DECLARATION OF CONDOMINIUM & Amendment

COVER SHEET

DECLARATION OF RESTRICTION, RESERVATIONS, COVENANTS,

CONDITIONS & EASEMENTS THE RIVERHOUSE APARTMENTS

CONDOMINIUM, INC.

FILED AT VOLUSIA COUNTY

DOCUMENT NO. 106831 APRIL 8, 1974

TOTAL PAGES 17180109 THROUGH 17180132

INCLUDES 17180109 THROUGH 17180120

PAGE 171801090 ITEM I DEVELOPMENT

THROUGH

PAGE 17180120 ITEM 15. REMEDIES

PAGES 171801210-017180132 MAPS/SHEETS

PAGES 17180126-17180132 BY-LAWS

1 EXHIBIT "B" ARTICLES I-XI

PAGES 1-7 UNDATED

17180109 BOOK PAGE

DECLARATION OF RESTRICTIONS, RESERVATIONS, COVENANTS, CONDITIONS AND EASEMENTS THE RIVERHOUSE APARTMENTS CONDOMINIUM

Eastern Development Corporation, a Florida corporation, hereinafter referred to as "Developer", as present owner of the property designated as THE RIVERHOUSE APARTMENTS CONDOMINIUM, hereby makes and declares the restrictions, Reservations, covenants, conditions, and easements set out hereafter as applicable to the property described as THE RIVERHOUSE APARTMENTS CONDOMINIUM, according to this Declaration, exhibits and plot plans.

All the restrictions, reservations, covenants, conditions and easements contained herein shall constitute covenants running with the land or equitable servitudes upon the land, as the case may be, and shall rule perpetually unless terminated as provided herein and shall be binding upon all parties or persons subsequently owning property in said condominium, and in consideration of receiving and by acceptance of a conveyance, grant, devise, lease or mortgage, all grantees, Devisees, lessees, and assigns, and all parties claiming by, through or under such persons, agree to be bound by all the provisions hereof except, however, if Developer shall convey all of the property designated as The Riverhouse Apartments Condominium to a corporate grantee, than and in such event, said Immediate grantee shall be considered as Developer herein for all intents and purposes. Both the burdens imposed and the benefits shall run with each Unit and the Interests in Common Elements and Limited Common Elements as herein defined.

1. Development of the Riverhouse Apartments Condominium.

The lands owned by Developer which are hereby submitted to the condominium form of ownership are those lands lying in Volusia County, Florida, described on Exhibit D attached hereto and made a part hereof.

Developer had the property surveyed and divided the property into 190 Living units; 1. e. Units A-101 through A-108; A-110 through A-112; A-114 through A-118; A-201 through A-212; A-214 through A-218; A-301 through A-312; A-314 through A-318; Units B-101 through B-107; B-110 through B-112; B-114 through B-117; B-201 Through B-212; B-214 through B-217; B-301 through B-312; B-314 through B-317; Units C-101 through C-107; C-110 through C-112; C-114 through C-117; C-201 through C-212- C-214 through C-217; C-301 through C-312; C-314 through C-317; Units D-101 through D-112; D-114 through D-117; D-201 through D-212; D-214 through D-217; D-301 through D-312; D-314 through D-317, and into Common Elements and Limited Common Elements, with the Intent to create a condominium project, as designated and shown on the Exhibits recorded in Map Book 33, pages 31 through 35, bearing the same name and unit number, and identifying the Units, Common Elements, and Limited Common Elements, as said terms are hereinafter defined and their respective locations and approximate dimensions, said Exhibits being designated as Exhibit A hereto, and by this reference made a part hereof.

Notwithstanding the actual location of the walls, ceilings and floors, each UNIT consists of the space bounded by the vertical projections of the Unit boundary lines shown on the plat between the horizontal planes at the floor and ceiling elevations shown.

There are LIMITED COMMON ELEMENTS appurtenant to the majority of the Units in this condominium as shown and reflected by the floor and plot plans, the same being either balconies or patios directly accessible only through an individual Unit. The Limited Common Elements known as either the balcony or patio are reserved for the use of the Units appurtenant thereto, to the exclusion of other Units, and there shall pass with a Unit, as appurtenant thereto, the exclusive right to use the Limited Common Element so appurtenant. Expenses of maintenance, repair or replacement relating to such Limited Common Elements shall be treated as and paid for as part of the common expenses of the Management Association (hereinafter specifically defined), except, however, the expense of maintenance, repair or replacement made necessary by the act of any Unit owner shall be borne by said Unit owner.

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All property Included In this condominium which is not within any living Unit and which has not been designated as Limited Common Elements, shall be deemed COMMON ELEMENTS, and has been so designated on Exhibit A.

The owner or owners of each Unit shall have a one/one hundred ninetieth (l/190th) undivided interest in and to all of the Common Elements. The Common Elements Include, but are not limited by walks, open parking spaces, swimming pool, boat docks, tennis court and club house, foundations, etc., and substantial portions of the exterior walls, floors, ceiling and walls between Units. The owner or owners of each Unit shall likewise have a one/one hundred ninetieth (l/190th) undivided Interest (and such owners shall be divided among the collective owners in the proportion of their ownership) in any common surplus.

