DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...
DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...
DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...
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<strong>DECLARATION</strong> <strong>OF</strong> <strong>CONDOMINIUM</strong><br />
<strong>FOR</strong><br />
<strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT BAYWATCH <strong>CONDOMINIUM</strong><br />
<strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT BAYWATCH LIMITED PARTNERSHIP, a Florida limited<br />
partnership, its successors, grantees and assigns (collectively, hereinafter the “Developer”), does hereby,<br />
make, declare and publish its intention to submit, and does hereby submit, in fee simple the real property<br />
hereinafter described to condominium ownership and use in accordance with Chapter 718, Florida<br />
Statutes, known and cited as the “Condominium Act,” as follows:<br />
ARTICLE 1<br />
INTRODUCTION<br />
A. Introduction. The Developer owns the fee title to real property located in Clearwater,<br />
Pinellas County, Florida, as more particularly described in Exhibit “A” attached hereto (the “Property”).<br />
B. Name of the Condominium. The name of this condominium is to be <strong>THE</strong> <strong>GRAND</strong><br />
<strong>BELLAGIO</strong> AT BAYWATCH <strong>CONDOMINIUM</strong>.<br />
ARTICLE 2<br />
SUBMISSION TO <strong>CONDOMINIUM</strong><br />
The Developer hereby submits the following property to the condominium form of ownership and<br />
use in the manner provided for in the Condominium Act:<br />
The Property, together with all improvements erected or to be erected<br />
thereon, including, without limitation, the Units and Common Elements<br />
now or hereafter situated on the Property. The Units and Common<br />
Elements are hereby declared to be subject to the restrictions, easements,<br />
liens, conditions and covenants contained in this Declaration of<br />
Condominium governing the use of the Units and Common Elements and<br />
prescribing the obligations and responsibilities incident to ownership of<br />
each Unit and its appurtenant Limited Common Elements and undivided<br />
interest in Common Elements.<br />
ARTICLE 3<br />
DEFINITIONS<br />
The terms used in the condominium documents shall have the meanings stated in the<br />
Condominium Act or as follows, unless the context requires otherwise:<br />
A. “Assessment” means amounts required for the payment of Common Expenses which, from<br />
time to time, are assessed against the Unit Owner in accordance with this Declaration of Condominium.<br />
B. “Association” means <strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT BAYWATCH <strong>CONDOMINIUM</strong><br />
ASSOCIATION, INC., a non-profit Florida corporation, or its assigns, which is and shall be responsible<br />
for the operation, administration and management of the Condominium.<br />
C. “Association Property” means that property, real and personal, in which ownership is vested<br />
in the Association for the use and benefit of the Owners.<br />
D. “Board of Directors” and “Board” means the Board of Directors of <strong>THE</strong> <strong>GRAND</strong><br />
<strong>BELLAGIO</strong> AT BAYWATCH <strong>CONDOMINIUM</strong> ASSOCIATION, INC., which shall be responsible for<br />
administration of the Association.<br />
E. “Common Elements” means the portions of the Condominium Property not included within<br />
any Unit, as further defined in Article 5 hereof.<br />
F. “Common Expenses” means all expenses which are properly incurred by the Association for<br />
the Condominium and for which the Unit Owners are liable to the Association under this Declaration of<br />
Condominium.<br />
G. “Common Surplus” means the amount by which the receipts of the Association from this<br />
Condominium and the Owners (including, but not limited to, assessments, profits, and revenues from the<br />
operation of the Common Elements) exceed the Common Expenses.<br />
H. “Condominium” means the Grand Bellagio at Baywatch Condominium.<br />
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I. “Condominium Documents” means all documents delivered in connection with this<br />
Declaration of Condominium.<br />
J. “Condominium Parcel” means each Unit, together with the undivided share in the Common<br />
Elements which is appurtenant to the Unit and all other appurtenances thereto.<br />
K. “Condominium Property” means and includes the lands, leaseholds, and personal property<br />
that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon<br />
and all easements and rights appurtenant thereto intended for use in connection with the Condominium.<br />
This includes but is not limited to: the buildings, additions and extensions; fixtures, machinery and<br />
equipment constituting a permanent part and pertaining to the service of the buildings; materials and<br />
supplies intended for use in construction, alteration or repair; yard fixtures; detachable building<br />
equipment; personal property used for the service or maintenance of the buildings; fire extinguishing<br />
apparatus; floor coverings, wall coverings and ceiling coverings not located within a Unit, and outdoor<br />
furniture.<br />
L. “Docks” shall mean and refer to an existing dock facility, a portion of which dock facility is<br />
to be a part of this Condominium and treated as a Common Element (the “Bellagio Condominium Dock<br />
Component”) and a portion of which dock facility is owned and constituted as part of The Docks at<br />
Bellagio (the “Docks Condominium Dock Component”). The Bellagio Condominium Dock Component<br />
is delineated in detail on Exhibit “B” and consists of three platforms labeled Water Sports Pavilion Deck,<br />
Entertainment Pavilion Deck and Riviera Sun Deck and three wood bridges which connect the decks to<br />
the adjacent land.<br />
M. “The Docks at Bellagio” means and refers to that certain community adjacent to the<br />
Condominium Property and being more particularly described in the Declaration of The Docks at<br />
Bellagio, a Condominium either now recorded or to be recorded in the Public Records of Pinellas County,<br />
