Condo Docs - Bella Vista Condominiums - Daytona Beach

Book: 5455
Page: 4534
payment of which shall be secured by a lien on the beneficial interest owned by each former unit
owner, which to the maximum extent permitted by law, shall be superior to, and take priority over,
all other liens.
17. PROVISIONS PERTAINING TO THE DEVELOPER: As long as the Developer
holds any unit for sale in the ordinary course of business, none of the following actions may be taken
without approval in writing by the Developer:
A. Assessment of the Developer as a unit owner for capital improvements.
B. Any action by the Association that would be detrimental to the sale of units
or the completion of the project by the Developer, including such use of unsold units and common
elements and Association property as may facilitate completion, sale, maintenance of a sales office,
showing of the property, and display of signs.
18. RIGHTS OF MORTGAGEES:
a. Partial Excusalfrom PriorAssessments: A first mortgagee who acquires
title to a unit by purchase at a foreclosure sale or by deed in lieu of foreclosure is liable for the
unpaid assessments that became due prior to the mortgagee's receipt of the deed, but in no event
shall the mortgagee be liable for more than six months of the unit's unpaid common expenses or
assessments accrued before the acquisition of the title to the unit by the mortgagee or 1% of the
original mortgage debt, whichever amount is less. This provision shall not apply unless the first
mortgagee joined the Association as a defendant in the foreclosure action. Such mortgagee may
obtain title, own, occupy, lease, sell, or otherwise dispose of such unit without the approval of the
Association. This paragraph shall be deemed amended so as to remain in conformity with the
provisions of F.S. 718.116 as it is amended from time to time.
B. Rights to Information: On receipt by the Association from any
institutional mortgagee, guarantor, or insurer of a copy of the mortgage held by such mortgagee,
guarantor, or insurer on a unit, together with a written request from such mortgagee or an insurer or
guarantor of such mortgage specifying the address to which the following items are to be sent, the
Association shall timely send to such mortgagee, insurer, or guarantor the following, for which the
Association may charge a reasonable fee:
(1) Financial Statements: A copy of a financial statement of the
Association for the immediately preceding fiscal year; and
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