DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...

incident to the collection of such assessment or enforcement of such lien, whether or not legal
proceedings are initiated. The lien may be recorded among the Public Records of Pinellas County,
Florida, by filing a claim of lien therein which states the legal description of the Condominium Parcel, the
name of the record Unit Owner of the Condominium Parcel, the name and address of the Association, the
amount claimed to be due and the due dates, and said lien shall continue in effect until all sums secured
by the lien, together with all costs incurred in recording and enforcing said lien shall have been paid.
Such claims of lien may be signed and verified by any officer of the Association, or by a managing agent
of the Association. Upon full payment, the party making payment shall be entitled to a recordable
satisfaction of lien, to be prepared and recorded at his/her expense. All such liens shall be subordinate to
the lien of mortgages recorded prior to the date of recording the claim of lien, and all such liens may be
foreclosed by suit brought in the name of the Association in like manner as a foreclosure of a mortgage on
real property. The Association may also, at its option, sue to recover a money judgment for unpaid
assessments, without thereby waiving the lien securing the same. In the event an Institutional Mortgagee
of record shall obtain title to a Condominium Parcel as the result of foreclosure of its mortgage or as a
result of a conveyance in lieu of foreclosure of its mortgage, such Institutional Mortgagee, its successors
and assigns, shall not be liable for that share of the Common Expenses or assessments by the Association
chargeable to the Condominium Parcel, or the Unit Owner thereof, which became due prior to such
acquisition of title by the Institutional Mortgagee unless such share is secured by a claim of lien for
assessments that is recorded prior to the recording of its mortgage, and any such unpaid share of Common
Expenses or assessments chargeable against any such foreclosed Condominium Parcel or against a
Condominium Parcel transferred in lieu of a foreclosure, shall be deemed a Common Expense to be paid
in the same manner as other Common Expenses of the Condominium by all of the Unit Owners including
such acquirer. An Institutional Mortgagee acquiring title to a Condominium Parcel as a result of a
foreclosure or a deed in lieu of foreclosure, may not, during the period of its ownership of such parcel,
whether or not the parcel is occupied, be excused from payment of Common Expenses coming due during
the period of such ownership.
F. Joint Liability. The transferee of title to a Unit shall be jointly and severally liable with the
transferor thereof for any and all amounts owing by the transferor to the Association up to the time of the
transfer of title, without prejudice to the transferee’s right to recover from their transferor any amount
thereof paid by the transferee. The Association shall provide for the issuance to every transferee, upon
request, a certificate of all the amounts due the Association, and the transferee’s liability hereunder shall
thereupon be limited to the amount stated.
G. Foreclosure and Collection. In the event that any lien arises against a Unit due to the failure
of the Unit Owner to pay any assessments or assessment installments, and the assessments or assessment
installments remain unpaid for more than ten (10) days after they shall have become due and payable, or
the Unit Owner shall in any way default under any provisions of the Condominium Act, this Declaration,
the Articles of Incorporation and Bylaws, or the rules and regulations, the Association shall have each and
all of the rights and remedies which may be provided for in the Condominium Act, this Declaration, or
the Articles of Incorporation and the Bylaws, or which may be available at law or in equity, and may
prosecute any action or other proceedings against the defaulting Unit Owner or others or both for
enforcement of any and all liens, statutory or otherwise, including foreclosure of its liens in the manner
provided for the foreclosure of real estate mortgages and the appointment of a receiver for the Unit and
the ownership interest of the Unit Owner, or for damages or injunction of specific performance or
judgment for payment of money and collection thereof, or any combination of remedies, or for any other
relief.
H. Expenses. All expenses of the Association in the enforcement hereof, whether by legal
proceedings or otherwise, including court costs, attorney’s fees and other fees and expenses, shall, in
addition to the amount due and coming due during enforcement proceedings, be recoverable by the
Association against the defaulting Unit Owner. Such costs, fees and expenses, and all damages, liquidated
or otherwise, together with interest thereon at the maximum legal rate chargeable to an individual, shall
be charged to and assessed against the defaulting Unit Owner.
I. Cumulative Remedies. Any and all rights and remedies provided herein may be exercised at
any time and from time to time, cumulatively or otherwise. The Association’s rights and remedies may be
waived only by written authority of the Board of Directors, and any such waiver shall not constitute a
continuing waiver or be renewed or extended without such written authority.
J. Developer's Liability for Assessments. For the period commencing with the closing of the
sale of the first Unit occurs and terminating on January 15, 2004 (the “Guaranty Period”), the Developer
guarantees that the monthly Assessment for the Unit Owners shall not exceed $181.16 for Model AA
(Siena), $191.27 for Model BB (Portofino), $212.26 for Model CC (Trevi), $231.70 for Model DD
(Firenzi), $242.58 for Model EE (Toscano), $255.80 for Model FF (Frascati), $257.35 for Model GG
(Veneto), $288.45, for Model HH (Milano), $288.45 for Model II-X, $292.34 for Model II-N (Positano),
and $368.54 for Model JJ (San Pietro). The Developer agrees to pay the portion of the Common
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