Florida, as amended and/or supplemented from time to time, which community will be located on the real<br />
property described on Exhibit “F”. The Docks Condominium Dock Component consists of a 1,139 foot<br />
wood deck, two wood bridges connecting the wood deck to the adjacent land, and sixty-two (62) boat<br />
slips in The Docks at Bellagio, which will be sold or leased to Unit Owners in this Condominium or the<br />
fee owners or tenants of the Venezia Property. The Association shall also be deeded free of charge one<br />
(1) of the sixty two (62) slips. The actual slip number to be deeded will be determined ay the sole<br />
discretion of the Developer. The Association will pay all required assessments associated with said Slip<br />
and will hereafter promulgate rules and regulations respecting the use of said boat slip.<br />
N. “Exhibits” means the foregoing Exhibits which are hereby incorporated into this Declaration<br />
by reference thereto:<br />
1. Exhibit “A” Legal Description<br />
2. Exhibit “B” Plot Plan and Survey<br />
3. Exhibit “C” Percentage Ownership of Common Elements<br />
4. Exhibit “D” Articles of Incorporation of <strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT<br />
BAYWATCH <strong>CONDOMINIUM</strong> ASSOCIATION, INC.<br />
5. Exhibit “E” Bylaws of <strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT BAYWATCH<br />
<strong>CONDOMINIUM</strong> ASSOCIATION, INC. with attached Rules and Regulations<br />
6. Exhibit “F” Legal Description of The Docks at Bellagio Property<br />
7. Exhibit “G” Legal Description of the Venezia Property<br />
8. Exhibit “H” Proposed Budget for The Docks at Bellagio<br />
O. “Institutional Mortgagee” means any state or federally chartered bank or savings and loan<br />
associations, credit unions, mortgage companies, insurance companies, title insurance companies, pension<br />
trusts, real estate investment trusts, the United States of America, the State of Florida, any political<br />
subdivision of the State of Florida or of the United States of America (including any department or<br />
agency of any of the foregoing such as the Federal National Mortgage Association, the Federal Housing<br />
Authority and the Veterans Association), private or governmental institutions which are regularly<br />
engaged in the business of mortgage financing and/or mortgage insuring, the Developer, or any affiliate,<br />
assignee or successor in interest of any of the foregoing or a designee of any of the foregoing, owning or<br />
holding a mortgage on one or more Condominium Parcels.<br />
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P. “Limited Common Elements” means those Common Elements which are reserved for the use<br />
of a certain Unit or Units to the exclusion of other Units, as more particularly specified in this Declaration<br />
of Condominium.<br />
Q. “Special Assessment” means any assessment levied against Unit Owner or Unit Owners<br />
pursuant to this Declaration of Condominium other than the assessment required by a budget adopted<br />
annually.<br />
R. “Unit” means that portion of the Condominium Property which is subject to private<br />
ownership as further defined in Article 4 hereof.<br />
S. “Unit Owner” or “Owner” means the owner of a Condominium Parcel.<br />
T. “Venezia Property” means and refers to that certain community adjacent to the Condominium<br />
Property owned by The Grand Venezia at Baywatch Limited Partnership (“Venezia”) and being more<br />
particularly described on Exhibit “G”. The Venezia Property and this Condominium are both subject to<br />
an Operating Maintenance and Easement Agreement (“OEA Agreement”) dated January 5, 2000 and filed<br />
of record on January 13, 2000 in Official Records Book 10784, Page 1247 of the public records of<br />
Pinellas County, Florida, as amended. Pursuant to the OEA Agreement, the two properties share certain<br />
facilities as described therein (e.g. main entryway, entryway features, promenade, utility lines, and<br />
drainage facilities) and also share expenses for maintaining these items on a 50/50 basis. Cross easements<br />
are provided in the OEA Agreement over commonly used and shared facilities as described therein.<br />
There will be three (3) parking spaces located near the Docks which will be marked to indicate that they<br />
are to be exclusively used for the loading and unloading of boats by Owners who also own a boat slip in<br />
The Docks at Bellagio and by tenants of the Venezia Property who also lease a boat slip at The Docks at<br />
Bellagio. The OEA Agreement provides that the owners and occupants of the Venezia Property shall<br />
have access to and a right to use the portion of the Docks constituted as part of this Condominium and<br />
they shall bear one fourth of the costs of the same. A more detailed explanation is provided in Article 9<br />
below.<br />
U. “Voting Certificate” means a document which designates one of the Owners of a Unit, or the<br />
corporate, partnership or entity representative of an Owner of a Unit as being entitled to vote and<br />
represent the voting interest related to such Unit.<br />
ARTICLE 4<br />
<strong>THE</strong> UNITS<br />
A. Identification. Each of the Units is identified and designated as set forth in the survey<br />
contained in Exhibit “B” attached hereto and by reference made a part hereof.<br />
B. Boundaries. Each Unit consists of (1) the volumes or cubicles of space enclosed by the<br />
unfinished inner surfaces of perimeter walls, ceilings and floors of such Unit, including vents, doors,<br />
windows and such other structural elements as are ordinarily considered to be enclosures of space,<br />
together with the volume or cubicle of space enclosed by any associated terrace, (2) all interior dividing<br />
walls and partitions (including the space occupied by such interior walls or partitions but excepting loadbearing<br />
interior walls and partitions), and all screening enclosing the terraces, and the exterior balconies<br />
and deck areas abutting or appurtenant to the enclosed portions of the Unit, (3) the decorated inner<br />
surfaces of the perimeter and interior walls (including decorated inner surfaces of all interior load-bearing<br />