2. Prohibition of Further Subdivision and Waiver of Partition. The space within any of the units and Common Elements shall not be further subdivided. Any undivided Interest in the Common Elements Is hereby declared to be appurtenant to each unit and such undivided Interest shall not be conveyed separately from the unit and such interest shall be deemed conveyed, devised, encumbered or otherwise included with the unit even though such interest is not expressly mentioned or described In the conveyance or other instrument. Any instrument, whether a conveyance, mortgage or otherwise, which described only a portion of the space within any unit shall be deemed to describe the entire Unit owned by the person executing such instrument and an interest in the entire area described as the Common Elements.

The Developer hereby, and each subsequent owner of any interest in a unit and in the Common Elements, by acceptance of a conveyance or any instrument transferring an interest, waives the right of partition of any interest in the Common Elements under the laws of the State of Florida as it now exists or hereafter exists until this condominium project is terminated according to the provisions hereof or by law. Any owner may freely convey an interest in a unit together with an undivided interest in the Common Elements subject to the provisions of these Declarations. The Developer hereby reserves the right to remove any party walls between any condominium units in order that the said units may be used together as one Integral unit. All assessments and voting rights, however, shall be calculated as separate units, notwithstanding that the separate units are used as one.

3. Easements. All owners of units shall have as an appurtenance to their Units a perpetual easement for ingress to and egress from their units over terraces, walks, and other Common Elements from and to the public highways bounding The Riverhouse Apartments Condominium, to the use and enjoyment of all public portions of buildings and to other common facilities (Including but not limited to utilities as they now exist) located in the Common Elements, and also that certain easement of ingress and egress for the purpose of entrance to the Condominium property which is referred to in the description set forth in Exhibit A attached hereto and made a part hereof.

All units and Common Elements and Limited Common Elements shall be subject to a perpetual easement in gross being granted to Daytona Beach Riverhouse, Inc., and its successors, for Ingress and egress for the purpose of having its employees and agents perform all obligations and duties of the corporation set forth herein.

4. Non-Profit Corporation. A Charter for Incorporation of Daytona Beach Riverhouse, Inc., (a non-profit corporation herein referred to as the Corporation and sometimes referred to as the Association) has been filed with the Office of the Secretary of State of the State of Florida, and duly processed in said office to the end that the said Charter has been granted, and the articles of incorporation and certificate of incorporation of said non-profit corporation are attached hereto, marked Exhibit C and by reference made a part hereof. The principal purpose of said Corporation is to perform the acts and the duties desirable for management of the Units and Common Elements and to levy and enforce collection of assessments as they are necessary to perform said acts and duties and all duties herein expressly or impliedly imposed upon the said Corporation.

17180111 BOOK PAGE

The Owners and all persons hereafter owning a vested present interest in the fee title to any one of the units shown on the exhibits hereto and which interest is evidenced by recordation of a proper instrument in the public records of Volusia County, Florida, shall automatically be members and their membership shall automatically terminate when they no longer own such interest.

There shall be a total of one hundred eighty-nine (189) votes to be cast by the owners of the condominium units, (which provides for Unit D-109 to be owned by the Corporation and to be used for office facilities and shall not he entitled to a vote), to be cast as follows: The owner of each condominium unit (designated as such on the exhibits attached to this Declaration) shall be entitled to cast one (1) vote. Where a condominium unit or units are owned by the managing non-profit corporation, no vote shall be allowed for such condominium unit or units. Where a condominium unit is owned by more than one person, all the owners thereof shall be collectively entitled to the vote assigned to such unit and such owners shall, in writing, designate an Individual who shall be entitled to cast the vote on behalf of the owners of such condominium unit of which he is a part until such authorization shall have been changed in writing. The term "owner" as used herein shall be deemed to include the Developer.

All of the affairs, policies, regulations and property of the Corporation shall be controlled and governed by the Board of Directors of the Corporation consisting of seven (7) members, who are all to be elected annually by the members’ entitled to vote. Each member shall be entitled to one vote for each member of the Board of Directors duly nominated. Each director shall be the owner of a condominium unit (or partial owner of a condominium unit where such unit Is owned by more than one individual), (or if a unit Is owned by a corporation, including Developer, Any duly elected officer or officers of any owner corporation may be elected a director or directors).

It shall be the duty of the Corporation to provide, through its agents and employees, for the administration, operation, maintenance, repair and replacement of the Common Elements, all exterior surfaces of the buildings and patios, except windows, sliding glass doors and screens of Individual units, whether Common Elements or a part of a unit (unless damage to same is covered by insurance carried by the nonprofit corporation or unless damage is caused by the owner of the unit:, his agent, guest or lessee), to make reasonable uniform rules and regulations from time to time as well as to perform all other duties expressly or implied set forth herein.

The By-Laws which govern and control the said Corporation, Daytona Beach Riverhouse, Inc., are attached hereto and marked Exhibit B and by reference made a part hereof.

