HomeMy WebLinkAbout22934.3 Assessment means a share of the funds required for
the payment of commo~ expenses which, from time to time, are
assessed against the apartment owner.
4.4 Association means OCEAN TOWSRS OF HUTCHINSON ISLAND
CONDOMINIUM ASSOCIATION, INC., a Florida not for profit corporation,
its successors and assiqns.
4.5 Association Pro erties or Pro ert owned b the
Associatfon means real property wh ch has been or w 11 be deeded to
the Association and the improvements thereon. This real property
is not submitted to condominium ownership and, therefore, is not a
portion of the common elements of any condominium. The expenses
for the operation and maintenance of this Association Property
shall be equitably apportioned by the Association to those unit
owners Who are entitled to use the property.
4.6 B-y Laws means the By-Laws of the Association exist-
ing from time to time.
4.7 Common Elements means the portions of the condomin-
ium property not included in the apartments.
4.8 Common Expenses include:
(a) Expenses of administration;
(b) Expenses of insurance, maintenance, operation,
repair, replacement, or betterment of the common elements and of
the portions of the apartments to be main.tained by the
Association;
(c) Ex.penses of insurance, maintenance, operation,
repair, replacements or betterment of the Recreational Facilities
owned, operated, leased, or maintained by the Association;
. (d) Expenses of insurance, maintenance, operation,
repair, replacement or betterment of the sewage treatment facil-
ities owned, operated, leased or maintained by the Association.
(e) Expenses declared common expenses by provisions
of this Declaration or by the By-Laws of the Association;
(f) Any valid charge against the conc~ominium prop-
erty as a whole.
4.9 Common Surplus means the excess of all receipts of
the Association over the common expenses.
4'.~0 Condominium means that form of ownership of prop-
erty under which units of improvements are subject to ownership by
different owners, and there is appurtenant to each unit, as a part
thereof, an undivided share in the common elements.
4.11 Condominium Property means the lands, leaseholds
and personal property that are subjected to condominium ownership,
whether or not contiguous, and all improvements thereon and all
easements and rights appurtenant thereto intended for use in
connection with the condominium. -
4.12 Institutiqnal Mortgac~e means a mortgage'held by a
bank, savings and loan ass~ciatioT n, insurance company, mortgage
bank, mortgage banker, union pension fund, or other such institu-
tions or agencies, private or public, in the business of provid-
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