walls), floors and ceilings consisting of paint, dry wall, carpeting, tiles and other finishing materials<br />
affixed or installed as part of the physical structure of the Unit, and (4) all fixtures, mechanical systems<br />
and equipment installed for the sole and exclusive use of the Unit, commencing at the point of<br />
disconnection from the structural body of a building and from the utility lines, pipes, or systems serving<br />
the Unit. Pipes, wires, conduits or other utility lines or installations constituting a part of the overall<br />
systems and the structural members or portions of any kind, including fixtures within the Unit, which are<br />
not removable without jeopardizing the soundness, safety or usefulness of the remainder of the building,<br />
shall not be deemed to be a part of any Unit.<br />
ARTICLE 5<br />
COMMON ELEMENTS<br />
A. Ownership Percentage. The undivided interest in the Common Elements and Common<br />
Surplus which is appurtenant to each Unit shall be the percentage shown on Exhibit “C” attached to this<br />
Declaration of Condominium, which is the proportionate share based upon the square footage of the Unit<br />
in relation to the square footage of all Units. The undivided shares in the Common Elements appurtenant<br />
to a Unit shall remain constant unless amended in writing by the Unit Owners and the mortgagees of the<br />
Units as required by the Condominium Act.<br />
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B. Identification. The Common Elements appurtenant to each Unit shall include, but are not<br />
limited to:<br />
1. The Property.<br />
2. All parts of the improvements on the Property which are not part of the Units,<br />
including, without limitation, the foundations, roof, floors, ceilings, perimeter walls, load bearing<br />
interior walls and partitions, slabs, hallways, entrances and exits, communication ways, pipes,<br />
wire, conduits, air ducts, utility and cable television lines, and the space actually occupied by all<br />
of these items, but excluding Limited Common Elements.<br />
3. All of the parking spaces that are not assigned to any particular Unit pursuant to this<br />
Declaration of Condominium, walkways, paths, trees, shrubs, grounds and gardens, located or to<br />
be located on the Property described herein.<br />
4. All recreational facilities including, but not limited to, the clubhouse, tennis court,<br />
gazebos, pool, pool deck, volleyball court, playground, and that portion of the Docks constituted<br />
as part of this condominium located or to be located on the Condominium Property described<br />
herein and shown on Exhibit “B”. The recreational facilities may be expanded or additional<br />
facilities added without the need for the consent of the Association or the Unit Owners.<br />
5. All other elements of the Condominium improvements of common use or necessary<br />
to their existence, upkeep and safety, and all other devices or installations within the<br />
Condominium Property existing for common use.<br />
C. The following nonexclusive perpetual easements are expressly provided for and reserved in<br />
favor of the Unit Owners and occupants of the Condominium Property, their guests and invitees, as<br />
follows:<br />
1. Each Unit shall have an easement of support and of necessity and shall be subject to<br />
an easement of support and necessity in favor of all other Units and the Common Elements.<br />
2. Nonexclusive easements are reserved through the Condominium Property as may be<br />
required for utility and other services, cable television (if any), and drainage in order to serve the<br />
Condominium adequately, provided, however, such easements shall be only according to the<br />
plans and specifications for the Condominium Property, unless a modification is approved in<br />
writing by all Unit Owners whose Unit is affected by the modification. No Unit Owner may do<br />
anything within or outside his/her Unit that interferes with or impairs, or may interfere with or<br />
impair, the provision of drainage, utility, cable television (if any) and other services or the use of<br />
these easements. The Association or its designee shall have the irrevocable right of access to<br />
each Unit during reasonable hours, when necessary for maintenance, repair or replacement of any<br />
Common Elements contained in the Unit or elsewhere in the Condominium Property, and in the<br />
event of emergency repairs, to remove any Improvements interfering with or impairing such<br />
facilities or easements herein reserved; provided such right of access, except in the event of an<br />
emergency, shall not unreasonably interfere with the Unit Owner's permitted use of the Unit, and<br />
except in the event of an emergency, entry shall be made on not less than one (1) day's notice.<br />
3. A nonexclusive easement shall exist for ingress and egress over, through and across<br />
sidewalks, paths, walks, halls, lobbies, center cores, and other portions of the Common Elements<br />
as may be from time to time intended and designated for such purpose and use, and for vehicular<br />
and pedestrian traffic over, through and across the streets and walks and other rights-of-way<br />
serving the Units; and such nonexclusive easements shall be for the use and benefit of the Unit<br />
Owners, and those claiming by, through, or under the aforesaid; provided, however, nothing<br />
herein shall be construed to give or create in any person the right to park upon any portion of the<br />
Condominium Property except to the extent that space may be specifically designated or assigned<br />
for parking purposes. Any lien now or hereafter encumbering such easements (other than those<br />
on Condominium Parcels) shall automatically be subordinate to the rights of Unit Owners with<br />
respect to such easements. In addition the Developer and its successors or assigns, any<br />
mortgagee of the Developer, shall have a nonexclusive easement for ingress and egress over,<br />
through and across any and all streets and/or roadways situate on the Condominium Property.<br />
4. If (a) any portion of the Common Elements encroaches upon any Unit; (b) any Unit<br />
encroaches upon any other Unit or upon any portion of the Common Elements; or (c) any<br />