5. Assessments. The Board of Directors of the Corporation shall approve annual budgets in advance for each fiscal year and the budgets shall project anticipated income and estimated expenses in sufficient detail to show separate estimates for insurance for fire and extended coverage, vandalism and malicious mischief for the units. Common Elements and Limited Common Areas, and public liability insurance for the Common Elements, operating expenses, maintenance expense, repairs, utilities, replacement reserve, if any, and reasonable operating reserve for the Common Elements. Failure of the Board to include any item in the annual budget shall not preclude the Board from levying an additional assessment in any calendar year for which the budget has been projected. After adoption of a budget, the Corporation shall promptly notify all owners thereof by delivering or mailing notice thereof to the voting member representing each unit at such as member's most recent address as shown by the books and records of the Corporation.

The total regular assessment against each unit (and the interest in the Common Elements appurtenant thereto) and all members owning an interest in each Unit, shall be as follows: The sum of $20.00 per month per efficiency Unit; the sum of $26.00 per month per one-bedroom Unit; the sum of $30.00 per month per two-bedroom Unit and the sum of $37.00 per month per three-bedroom unit, all payable in advance to the Corporation on the first day of each month regardless of whether or not members are sent or actually receive a written notice thereof, the first payment to be made on the first day of the month succeeding the date of the unit deed.

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BOOK PAGE

In addition, the Corporation shall have the power to levy special assessments against each unit, if necessary, to cover the aforesaid types of expenses and shall have the power to levy other special assessments as provided herein.

The record owners of each unit shall be personally liable, jointly and severally, to the Corporation for the payment of all assessments, and/or dues regular or special, made by the Corporation and for all costs of collection of delinquent assessments and/or dues. In the event assessments and/or dues against a unit are not paid within sixty (60) days after their due date, the Corporation may elect to declare all past due installments of maintenance and/or dues and all Installments to become due during the remainder of the fiscal year then due and payable in full, as if such aggregate sum had originally been stipulated to so become due and payable in full, and the Corporation shall have the right to foreclose its lien for such assessments and/or dues.

Assessments and/or dues that are unpaid for over thirty (30) days after due date shall bear interest at the rate of ten percent (10) per annum until paid.

The Association shall have a lien on each condominium parcel (the term condominium parcel" shall Include a condominium unit, its appurtenances, and the interest in the Common Elements) for any unpaid assessments and/or dues and interest thereon which has been assessed against the unit owner of such condominium parcel. The said lien shall be effective from and after the time of recording in the public records of Volusia County, Florida, (the same being the county in which the subject condominium is located) of a claim of lien stating the description of the condominium parcel, the name of the record owner, the amount due and the date when due, and the said lien shall continue in effect until all sums secured by the lien shall have been fully paid. All such claims of lien shall be signed and verified by an officer or agent of the Association. Where any such lien shall have been paid In full, the party making payment thereof shall be entitled to receive a satisfaction of such lien in such form that it may be recorded In the Public Records of Volusia County, Florida. Any and all such liens herein provided for shall be subordinate to the lien of a mortgage or other lien recorded prior to the time of recording of the claim of lien. The Board of Directors may take such action as they deem necessary to collect assessments and/or dues by personal action or by enforcing and foreclosing said lien and may settle and compromise the same if in the best Interests of the Association. The delinquent owner shall pay all costs, including reasonable attorneys' fees, for filing any action or suit enforcing and foreclosing a lien, and the lien shall be deemed to cover and secure such costs and fees. The Association shall be entitled to bid at any sale held pursuant to a suit to foreclose an assessment lien and to apply as a credit against said bid all sums due the Association which are covered by the lien enforced.

As to priority between the lien of a recorded mortgage and the lien for any assessment and/or dues, the lien for an assessment and/or dues shall be subordinate and inferior to any recorded institutional first mortgage, regardless when said assessment was due, but not to any other mortgage. For the purposes of this instrument, an "institutional first mortgage" shall be defined as a first mortgage originally executed and delivered to a bank, savings and loan association or insurance company authorized to transact business in the State of Florida. Upon recordation of the Certificate of Title issued pursuant to the foreclosure of an institutional first mortgage, or upon conveyance of title to the mortgage in lieu of foreclosure. Any lien for assessments and/or dues payable prior to such recordation shall be deemed abolished, but the lien for assessments and/or dues due and payable after the recordation of said Certificate or said conveyance of title to the mortgagee shall not be Impaired and shall be effective as to the grantee of such Certificate of Title or of such deed of conveyance.

Any person who acquires an interest in a unit, except through foreclosure of an institutional first mortgage", or conveyance of title to the mortgage in lieu of foreclosure, shall be personally liable and jointly and severally liable with the grantor, for all unpaid assessments and/or dues up to the time of the transfer of ownership. In the event a member exercises his rights of first refusal or redemption, hereinafter provided, said member shall be liable for the unpaid assessments and/or dues against the unit and shall have the right to deduct such sums from the first refusal or redemption price paid to the seller or transferor.

