DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...

ate of twelve percent (12%) per annum from the date due until paid. Any lien or any lien rights granted
hereunder will be subordinate and inferior in all respects to mortgage financing now or hereafter placed
on either property without need for the filing of any subordination agreement
E. Pursuant to the OEA Agreement, as amended, the Venezia and its tenants, guests and invitees
shall have access to the Docks, except for boat slips/units owned by third parties, and a right to use and
enjoy the facilities located on the Docks. In consideration for said privileges, the Venezia has agreed to
pay for one quarter (1/4) of the total maintenance costs associated with the Docks. In accordance with the
budget, attached as Exhibit “H”, the initial obligation, subject to budget changes, shall be $27,910.00 per
year payable in quarterly installments in advance on the first day of January, April, July and October of
each year.
F. If the waterway serving the Docks needs to be dredged or the Docks are damaged by
casualty, wear and tear or otherwise, and the Docks, or any part thereof, need to be repaired or replaced,
as reasonably determined by the Association, then in such event, the Association agrees that (subject to
obtaining all necessary government and regulatory approvals) it will undertake such dredging or
repair/replacement. The Board of Directors will prepare an estimated budget of the costs of such
dredging or repair/replacement and deliver the same to the Association as an estimate only; provided,
however, that the Association will not be bound by such estimate so long as it acts in a commercially
reasonable manner and engages bonded, independent third party contractor(s) to obtain all required
permits and perform the work. The Association will then apply to obtain all required governmental and
regulatory permits (including, without limitation, permits by the Army Corps of Engineers and the
Department of Environmental Protection) necessary to complete the dredging or repair/replacement and
will diligently pursue obtaining the same. If all permits are obtained, the Association will proceed with
the necessary work. The Association will bill The Docks at Bellagio for three quarters (3/4) of all
dredging or repair/replacement costs. The Docks at Bellagio and/or the owners of the boat slips in the
Docks at Bellagio will pay its portion of the costs within ten (10) days from the date written demand for
payment is made by the Association. If payment by The Docks at Bellagio and/or the owners’ of the boat
slips in the Docks at Bellagio is not promptly paid when due, then the Association may file a lien against
(i) the boat slips in The Docks at Bellagio owned by anyone who has not paid his/her special assessment,
and/or (ii) The Docks at Bellagio’s property, which lien(s) may be foreclosed in the manner of a
mortgage. Any amount due shall bear interest at the rate of twelve percent (12%) per annum from the
date due until paid. Any lien or any lien rights granted hereunder will be subordinate and inferior in all
respects to mortgage financing now or hereafter placed on either property without need for the filing of
any subordination agreement.
ARTICLE 10
SHARED RIGHTS AND EXPENSES
Pursuant to the OEA Agreement, as amended, the occupants of the Venezia Property have a nonexclusive
right, together with the Unit Owners in this Condominium, to utilize the Entryway Feature and
Main Entryway, as those terms are defined in the OEA Agreement. In accordance with the OEA
Agreement, the owner(s) of the Venezia Property have an obligation to pay the Association for a portion
of the maintenance costs for these items.
ARTICLE 11
ASSOCIATION
A. Association. Prior to the date of the recording of this Declaration there will be or has been
created under the laws of the State of Florida THE GRAND BELLAGIO AT BAYWATCH
CONDOMINIUM ASSOCIATION, INC., a corporation not-for-profit, herein called the Association,
which shall be responsible for the administration, operation, maintenance, repair and replacement of the
Condominium Property and which shall have those powers and duties set forth in the Condominium Act,
this Declaration, the Articles of Incorporation and Bylaws. A copy of the Articles of Incorporation is
attached hereto as Exhibit “D” and a copy of the Bylaws is attached hereto as Exhibit “E” and
incorporated herein by this reference.
B. Membership. Each Unit Owner shall automatically become and be a member of the
Association for so long as such Unit Owner continues to own a Unit. Upon the termination of the interest
of the Unit Owner, membership in the Association shall thereupon terminate and transfer and inure to the
new Unit Owner succeeding in interest.
C. Limitations Upon Liability of Association. Notwithstanding the duty of the Association to
maintain and repair portions of the Condominium Property, the Association shall not be liable to Unit
Owners for injury or damage to be maintained and repaired by the Association, and caused by: (i) any
latent condition of the property; (ii) the elements; or (iii) by other Unit Owners or persons; provided, that
this limitation does nothing to void or cancel any insurance carried by the Association for Unit Owners.
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