encroachment shall hereafter occur as a result of settling or shifting of the Improvements, any<br />
alteration or repair to the Common Elements made by or with the consent of the Association, or<br />
any repair or restoration of the Improvements (or any portion thereof) or any Unit after damage<br />
by fire or other casualty or after any taking by condemnation or eminent domain proceedings of<br />
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all or any portion of any Unit or the Common Elements, then, in any such event, a valid easement<br />
shall exist for such encroachment and for the maintenance of the same so long as the same exists.<br />
D. The Association (including its designees, contractors, successors and assigns) shall have the<br />
right, in its and their sole discretion, at any time or times to enter the Condominium Property and take all<br />
other action necessary or convenient for the purpose of completing construction, remodeling or operating<br />
any part or parts of the Condominium Property, of any improvements or Units located or to be located on<br />
or as part of the Condominium Property. The Association shall repair, replace and maintain the Common<br />
Elements or any part thereof.<br />
E. The Developer and its designees, successors and assigns shall have the right to use any Units<br />
owned by Developer and parts of the Common Elements for model Units and sales offices, to show Units<br />
and the Common Elements to prospective purchasers and tenants of Units or of other apartments on the<br />
Condominium Property, to erect on the Condominium Property signs and other promotional materials to<br />
advertise Units for sale or lease (without regard to the size or aesthetic qualities of the materials) and to<br />
take any and all actions which, in the Developer's opinion, may be helpful for selling or leasing Units or<br />
for promoting the Condominium Property and its operations generally.<br />
F. The Developer (so long as it owns any Units) and the Association, on their behalf and on<br />
behalf of all Unit Owners (each of whom hereby appoints the Developer and the Association irrevocably<br />
as his/her attorney-in-fact for this purpose), shall each have the right to grant access easements and<br />
electric, drainage, gas, cable television (if any) and other utility or service easements on, in or over any<br />
portion of the Condominium Property, and to relocate any existing access, utility or service easements or<br />
drainage facilities (subject to applicable restrictions) on, in or over any portion of the Condominium<br />
Property, in any such case as the Developer or the Association (as the case may be) deems necessary or<br />
desirable for the proper operation and maintenance of all or any portion of the Condominium Property,<br />
for the general health or welfare of the Unit Owners, for carrying out any provisions of this Declaration,<br />
or otherwise, provided that the easements thus granted or relocated will not prevent or unreasonably<br />
interfere with the reasonable use of the Units for their intended purposes.<br />
G. It is the intention of this Declaration that the Common Elements outlined in this Article 5, are<br />
to be subject to the various easements created by this Declaration and all exhibits attached hereto, in favor<br />
of all Unit Owners, their mortgagees, heirs, personal representatives and assigns, and that the general<br />
reservation herein of said easements would fulfill said intent. However, if the intended creation of any or<br />
all of the aforesaid easements should fail because of a lack of grantee who has the capacity to take and<br />
hold the said easements (such as future Unit Owners of the Condominium Property, their mortgagees,<br />
heirs, successors, personal representatives and assigns) then and in such event, any easements, license or<br />
right-of-way, not deemed to be created as aforedescribed shall be considered as having been granted<br />
directly to the Association for the purpose of allowing the original party to whom the easement or license<br />
or right-of-way was originally granted, the benefit of said easement or license or right-of-way.<br />
H. Right to Use. All Unit Owners shall have the right to use the Common Elements, subject to<br />
the terms and conditions set forth herein. Such rights shall extend to the Unit Owners, members of their<br />
immediate families, their guest and other authorized occupants and visitors of a Unit Owner. Use of the<br />
Common Elements and rights of the Unit Owners with respect thereto shall be subject to and governed by<br />
the provisions of the Condominium Act, this Declaration, the Articles of Incorporation, Bylaws and rules<br />
and regulations of the Association.<br />
I. Easements over The Docks at Bellagio. Each Unit Owner, and each agent and invitee of such<br />
Unit Owner, shall have the right to use and enjoy the Common Areas located on The Docks, including<br />
without limitation the Docks, pier and any promenade located thereon for use in common with all other<br />
Unit Owners and the owners and occupants of The Docks at Bellagio, their agents and invitees but,<br />
specifically, there shall be no right or privilege to utilize the boat slips/units constituting The Docks at<br />
Bellagio.<br />
J. Easements over the Venezia Property Pursuant to the OEA Agreement. Each Unit Owner,<br />
and each agent and invitee of such Unit Owner, shall have a permanent and perpetual non-exclusive<br />
easement for ingress and egress for pedestrian traffic over and across promenade situated on the Venezia<br />
Property and the gazebos located on the Venezia Property for use in common with all other Unit Owners<br />
and the owners and occupants of the Venezia Property, their agents and invitees. The owners and<br />
occupants of the Venezia Property shall have a reciprocal permanent and perpetual non-exclusive<br />
easement for ingress and egress for pedestrian traffic over and across the promenade situated on the<br />
Condominium Property and the gazebos located on the Condominium Property for use in common with<br />
all other owners and occupants of the Venezia Property and the Unit Owners, their agents and invitees.<br />
