HomeMy WebLinkAbout2300purchasers at judicial sales, will not be entitled to occupancy of
the apartment or enjoyment of the common elements, until such time
as all unpaid assessments due and owing by the former owners have
been paid.
9.6. Assic~nment of Claim and Lien Riqhts. The
Association, act~ng through the Board of Directors, will have the
right to assign its claim and lien rights for the recovery of any
unpaid assessments to the Developer, or to any apartment owner or
group of apartment owners, or to any third party.
10. ASSOCIATION
The operation of the Condominium will be by OCEAN TOWERS OF
HUTCAINSON ISLAND CONDOMINIUM.ASSOCIATION, INC., a Florida not for profit
corporation, membership in which is mandatory by each apartment
owner, one vote per unit. The Association will fulfill its
functions pursuant to the following provisions.
10.1. Articles of Incorporation. A copy of the Articles
of Incorporation of the Association is attached hereto as Exhibit
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10.2. The By-Laws of the Association will be the By-Laws
of the condominium, a copy of which is attached hereto as Exhibit
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1Q.3. Limitation upon Liability of Association. Not-
withstanding the duty of the Association to maintain and repair
parts of the condominium property, the Association will not be
liable to apartment owners for injury or damage, other than the
cost of maintenance and repair, caused by any latent condition of
the property to be maintained and repaired by the Association.
10.4. Restraint upon assignment of shares in assets.
The share of a member in the funds and assets of the Association
cannot be assigned, hypothecated or transferred in any manner
except as an appurtenance to his apartment.
10.5. Multiple Condominiums. The Association shall be
administering and operating other condominiums in OCEAN TOWERS. It
shall be the Association's sole responsibility and discretion to
determine which items of cost, expense and income are attributable
in their entirety to the Condominium, and which are to be
apportioned amongst more than one condominium, as well as the basis
of such apportionment, and in all events the Associations'
determination as to such attribution shall be conclusive and
binding, and all costs and expenses attributed to the Condominium,
whether in their entirety o~ as an apportionment of an:expense
shared by more than one condominium, shall constitute common
expenses of the Condominium.
11. INSURANCE
The insurance, other than title insurance, that will be
carried upon the condcminium property and the property of the
apartment owners will be governed by the following provisions:
11.1. Authority to Qurchase; named insured. Al1 insur-
ance policies upon the condominium property will be purchased by
the Association. The named insured will be the Association indivi-
dually and as agent for the apartment owners, without naming them.
Provision will be made for the issuance of mortgages endorsements
and memoranda of insurance to the mortgagees of apartment owners.
Such policies will provide that payments by the insurer for losses
will be made to'the Insurance Trustee designated below, and all ~
policies and their endorsements will be deposited with the Insur-
ance Trustee. Apartment owners may obtain coverage at their own
expense upon their personal property and for their personal liabil-
ity and living expense.
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