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Any person purchasing or encumbering a unit shall have the right to rely upon any statement made in writing by a corporate officer regarding assessments and/or dues against units which have already been made and which shall be bound thereby. No action or suit shall be brought to enforce by foreclosure any lien arising under this Declaration after two (2) years from the due date of any assessment therefore.

The Corporation may at any time require owners to maintain a minimum balance on deposit with the Corporation to cover future assessments. Said deposits shall be uniform for all units and shall in no event exceed twelve (12) months' assessment.

Anything in this Declaration, or the exhibits attached hereto, to the contrary notwithstanding, the provisions of said Declaration and exhibits (Except such provisions, not the sole opinion of the Developer, It desires to rely upon and/or enforce) attached hereto shall not become applicable, effective or binding insofar as the management of the condominium or the levying of assessments is concerned, until actual management of the condominium project Is delivered and turned over by the Developer to the nonprofit corporation mentioned hereinabove which shall be within 90 days after the filing of this Declaration of Condominium, which shall be not later than ; except, however, if on said date the Developer has titled out to individual purchasers less than ninety (90%) per cent of the condominium parcels,. it may, at its option, continued to manage the condominium project until such percentage of condominium parcels have been titled out to Individual purchasers. Until a turnover is perfected as set out above, the Developer shall retain management of the condominium project, and in so doing shall collect all assessments and/or dues, the same being payable to the Developer during this interim. Developer hereby guarantees that the monthly maintenance fees and/or dues while it is managing the development shall he the sums as set forth in paragraph numbered five (5) of this Declaration of Condominium. Also during this interim the Developer will not be liable for any accounting of any nature concerning these maintenance funds or their use or application and may use any portion of the same for capital improvements, so long as said improvements are to the condominium project. The Developer shall, during this interim, have a lien on such condominium parcel for any unpaid assessments and interest thereon, against the unit owner and condominium parcel and have the same remedies of personal action and/or foreclosure of said lien to perfect collection.

Upon turning over the management of the condominium project to the owners through their Association, the Developer shall call a meeting of the management corporation and all unit owners, and at such meeting inform transfer of the management of the condominium project to the management corporation shall be made, and the Developer shall then automatically be released of any and all types of liability to the Individual owners or their Association.

6. Sale of Units. Prior to the sale of any interest in a Unit and its appurtenances, the owner of said Unit shall notify the Board of Directors of the Corporation, in writing, of the name and address of the person to whom the proposed sale is to be made, and such other information as may be required by the Board of Directors of the Corporation. Within five (5) days, any one of three members of the Board of Directors, appointed specifically for the purpose by the President of the Corporation shall either approve or disapprove of a proposed sale, in writing, and shall notify the owner of his decision. In the event the committee falls to act or disapproves of a proposed sale, and if the member still desires to so transfer, he shall, thirty (30) days before such transfer, give written notice to the Secretary of the Corporation of his intention to sell on a certain date, and the bona fide price and other terms thereof, and the Corporation, through one of its officers, shall promptly notify the members of the date, price and terms. Members shall have the first right over non-members to accept such sale at the bona fide price and on the terms contained In the notice, provided they so notify the Secretary of the Corporation in writing of acceptance at least ten (10) days before the date of the intended transfer, which information the Corporation shall promptly forward to the owner. It shall be discretionary with the member giving notice to consummate the sale with whichever of the accepting members it chooses, and nothing hereinabove shall be construed as precluding a group of members from purchasing a unit.

 

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In the event the member giving notice receives no written notice from any member accepting his price and terms of the proposed sale on or before ten (10) days before the day given In the notice as the day of the transfer, then that member may complete the sale within a reasonable time of the day and at the price or terms given in his notice, but at no other price or terms without repeating the procedure outlined above. In the event a member makes a sale without first complying with the terms hereof, any other member shall have the right to redeem from the grantee, subject to termination, according to the provisions hereof. The member's or members' redemption rights shall be exercised by the member or members reimbursing the grantee for the monies expended and immediately after such reimbursement said grantee shall convey all of his right, title, and interest to the member or members making the redemption.

An affidavit by the Secretary of the Corporation stating that the sale of the unit and its appurtenances to certain persons was approved in all respects on a certain date, shall he conclusive evidence of such facts and from the date of approval as stated in the affidavit, the redemption rights herein afforded the members shall terminate.

An affidavit of the Secretary of the Corporation stating that the Board of Directors was given proper notice on a certain date of a proposed sale, and that the approval committee disapproved or failed to act on such proposed sale, and that thereafter all provisions thereof which constitute conditions precedent to a subsequent sale of a unit and its appurtenances have been complied with and that the sale of a unit and its appurtenances to particularly named persons does not violate the provisions thereof, shall be conclusive evidence of such facts for the purpose of determining status of those persons' title to the unit and its appurtenances transferred. Such affidavit shall not be evidence of the fact that the subsequent transfer to such persons was made at the price, terms and date stated in the notice given to the Secretary, but one Hundred fifty (150) days after date of the notice to the Board of Directors as stated in the affidavit. The redemption rights herein afforded the members shall terminate.