The foregoing cross easement rights were established pursuant to the OEA Agreement as aforedescribed.<br />
An easement of ingress and egress is hereby granted to the occupants of the Venezia Property over the<br />
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streets as now constituted or hereafter modified from time to time, for the limited purpose of gaining<br />
access to the Docks.<br />
K. Any easement, whether heretofore or hereafter created under and pursuant to this Declaration<br />
of Condominium, shall be nonexclusive in nature and shall constitute a covenant running with the land of<br />
the Condominium, and notwithstanding any other provisions of this Declaration, may not be substantially<br />
amended or revoked in such a way as to unreasonably interfere with its proper and intended use and<br />
purpose and shall survive the termination of the Condominium. The Unit Owners do hereby designate the<br />
Developer and/or the Association as their lawful attorney-in-fact to execute any and all instruments on<br />
their behalf for the purpose of creating all such easements as are contemplated by the provisions hereof.<br />
ARTICLE 6<br />
LIMITED COMMON ELEMENTS<br />
Limited Common Elements created by this and reserved for the exclusive use of a certain Unit to<br />
the exclusion of others shall consist of the following:<br />
A. Patio/Balcony. The patio/balcony area adjacent to a Unit shall be a Limited Common<br />
Element for the exclusive use of the occupants of said Unit.<br />
B. Parking Spaces. There are four types of parking available in the Condominium:<br />
1. There are six (6) stand alone parking garages each containing six parking spaces as<br />
shown on Exhibit “B”. These parking spaces shall be assigned by Developer to a particular Unit<br />
for the Unit Owner’s exclusive use and shall be considered as Limited Common Elements.<br />
2. There are one hundred fifty five (155) parking garages attached to buildings<br />
comprising the Condominium all as shown on Exhibit “B”. These parking garages contain in the<br />
aggregate two hundred thirty two (232) parking spaces. These parking spaces shall be assigned<br />
by Developer to the particular Unit in the building to which they are attached for the exclusive<br />
use of the occupant(s) of said Unit(s) and shall be considered as Limited Common Elements.<br />
3. There are two hundred thirty two (232) open air parking spaces adjacent to each<br />
building as shown on Exhibit “B”. These parking spaces shall be assigned to a particular Unit<br />
located in the building to which they are attached for the exclusive use of the occupant(s) of said<br />
Unit(s) and shall be considered as Limited Common Elements. These parking spaces are<br />
“tandem” in nature (one in front of the other without separation) to those described under<br />
subsection 2 of this Article. Accordingly, the Unit that is assigned a space in subsection 2 of this<br />
Article will also be assigned the corresponding tandem parking space under this subsection<br />
4. There are two hundred eighty two (282) open air parking spaces as shown on Exhibit<br />
“B” which are not associated with any particular building. A portion of these parking spaces will<br />
be assigned by Developer to a particular Unit for the exclusive use of the occupant(s) of said<br />
Unit(s) and shall be considered as Limited Common Elements. Any or all of the remaining<br />
unassigned parking spaces may be designated by the Developer as guest or visitor parking to be<br />
utilized on a first come, first served basis and such guest/visitor parking shall be considered as<br />
Common Elements. Notwithstanding the foregoing, as set forth above in Article 3 Section S,<br />
three (3) parking spaces located near the Dock will be marked for the exclusive use of loading<br />
and unloading of boats by Unit Owners who also own a boat slip in The Docks at Bellagio and by<br />
tenants of the Venezia Property who lease a boat slip at The Docks at Bellagio.<br />
C. Each Unit shall be entitled to the exclusive use of any assigned parking space(s) which is<br />
constituted as a Limited Common Element for such Unit. The Developer shall assign parking space(s) to<br />
each Unit on or before the date upon which the Developer conveys such Unit to a purchaser. The right to<br />
the exclusive use of the parking space assigned to a Unit shall pass with title to the Unit without further<br />
need for assignments or reference to such parking space. However, the Board of Directors of the<br />
Association shall, upon a written direction from the Unit Owner to which such parking space has been<br />
assigned, change said assignment, provided that no changes to assigned parking space may be made<br />
without the Developer’s express written consent so long as the Developer owns any Units, and further<br />
provided that no change shall be made which shall result in any Unit having less than one parking space<br />
assigned to it. All assignments or changes in assignments made pursuant to this provision shall be in<br />
writing but shall not be recorded in the Public Records. A copy of the assignment shall be furnished to<br />
the Board of Directors.<br />
D. An assignment of any parking space grants only the exclusive use thereof and does not<br />
convey any title thereto. Parking spaces are Limited Common Elements appurtenant to the Units to<br />
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which they are assigned and any transfer of title to a Unit (including transfers by operation of law) shall<br />
operate to transfer the exclusive use of the Unit's then appurtenant parking spaces.<br />
E. The Developer reserves the right, in its sole and absolute discretion, to pave additional areas<br />
to add up to forty (40) more parking spaces and assign such spaces to particular Units. Such additional<br />
spaces shall be located in the vicinity of Buildings 1, 2, 3, and 4 as shown on Exhibit “B”. The Developer<br />
reserves the right, in its sole and absolute discretion, to purchase additional land from the owners of the<br />
Venezia Property to add the referenced parking spaces.<br />
F. Storage Rooms. Storage rooms will be assigned by the Developer for the exclusive use of the<br />
