Condo Docs - Bella Vista Condominiums - Daytona Beach

Book: 5455
Page: 4535
(2) Insurance Cancellation: Written notice of the cancellation or
termination by the Association of any policies of insurance covering the
Condominium or Association property or any improvements thereon, or any fidelity
bonds of the Association except when the reason for the termination or cancellation
of the insurance policy or bond is to change insurance companies or because the
policy or bond is not needed or is not available; and
(3) Damage to Condominium: Written notice of any damage or
destruction to the improvements located on the common elements or Association
property that affects a material portion of the common elements or Association
property or the unit securing its mortgage; and
(4) Eminent Domain: Written notice of a condemnation or eminent
domain proceeding affecting a material portion of the Condominium property or the
unit securing its mortgage; and
(5) Delinquent Assessments: Written notice of failure by the owner of
a unit encumbered by a first mortgage held by such institutional mortgagee,
guarantor, or insurer to pay any assessments when such failure or delinquency has
continued for a period of 60 days or longer.
(6) Failure to Notify: The failure of the Association to send any such
notice to any such mortgagee, guarantor, or insurer shall have no effect on any
meeting, action, or thing that was to have been the subject of such notice nor affect
the validity thereof and shall not be the basis for liability on the part of the
Association.
19. ENFORCEMENT OF ASSESSMENT LIENS: Liens for assessments may be
foreclosed by suit brought in the name of the Association in the same manner as a foreclosure of a
mortgage on real property and the Association may also bring an action to recover a money
judgment. After ajudgment if foreclosure has been entered, the unit owner during occupancy, if so
ordered by the Court, shall be required to pay reasonable rental. Ifthe unit is rented or leased during
the pendency of a foreclosure action, the Association shall be entitled to the appointment of a
receiver to collect the rent. The Association shall have all the powers provided in F.S. 718.116 and
shall be entitled to collect interest at the highest lawful rate (currently 18% per annum) on unpaid
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