Notwithstanding anything to the contrary herein, the provisions of this section shall in no way he construed as affecting the rights of an institutional first mortgagee with a recorded institutional first mortgage on any unit, its appurtenance and interest in the Common Elements, in that the redemption rights as set forth herein shall remain subordinate to any such institutional first mortgage.

Notwithstanding anything to the contrary herein, the provisions of the entire Section 6 shall not be applicable to purchases at foreclosure or other judicial sales, to transfers to or from institutional first mortgagees’, transfers from or to the Developer, nor corporate grantee of all property in this condominium, which said grantee shall be considered as Developer as hereinabove set out ; nor transfers wherein an officer of the development corporation acts as agent, or if said Corporation shall be legally dissolved, wherein any one of the Developers or a member of the last Board of Directors, their Administrators or assigns, is acting as agent. The Developer and institutional first mortgagees shall have the right to transact any business that may be necessary to consummate sales of the condominium parcels, including but not limited to, the right to maintain models, have signs identifying the condominium property and advertising the sales of condominium parcels, have employees in and offices and models and other Common Elements, and use the Common Elements, and to show units. Sales office furnishings, if any, the furniture and furnishings in the model unit, if any, signs and items pertaining to sales, shall not be considered Common Elements and shall remain the property of the Developer. Further, the Developer and its employees shall have the right to exclusive possession of any sales office, if any, until such time as all condominium parcels have been sold.

The provisions of this Section 6 shall not apply to transfers by a unit owner to any member of its immediate family (viz. spouse, children or parents).

Any owner of a unit may not transfer his interest in said unit to a purchaser without simultaneously transferring his undivided interest in the Common Elements and Limited Common Areas to said purchaser.

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The purpose of the covenants in this section is to maintain a congenial residential community, and this covenant shall exist until this Declaration is modified or until the condominium project is terminated as hereinafter provided.

7. Obligations of Members. Every owner of an interest in one of the units shall (in addition to other obligations and duties set out herein):

(a) Promptly pay the assessments levied by the Corporation.

(b) Maintain In good condition and repair his unit and all interior surfaces within or surrounding his unit, including the balcony and/or patio (such as the surfaces of the walls, ceilings and floors, the windows, sliding glass doors, and screens of individual units) whether or not part of the Unit or Common Elements or Limited Common Elements, and maintain and repair the fixtures therein and pay for any utilities which are separately metered to his Unit. Said Unit shall be maintained in accordance with this Declaration and exhibits hereto, except for changes and alterations approved in writing by the Corporation.

(c) Not use or permit the use of his Unit for any purpose other than as a single family residence and maintain his Unit in a clean and sanitary manner. Nothing in this clause shall be construed to prohibit the leasing of any Unit, except for the purposes aforesaid, said leasing, however, shall be limited to the terms provided for in the By-Laws of the Corporation attached hereto and marked Exhibit B.

(d) Not make or cause to be made any structural addition or change or alteration to his Unit or to the Common Elements or Limited Common Elements without prior written consent of the Developer or a majority of the owner-members of the non-profit corporation, if management of the condominium has been turned over to it.

(e) Not permit or suffer anything to be done or kept in his Unit which will increase the insurance rates on his Unit or the Common Elements or Limited Common Elements or which will obstruct or interfere with the rights of other members or annoy them by unreasonable noises or otherwise; nor shall a member commit or permit any nuisance, immoral or illegal act in his Unit or in or on the Common Elements or Limited Common Elements.

(f) Conform to and abide by the By-Laws and uniform rules and regulations in regard to the use of Units and Common Elements and Limited Common Elements which may be adopted from time to time by the Board of Directors of the Corporation, and to see that all persons using owner's property by, through, or under him do likewise.

(g) Allow the Board of Directors or the agents and employees of the Corporation to enter any unit for the purpose of maintenance, inspection, repair, replacement of the improvements within Units or the Common Elements or Limited Common Elements, to determine compliance with these Restrictions, Reservations, Covenants, Conditions and Easements and the By-Laws of the Corporation.

(h) Show no sign, advertisement or notice of any type on the Common Elements, Limited Common Elements, or his Unit and erect no exterior antennas and aerials except as provided under uniform regulations promulgated by the Corporation. This sub-paragraph (h) shall not apply to the Developer and/or institutional first mortgagees.

__________

 

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(I) Plumbing and electrical repairs within a Unit shall be paid for and be the financial obligation of the owners of a Unit, whereas the corporation shall pay for and be responsible for repairs and electrical wiring within the Common Elements and Limited Common Elements, except, however, any plumbing and electrical repairs, whether within a Unit or Common Element or Limited Common Elements, made necessary by any act of an owner, shall be paid for by and be the financial responsibility of such owner.