Unit to which they have been assigned on a first come first serve basis. A sales fee will be charged per<br />
storage room assigned, which shall be retained by Developer.<br />
G. Assignment. Subject to the following sentence, once a Limited Common Element is assigned<br />
to a Unit (to wit: a storage space or a parking space), it may not thereafter be transferred or reassigned<br />
without the express written consent of the Developer as long as it owns any Unit. The Limited Common<br />
Element assigned to a Unit shall be appurtenant to and constitute part of such Unit and will be deemed to<br />
be transferred to a successor title holder regardless of whether or not reference is made to the same in the<br />
deed of conveyance.<br />
ARTICLE 7<br />
SURVEY, GRAPHIC DESCRIPTION AND FLOOR PLAN<br />
A survey of the land and a graphic description of the improvements in which Units are located<br />
and a plot plan thereof are attached hereto as a part of Exhibit “B”. This Declaration, in order further to<br />
define and identify the Units and Common Elements of the Condominium Property, including any and all<br />
present and future improvements thereof, hereby declares that the Condominium Property is subdivided<br />
into a total of 311 Units, as shown on the schematics contained in Exhibit “B” hereto, each of which shall,<br />
together with the appurtenances, constitute a separate parcel of real property.<br />
ARTICLE 8<br />
COMMON EXPENSES<br />
A. Share of Common Expenses. Each Unit Owner shall be assessed his/her proportionate share<br />
of the expenses of maintenance, repair, replacement, administration and operation of the Common<br />
Elements and Association Property, and of the taxes and assessments levied thereon, which expenses are<br />
hereinafter referred to collectively as Common Expenses. The proportionate share of the Common<br />
Expenses of each Unit Owner shall be the same as such Unit Owner’s share of the Common Elements, as<br />
set forth in Article 5 Section A above. Payment thereof shall be in such installations and at such times as<br />
may be provided in the Bylaws. In the event of the failure of a Unit Owner to pay his/her proportionate<br />
share when due, the amount thereof shall constitute a lien on his/her Unit as provided by the<br />
Condominium Act and described in Section E below.<br />
B. Amendment to Shares. The proportionate share of the Common Expenses attributable to each<br />
Unit may be amended only with the written consent of the Unit Owner and the mortgagee or mortgagees<br />
of the Unit, and approval of not less than a majority of the total voting interests of the Association.<br />
C. Uncollectible Assessments. If the Board of Directors decides that any unpaid assessment is<br />
uncollectible, it shall become a Common Expense, collectible from all of the Unit Owners including an<br />
acquirer of the Unit where the assessment was determined to be uncollectible. Additionally, a Unit<br />
Owner shall be jointly and severally liable with the previous Unit Owner for all unpaid Assessments that<br />
came due up to the time of the conveyance, without prejudice to any right the Unit Owner may have to<br />
recover from the previous Unit Owner the amounts paid by the grantee Unit Owner.<br />
D. Interest; Application of Payments. Assessments and installments on such assessments paid<br />
on or before ten (10) days after the date when due, shall not bear interest, but all sums not paid on or<br />
before ten (10) days after the date when due shall be subject to a late charge equal to the greater of $25.00<br />
or five percent (5%) of the assessment for each delinquent installment. All payments on account shall be<br />
first applied to late charges and then to the assessment payment first due. In addition to the foregoing, the<br />
Association may charge the Unit Owner for administrative and other expenses incurred by it in collecting<br />
such delinquencies, including without limitation, attorney's fees, whether or not an action is commenced.<br />
E. Lien for Assessments. The Association shall have a lien against each Condominium Parcel<br />
for any unpaid assessments owed by the Unit Owner thereof. The lien shall terminate one year after<br />
recording a Claim of Lien in the Public Records unless an action to enforce said lien is commenced within<br />
such year in a court of competent jurisdiction. The lien shall also secure interest and late fees on the<br />
unpaid assessments and reasonable attorneys' fees and other expenses incurred by the Association<br />
7
incident to the collection of such assessment or enforcement of such lien, whether or not legal<br />
proceedings are initiated. The lien may be recorded among the Public Records of Pinellas County,<br />
Florida, by filing a claim of lien therein which states the legal description of the Condominium Parcel, the<br />
name of the record Unit Owner of the Condominium Parcel, the name and address of the Association, the<br />
amount claimed to be due and the due dates, and said lien shall continue in effect until all sums secured<br />
by the lien, together with all costs incurred in recording and enforcing said lien shall have been paid.<br />
Such claims of lien may be signed and verified by any officer of the Association, or by a managing agent<br />
of the Association. Upon full payment, the party making payment shall be entitled to a recordable<br />
satisfaction of lien, to be prepared and recorded at his/her expense. All such liens shall be subordinate to<br />
the lien of mortgages recorded prior to the date of recording the claim of lien, and all such liens may be<br />
foreclosed by suit brought in the name of the Association in like manner as a foreclosure of a mortgage on<br />
real property. The Association may also, at its option, sue to recover a money judgment for unpaid<br />
assessments, without thereby waiving the lien securing the same. In the event an Institutional Mortgagee<br />
of record shall obtain title to a Condominium Parcel as the result of foreclosure of its mortgage or as a<br />
result of a conveyance in lieu of foreclosure of its mortgage, such Institutional Mortgagee, its successors<br />
