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Association except to a bank, life insurance company or a savings
and loan association, or to a vendor to secure a portion or all of
the purchase price. The approval of any other mortgagee may be
upon conditions determined by the Association or may be
arbitrarily withheld.
5. Exceptions: The foregoing provisions of
this section entitled "Maintenance of Community Interests" shall
not apply to a transfer to or purchase by a bank, life insurance
company or savings and loan association that acquires its title as
the result of owning a mortgage upon the apartment concerned, and
this shall be so whether the title is acquired by deed from the
mortgagor, his successors or assigns, or through foreclosure
proceedings; nor shall such provisions apply to a transfer, sale
or lease by a bank, life insurance company or savings and loan
association that so acquires the title to an apartment at a duly
advertised public sale with open bidding provided by law, such as
but not limited to execution sale, foreclosure sale, judicial sale
or tax sale. Neither shall any of the provisions of this section
apply to the sale or lease of any apartment by the Developer.
6. Unauthorized transactions: Any sale,
mortgage or lease not authorized pursuant to the terms of the
Declaration shall be void unless subsequently approved by the
Association.
7. Rights of Developer: Notwithstanding
anything herein to the contrary, until the Developer has sold all
of the apartments in INDIWE CONDOMINIUM, INC.,in each case
where the Association shall have the right to purchase an
apartment or find a purchaser by reason of its refusal to approve
a sale or other transfer, the Developer shall have the right of
f irst refusal to purchase such apartment for itself upon the same
terms and conditions available to the Association.
8. Developer's Apartments and Privileges: The
Developer, until all of the apartments in INDIVUE CONDOMINIUM,
INC. have been sold and closed, shall be irrevocably
empowered, notwithstanding anything herein to the contrary, to
sell, lease or rent apartments to any person approved by it. Said
Developer shall have the right to transact upon any condominium
property any business necessary to consummate the sale of
apartmPnts, including but not limited to the right to mainta~n
models,.have signs, staff employees and maintain offices, use the
common elements and show apartments. Any sale office, signs,
fixtures, furnishings or other tangible personal property
belonging to the Developer shall not be considered common elements
and shall remain the property of the Developer.
ARTICLE XVIII
ASSESSMENT: LIABILITY, LIEN AND ENFORCEMENT
The Condominium Association is given the authority to
administer the operation and management of the Condominium, it
being recognized that the delegation of such duties to one entity
is in the best interest of the owners of all apartment units. In
order to administer properly the operation and management of the
Condominium, the Association will incur for the mutual benefit of
all the ur,it owners of apartment units, costs and expenses which
will be continuing ar non-reoccurring costs, as the case may be.
To provide the funds necessary for such proper operation and
management, including the exercise of any right of first refusal
to purchase or lease, as herein provided and including the
maintenance of all areas and functions to be performed as provided
herein, the Rssociation has heretofore been granted the right to
make, levy and collect assessments against the owners of all
apartment units. In furtheance of said grant of authority to
Association, to make, levy and collect assessments to pay the
costs and expenses for the operation and management of the
Condominium, the following provisions shall be operative and
binding upon the owners of all apartment units, to-wit:
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