8. Enforcement of Maintenance. In the event owners of a unit fail to maintain it as required herein or make any structural addition or alteration without the required written consent, the Corporation or any owner with an interest in any unit shall have the right to proceed in a court of equity to seek compliance with the provisions hereof. The Corporation shall have the right to levy at any time a special assessment against the owners of the unit for the necessary sums to put the improvements within the unit in good condition and repair or to remove any unauthorized structural addition or alteration. After making such assessment, the Corporation shall have the right to have its employees and agents enter the unit at any time to do such work as deemed necessary by the Board of Directors of the Corporation to enforce compliance with the provisions hereof.

The Board of Directors of the Corporation may enter into a contract with any firm, person or corporation for the maintenance and repair of the condominium elements and may join with other condominium corporations on contracting with the same firm, person or corporation for maintenance and repair.

The Corporation shall determine the exterior color scheme, of all buildings and shall be responsible for the maintenance thereof, and no owner shall paint an exterior wall, door, window, patio or any exterior surface, etc., at any time without the written consent of the Corporation.

In the event the Corporation fails to maintain the common property in accordance with its obligations hereunder, any owner of an interest in any unit, or institutional first mortgagee of a unit, shall, have the right to seek specific performance in a court of equity to compel the Corporation to do so, or, in the event of an emergency repairs needed to utilities, walls, etc., the "owner of an interest in any unit may give the Corporation twenty-four (24) hours' notice to repair same, and if it is not done, said owner may proceed to contract in his own name to make such repairs and the Corporation shall be obligated to reimburse said owner for the reasonable value of the repairs which were necessary and for which the Corporation has financial responsibility.

9. Destruction of Improvements and Insurance. The Corporation shall obtain fire and extended coverage insurance and vandalism and malicious mischief insurance, insuring all of the insurable improvements erected upon the property designated as The Riverhouse Apartments Condominium, for eighty per cent (80%) of the full replacement value and the premium for such coverage and all other insurance deemed desirable by the Corporation, shall be assessed against the owners of such unit as a part of the annual assessment. The Corporation shall annually make a survey and thereby determine replacement costs for insurance purposes for all then existing improvements for the ensuing year. On the basis of said survey, the Corporation shall continue to maintain the necessary fire and extended coverage and vandalism and malicious mischief insurance to assure replacement or repair to damaged improvements as hereinabove set forth. The original policy shall be held by the Corporation, with institutional first mortgagees to be named in the policy as their interest may appear, and certification of insurance shall be furnished to them.

In the event a loss occurs to any Improvement within any of the units alone, or within improvements In the Limited Common Elements, or in the event that a loss occurs to Improvements within the contiguous Common Elements or to Improvements within the common property alone, payments under the policy shall be made jointly to the Corporation and to the Institutional holders of mortgages on units; and said proceeds shall be expended or disbursed as follows:

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(a) All Corporate officers and employees handling funds shall be bonded at least to the full extent of the Insurance proceeds and other funds on hand, and all payees shall endorse the Insurance company check to the Corporation, and the Corporation will promptly contract for the necessary repairs to the Improvements within the Common Elements, Limited Common Elements, or within the damaged units.

(b) The improvements shall be completely restored and repaired. The Corporation shall negotiate and obtain a contractor willing to do the work on a fixed price basis and shall disburse the insurance proceeds and other funds in accordance with the progress payments contained in the contract between the Corporation and the contractor, which construction contract shall be subject to written approval of the institutional mortgagee or mortgagees holding a mortgage or mortgages on any damaged individual unit or units and/or its or their appurtenances. However, where the condominium project has been abandoned, as hereinafter provided for, the insurance proceeds shall be disbursed by the Corporation to the owners and mortgagees of the individual units as their interests may appear.

Under all circumstances, the Corporation hereby has the authority to act as the agent of all owners for the purpose of compromising or settling insurance claims for damage to improvements within the units, Limited Common Elements, or the Common Elements. The Corporation shall also obtain public liability insurance covering all of the common elements included in this condominium project, and also the Limited Common Elements and insuring the Corporation and the common owners as its or their interests appear, in the minimum amount of $ ________________.

10. Termination of Condominium Project. The condominium may be terminated in either of the following manners:

1. At any time when there has been total loss or destruction of the units and improvements in the Common Elements and Limited Common Elements and the members, by majority vote, vote to abandon the condominium project, said project shall be abandoned.

2. At any time, for any reason whatsoever, whether or not any destruction of the property has occurred, all of the unit owners, upon the written unanimous consent of all voting members, may remove the condominium property from the provisions of the Condominium Act by an Instrument to that effect, duly recorded, provided that the holders of all liens affecting any of the condominium parcels consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to the undivided share of the unit owner as hereinafter provided.

Upon removal of the condominium property from the provisions of the Condominium Act, the condominium shall be deemed to be owned in common by the unit owners, and the undivided share in the property owned in common by each unit owner shall be the undivided share previously owned by such owner in the Common Elements. After termination of a condominium in any manner, the liens upon condominium parcels shall be upon the respective undivided shares of the owners as tenants in common.

