorized
by the Board of Directors and ratified by not less than 75°~
of the total Unit Owners. If_ authorized as aforesaid, the
cost of the foregoing shall be assessed as Common Fxpenses.
Where any alterations or additions as aforedescribed are
exclusively or substantiall.y exclusively for the benefit of
the Unit Owner requesting same, the cost of such alterations
or additions shall be assessed against and collected solely
from the Unit Owners exclusively or substantially exclusivelv
benefiting and, if more than one Unit Owner requesting such
work is benefited thereby, the.assessment shall be levied in
such proportion as may be determined to be f_air and eauitable
by the Board of Directors of the Association. Where such
alterations or additions exclusively or substantially exclusively
benefit Unit Owners requesting same, said alterations or
additions shall only be made when authorized by the Board of
Directors and ratified by the affirmative vote of not less
than seventy-five (75%) percent of the Unit Owners exclusivelv
or substantially exclusively benef_iting therefrom; provided,
however, that where said Unit Owners are ten or l~±ss, the
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