and assigns, shall not be liable for that share of the Common Expenses or assessments by the Association<br />
chargeable to the Condominium Parcel, or the Unit Owner thereof, which became due prior to such<br />
acquisition of title by the Institutional Mortgagee unless such share is secured by a claim of lien for<br />
assessments that is recorded prior to the recording of its mortgage, and any such unpaid share of Common<br />
Expenses or assessments chargeable against any such foreclosed Condominium Parcel or against a<br />
Condominium Parcel transferred in lieu of a foreclosure, shall be deemed a Common Expense to be paid<br />
in the same manner as other Common Expenses of the Condominium by all of the Unit Owners including<br />
such acquirer. An Institutional Mortgagee acquiring title to a Condominium Parcel as a result of a<br />
foreclosure or a deed in lieu of foreclosure, may not, during the period of its ownership of such parcel,<br />
whether or not the parcel is occupied, be excused from payment of Common Expenses coming due during<br />
the period of such ownership.<br />
F. Joint Liability. The transferee of title to a Unit shall be jointly and severally liable with the<br />
transferor thereof for any and all amounts owing by the transferor to the Association up to the time of the<br />
transfer of title, without prejudice to the transferee’s right to recover from their transferor any amount<br />
thereof paid by the transferee. The Association shall provide for the issuance to every transferee, upon<br />
request, a certificate of all the amounts due the Association, and the transferee’s liability hereunder shall<br />
thereupon be limited to the amount stated.<br />
G. Foreclosure and Collection. In the event that any lien arises against a Unit due to the failure<br />
of the Unit Owner to pay any assessments or assessment installments, and the assessments or assessment<br />
installments remain unpaid for more than ten (10) days after they shall have become due and payable, or<br />
the Unit Owner shall in any way default under any provisions of the Condominium Act, this Declaration,<br />
the Articles of Incorporation and Bylaws, or the rules and regulations, the Association shall have each and<br />
all of the rights and remedies which may be provided for in the Condominium Act, this Declaration, or<br />
the Articles of Incorporation and the Bylaws, or which may be available at law or in equity, and may<br />
prosecute any action or other proceedings against the defaulting Unit Owner or others or both for<br />
enforcement of any and all liens, statutory or otherwise, including foreclosure of its liens in the manner<br />
provided for the foreclosure of real estate mortgages and the appointment of a receiver for the Unit and<br />
the ownership interest of the Unit Owner, or for damages or injunction of specific performance or<br />
judgment for payment of money and collection thereof, or any combination of remedies, or for any other<br />
relief.<br />
H. Expenses. All expenses of the Association in the enforcement hereof, whether by legal<br />
proceedings or otherwise, including court costs, attorney’s fees and other fees and expenses, shall, in<br />
addition to the amount due and coming due during enforcement proceedings, be recoverable by the<br />
Association against the defaulting Unit Owner. Such costs, fees and expenses, and all damages, liquidated<br />
or otherwise, together with interest thereon at the maximum legal rate chargeable to an individual, shall<br />
be charged to and assessed against the defaulting Unit Owner.<br />
I. Cumulative Remedies. Any and all rights and remedies provided herein may be exercised at<br />
any time and from time to time, cumulatively or otherwise. The Association’s rights and remedies may be<br />
waived only by written authority of the Board of Directors, and any such waiver shall not constitute a<br />
continuing waiver or be renewed or extended without such written authority.<br />
J. Developer's Liability for Assessments. For the period commencing with the closing of the<br />
sale of the first Unit occurs and terminating on January 15, 2004 (the “Guaranty Period”), the Developer<br />
guarantees that the monthly Assessment for the Unit Owners shall not exceed $181.16 for Model AA<br />
(Siena), $191.27 for Model BB (Portofino), $212.26 for Model CC (Trevi), $231.70 for Model DD<br />
(Firenzi), $242.58 for Model EE (Toscano), $255.80 for Model FF (Frascati), $257.35 for Model GG<br />
(Veneto), $288.45, for Model HH (Milano), $288.45 for Model II-X, $292.34 for Model II-N (Positano),<br />
and $368.54 for Model JJ (San Pietro). The Developer agrees to pay the portion of the Common<br />
8
Expenses during the Guaranty Period which exceed the amount assessed against Unit Owners. In<br />
consideration of said guaranty, the Developer shall be excused from paying monthly Assessments for<br />
Units which it owns during the Guaranty Period. After the initial stated period, the Developer may, from<br />
time to time, and at any time, in its sole discretion, extend the Guaranty Period for one or more additional<br />
six (6) month periods by instrument in writing delivered to the Association.<br />
K. Working Capital Fund. The Developer will cause to be collected from the initial purchaser of<br />
a Unit a fee equivalent to two month's maintenance for said Unit, except such fee shall not be due in<br />
connection with a sale of Units to a successor Developer, but such successor Developer shall collect the<br />
same at the time it sells each such Unit. These monies will be turned over to the Association within sixty<br />
(60) days after the closing of the sale of the Unit and used for unforeseen capital expenditures or to<br />
purchase additional equipment or services or for maintenance cost overruns once the Developer no longer<br />
guarantees the monthly Assessments. Notwithstanding the foregoing, initial contributions will not be<br />
used for payment of Common Expenses until the expiration of the Guaranty Period.<br />
ARTICLE 9<br />
<strong>THE</strong> DOCKS<br />
A. The Developer has constructed a total of sixty-two (62) slips and associated improvements<br />
and has condominiumized the same, which are designated hereunder as “The Docks at Bellagio.” The<br />