Additionally, after termination of the condominium project in any manner, the unit owners, at their option, upon the unanimous written consent of all such owners and of the holders of institutional first mortgage liens on any unit, may elect to immediately convey by Warranty Deed to the Corporation, all of said unit owner's right, title and interest to any unit and to the Common Elements and Limited Common Elements, provided the Corporation's officers and employees handling funds have been adequately bonded and the Corporation or any member shall have a right to enforce such conveyance by making specific performance in a court of equity.

 

 

 

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The Board of Directors of the Corporation shall then sell of the property at public or private sale upon terms approved in writing by all of the institutional first mortgagees. Upon the sale of said property, the costs, fees and charges for effecting said sale, the cost of liquidation and dissolution of the Corporation, and all obligations incurred by the Corporation in connection with the management and operation of the property up to and Including the time when distribution is made to unit owners, shall be paid out of the proceeds of said sale, and the remaining balance (hereinafter referred to as "net proceeds of sale") shall be distributed to the unit owners as follows, to-wit:

UNIT PERCENTAGE PORTION

Each Living Unit designated as an Efficiency .365%

Each Living Unit designated as one-bedroom .480%

Each Living Unit designated as two-bedroom .565%

Each Living Unit designated as three-bedroom .680%

The provisions hereinabove and hereinafter contained for determining the distributive share of each unit owner will prevail over the provisions of Section 5 and Section 1.

Upon the determination of each unit owner's share, as hereinabove provided for, the Corporation shall pay out of each unit owner's share all mortgages and other liens encumbering said unit in accordance with their priority and, upon such payment being made, all mortgagees and lien holders shall execute and record satisfactions or releases of their liens against said unit or units. Thereupon, the Directors of the Corporation shall proceed to liquidate and dissolve the Corporation, and distribute the remaining portion of each distributive share, if any, to the owner or owners entitled thereto. If more than one person has an interest in a unit, the Corporation shall pay the remaining distributive share allocable to said unit to the various owners of such unit, excepting that if there is a dispute as to the validity, priority or amount, of mortgages of liens encumbering a unit, then payment shall be made to the owner and/or owners of such unit and/or the owners and holders of the mortgages and liens encumbering said unit.

As evidence of the members' resolution to abandon passed by the required vote or written consent of the members, the President and Secretary shall effect and place In the public records of Volusia County, Florida, an affidavit stating that such resolution was properly passed or approved by the members and also shall record the written consents, if any, of institutional first mortgagees to such abandonment.

After such affidavit has been recorded, the title to said property thereafter shall be free and clear from all the restrictions, reservations, covenants, conditions and easements set forth In this Declaration, and the Purchaser and subsequent grantees of any sold property shall receive title to said lands free and clear thereof.

11. Modification, Invalidation, and Operation. These restrictions, reservations, covenants, conditions and easements, and the Bylaws which are attached hereto and made a part hereof, may be modified or amended by recording such modification in the public records of Volusia County, Florida, signed by all the owners of one hundred fifty (150) or more units and by all owners and holders of first mortgage liens on any units, except unanimous consent of the owners shall be necessary to change the vote or consent necessary to terminate the condominium project, and further except that, with the consent of all institutional first mortgagees, the Developer reserves the right to amend, modify, alter or annul any of the covenants, restrictions or conditions of this Declaration, until ninety per cent (90%) of the units have been sold and titled out to individual purchasers; and further except that the Developer, or a member of the last Board of Directors of the management corporation, their administrators, or assigns, must approve in writing of any modification or amendment of Section 6, entitled, “Sale of Unit”.

Invalidation of any of these restrictions, reservations, covenants, conditions and easements, or any provision contained in this Declaration of The Riverhouse Apartments Condominium, or in a conveyance of a unit by the Developer by judgment, court order or law, shall in nowise affect any of the other provisions which shall remain in full force and effect.

 

17180119 BOOK PAGE

In the event that any court should hereafter determine that any provision, as originally drafted herein, violates the rule against perpetuities or any other rule of law because of the duration of the period Involved, the period specified In this Declaration shall not thereby become invalid, but Instead shall be reduced to the maximum period allowed under such rule of law, and for such purpose, the measuring life shall be that of the youngest incorporator of the corporation.

These restrictions, reservations, covenants, conditions and easements, shall be binding upon and inure to the benefit of all property owners and their grantees, heirs, personal representatives, successors and assigns, and all parties claiming by, through or under any member.

12. Subordination. No breach of any of the provisions contained herein shall defeat or adversely affect the lien of any mortgage at any time made in good faith and for a valuable consideration upon said property, or any part thereof, and made by a bank, savings and loan association, or insurance company authorized to transact business in the State of Florida and engaged in the business of making loans constituting a first lien upon real property, but the rights and remedies hereby granted to the Developer, the Corporation, and the owner or owners of any part of said condominium, may be enforced against the owner of the portion of said property subject to said mortgage, notwithstanding said mortgage. The purchaser at any sale upon foreclosure shall be bound by all of the provisions herein contained, unless said purchaser be an institutional first mortgagee which had a mortgage on said unit at the time of the institution of said foreclosure action, or the Developer.

