HomeMy WebLinkAbout0996 completion (as such term is used in the CONDOMINIUM ACT) of
construction of the improvementa contained in the CONDOMINIUM
PROPSRTY may not have been achieved at _the time of recording of
this DSCLARATION OF CONDOMINIUM, then, at such time as subst~ntial
completion of such improvements is achieved, an amendment to this
DSCLARATION shall be filed which shall contain an amended SXeIBIT
A which shall include the required certificate of substantial
completion from the surveyor as required by the CONDOMINIUM ACT.
2.3 RIGHT TO ALTBR. SPONSOR reserves the right to alter the
interior design, boundaries and arrangements of all UNITS as long
as SPONSOR owns the UNITS so altered. Said alterations shall be
accomplished by an amendment to this DECLARATION, which need only
be signed by SPONSOR without the approval of any other party
except for the prior written-approval of at least tWO-thirds (2/3)
of INSTITUTIONAL !~lORTGAGEBS holding first mortgages on all the
UNITS. SPONSOR shall unilaterally reapportion, if necess-ary, the
shares of ownership in the COMMON ELBMSNTS appurtenant to the
UNITS concerned.
3. DEFINITION OF TBRMS. The terms used in this DECLARATION and
the EXBIBITS attached hereto shall have the meanings stated in the
CONDOMINIUM ACT (Sec. 718.101, Fla. Stat.) and as follows, unless
the context otherwise requires.
3.1 "ARTICLES OF INCORPORATION", means the ARTICLES OF
INCORPORATION of the ASSOCIATION, heretofore file~3 in the Office
of the Secretary of State of the State of Florida, as they exist
from time to time. (EXBIBIT B)
3.2 "ASSESSMENT" means a share of the funds required for the
payment of COMMON EXPENSES which is assessed against the UNIT
OWNERS from ti~e to time.
3.3 "ASSOCIATION" means CROSSED ANCHORS II CONDOMINIUM
ASSOCIATION, INC., a non-profit Florida corporation-and its
successors, which is the entity responsible for the operation of
the CONDOl~INIUM. .
; - -
3.4 "BOARD" or "80ARD OF DIRECTORS" means the Board of -
! Directors of the ASSOCIATION responsible for the administration of
~
the ASSOCIATION. }
'j 3.5 "BY-LAWS" means the BY-LAWS of the aforedescribed
~ ASSOCIATION as they exist from time to time. (EXBIBIT C).
~ 3.6 "COMMON ELEMENTS" means the portions of the CONDOMINIUM
PROPERTY not included in the UNITS.
i
3.7 "COM!!ON EXPENSES" means all the expenses and assessments
~
properly incurred by the ASSOCIATION for this CONDOMINIUM, and all
other expenses declared.COMMON EXPENSES by provisions of this
DECLARATION. COMMON EXPENSES shall also mean any valid charge
g against the CONDOMINIUM PROPERTY as a whole. COMl~ION EXPENSES
shall include, without limitation, the expenses for sewer, water
and garbage collection.
3.8 "COMMON SURPLUS" means the excess of all receipts of the
ASSOCIATION from this CONDOMINIUM, including but not limited to,
~ assessments, rents, profits, and revenues on account of the COMMON ~
~ ELEMENTS, in excess of the amount of COMMON EXPENSES.
~ :
: 3.9 "CONDOMZNIUM" means that form of ownership of
~ CONDOMINIUl~ PROPERTY under which UNITS are subject to ownership by
~ one or more owners, and there is appurtenant to each UNIT as part
~ thereof an undivided share in the COMMON ELEMENTS. The term shall
~ also mean the CONDOMINIUM established by this DECLARATION.
~ 3.10 "CONDOMINIUM ACT" means the Condominium Act of The
; State of Florida (Florida Statutes, Chap.ter 718) in existence as ~
i
of the date of this DECLARATION. x
r
. ~R ~
Bo~,R 391 P~~E 99E ~ :
2 _
~ GARY. ~YTRYCN Q RYAN. PA_ 701 US. ONE. NORTH PALM BFJ1C41. FLORIDA 33408
Y