13. Improvements. Subsequent to the original construction, improvements and additions to the Common Elements may be made by the Corporation levying a special assessment, provided, however, no such special assessment shall be levied for improvements which shall exceed one fourth (1/4) of the current regular annual assessment, unless prior written unanimous consent shall be received from all voting members.

14. Interpretation. Whenever the context so requires, the use of any gender shall be deemed to include all genders, and the use of the plural shall include the singular, and the singular shall include the plural.

Provisions of this Declaration shall be liberally construed to effectuate its purpose of creating a uniform plan for the operation of a condominium.

15. Remedies for Violations. For violation or a breach of any provision of this Declaration by a person claiming by, through, or under the Developer or by virtue of any judicial proceedings, the Corporation, and the members thereof, or an institutional first mortgagee, or any of them, severally, shall have the right to proceed at law for damages or in equity to compel a compliance with the terms hereof or to prevent the violation or breach of any of them, or for such other relief as may be appropriate. In addition to the foregoing right, the Corporation shall have the right, whenever there shall have been built within the condominium any structure which is in violation of this Declaration, to enter upon the property where such violation of this Declaration exists, and summarily abate or remove the same at the expense of the owner, provided, however, the Corporation shall then make the necessary repairs or improvements where such violation occurred, so that the property shall be in the same condition as it was before said violation occurred, and any such entry and abatement or removal shall not be deemed a trespass. The failure promptly to enforce any of the provisions of this Declaration shall not bar their subsequent enforcement.

IN WITNESS WHEREOF, EASTERN DEVELOPMENT CORPORATION, a Florida corporation, has caused these presents to be signed in its name, by its President and its corporate seal affixed, attested by its Secretary this _5th_ day of _April____,A.D.1974.

EASTERN DEVELOPMENT CORPORATION

ATTEST: By

Melvin A. Robinson, President

Daniel Melnick, Secretary

WITNESSETH:

11

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BOOK PAGE

STATE OF FLORIDA )

) ss:

COUNTY OF VOLUSIA )

I HEREBY CERTIFY that on this day, before me, an officer duly authorized In the State and County aforesaid to take acknowledgements, personally appeared Melvin A. Robinson and Daniel Melnick, Resident and Secretary respectively of Eastern Development Corporation, a Florida corporation, and they acknowledged before me that they executed the above and foregoing instrument freely and voluntarily under authority vested in them by said corporation and that the seal affixed thereto is the true corporate seal of said corporation.

WITNESS my hand and official seal in the County and State last aforesaid this 5th day of April , A.D., 1974

 

 

Notary Public

 

 

 

 

Un-official re-typed copy Version 2003 A1

 

16

                AMENDMENT TO THE DECLARATION

                       OF CONDOMINIUM - THE

                      RIVERHOUSE APARTMENTS CONDOMINIUM

Know All Men. By These Presents:

WHEREAS, Section 11 of the Declaration of Restrictions,

Reservations, Covenants, Conditions and Easements of The

Riverhouse Apartments Condominium was amended at a Special

Meeting which was duly called, and

WHEREAS, the Secretary of Daytona Beach Riverhouse,

Inc. has on file documents duly signed by owners of condominium

units approving the amendment set forth hereafter,

WHEREAS, it is necessary to record the Amendment

in the public records of Volusia County, Florida so that

the Amendment will become effective.

NOW, THEREFORE, Section 11 of the Declaration of

Restrictions, Reservations, Covenants, Conditions and

Easements of The Riverhouse Apartments Condominium be and

is hereby amended to read as follows:

"11.  Modification. Invalidation, and Operation.

These restrictions, reservations, covenants,

conditions and easements, and the By-Laws

which are attached hereto and made a part

hereof, may be modified or amended by re-

cording such modification in the public

records of Volusia County, Florida, signed

by all the owners of one hundred twenty five

(125) or more units, and by all owners and

holders of first mortgage liens on any units,

except unanimous consent of the owners shall

be necessary to change the vote or consent

necessary to terminate the condominium project.

Invalidation of any of these restrictions,

reservations, covenants, conditions and ease-

ments, or any provision contained in this

Declaration of The Riverhouse Apartments

Condominium, or in a conveyance of a unit by

judgment, court order or law, shall in nowise

affect any of the other provisions which shall

remain in full force and effect.

In the event that any court should hereafter

determine that any provision, as originally

herein, violates the rule against perpetuities

or any other rule of law because of the

duration of the period involved, the period

specified in this Declaration shall not

thereby become invalid, but instead shall be

reduced to the maximum period allowed under

such rule of law, and for such purpose, the

measuring life shall be that of the youngest

incorporator of the corporation.    ^   <•' l-

These restrictions, reservations, covenants

conditions and easements, shall be binding

upon and inure to the benefit of all property

owners and their grantees, heirs, personal

representatives, successors and assigns, and

all parties claiming  by, through or under any

member”.

IN WITNESS WHEREOF, the President and Secretary

of Daytona Beach Riverhouse, Inc. have affixed their hands

and the corporate seal this 2 day of September 1981

 

 

DAYTONA BEACH RIVERHOUSE, INC

John Kolb, President

Esther Feeney, Secretary