slips are accessible by the Docks, a portion of which is the Bellagio Condominium Dock Component and<br />
treated as a Common Element of this Condominium and a portion of which is the Docks Condominium<br />
Dock Component which is owned and constitutes a part of The Docks at Bellagio. The Developer as<br />
owner of all of the Docks herein and hereby grants non exclusive perpetual easements over all of the<br />
Docks, excluding the boat slips/units owned by third parties, to the Unit Owners and to the owners of the<br />
slips in The Docks at Bellagio and their respective, lessees, guests, and invitees.<br />
B. The Association will be responsible for the maintenance of the Docks (other than those<br />
limited common elements, if any, that are required to be maintained, repaired or replaced by the owners<br />
of a boat slip in accordance with the provisions of the declaration of condominium of The Docks at<br />
Bellagio). Such maintenance costs shall be a common expense of the Docks.<br />
C. In the event that the Association does not comply with the maintenance requirements set forth<br />
above, the owner’s association for The Docks at Bellagio may notify the Association and give them thirty<br />
(30) days to correct any maintenance deficiencies, provided if the deficiencies can not be corrected within<br />
said thirty (30) day period, the Association shall have additional time to complete the required<br />
maintenance so long as the corrective work is commenced within the thirty (30) day period and diligently<br />
pursued to completion. If such corrective action is not timely undertaken and diligently pursued to<br />
completion, then the owner’s association for The Docks at Bellagio, may perform the same. To the extent<br />
that the owner’s association for The Docks at Bellagio performs maintenance, repairs or replacements<br />
pursuant to this section, the costs of which are to be shared between the two condominiums as set forth in<br />
Section D below, then, the Association will pay its proportionate share of said costs within thirty (30)<br />
days of being provided with written notice specifying the amount of any costs incurred by The Docks at<br />
Bellagio. If not promptly paid, then The Docks at Bellagio may undertake legal action against the<br />
Association for unpaid amounts. Any amount due shall bear interest at the rate of twelve percent (12%)<br />
per annum from ten (10) days after the date due until paid.<br />
D. Attached hereto as Exhibit “H” is a preliminary budget for operation of the Docks. As set<br />
forth above the Docks Condominium Dock Component is part of The Docks at Bellagio and the Bellagio<br />
Condominium Dock Component is part of this Condominium. As it is impossible to realistically assign<br />
maintenance and operating obligations between the two condominiums, it is agreed that the Association<br />
will maintain all of the Docks and will bill The Docks at Bellagio Condominium one half (1/2) of all<br />
maintenance, repair, replacement and operation costs related to the Docks in accordance with an approved<br />
budget. The Docks at Bellagio will pay its respective obligations on a quarterly basis in advance on the<br />
first day of January, April, July and October of each year. The Association will prepare a budget on an<br />
annual basis and will submit said proposed budget to The Docks at Bellagio for its reasonable approval.<br />
Once approved, the budget shall control with respect to quarterly payments due by The Docks at Bellagio.<br />
If disapproved, the prior year’s budget shall control with a ten percent (10%) increase; in the alternative,<br />
either party may request that the amount of the budget be determined by binding arbitration conducted by<br />
a single arbiter selected by the Association; provided until any such arbitration proceeding is completed,<br />
the Docks will be operated at 110% of the prior year’s budget. Such arbitration shall determine the<br />
amount of the budget for the following year and shall be binding on both parties. The arbitration shall be<br />
binding on all parties and performed in accordance with the rules of the American Arbitration<br />
Association. If The Docks at Bellagio Condominium’s quarterly payments are not promptly paid, then<br />
this Condominium may file a lien against (i) a boat slip in The Docks at Bellagio Condominium, owned<br />
by anyone who has not paid his/her monthly assessment, and/or (ii) The Docks at Bellagio’s property,<br />
which lien(s) may be foreclosed in the manner of a mortgage. Any amount due shall bear interest at the<br />
9
ate of twelve percent (12%) per annum from the date due until paid. Any lien or any lien rights granted<br />
hereunder will be subordinate and inferior in all respects to mortgage financing now or hereafter placed<br />
on either property without need for the filing of any subordination agreement<br />
E. Pursuant to the OEA Agreement, as amended, the Venezia and its tenants, guests and invitees<br />
shall have access to the Docks, except for boat slips/units owned by third parties, and a right to use and<br />
enjoy the facilities located on the Docks. In consideration for said privileges, the Venezia has agreed to<br />
pay for one quarter (1/4) of the total maintenance costs associated with the Docks. In accordance with the<br />
budget, attached as Exhibit “H”, the initial obligation, subject to budget changes, shall be $27,910.00 per<br />
year payable in quarterly installments in advance on the first day of January, April, July and October of<br />
each year.<br />
F. If the waterway serving the Docks needs to be dredged or the Docks are damaged by<br />
casualty, wear and tear or otherwise, and the Docks, or any part thereof, need to be repaired or replaced,<br />
as reasonably determined by the Association, then in such event, the Association agrees that (subject to<br />
obtaining all necessary government and regulatory approvals) it will undertake such dredging or<br />
repair/replacement. The Board of Directors will prepare an estimated budget of the costs of such<br />
dredging or repair/replacement and deliver the same to the Association as an estimate only; provided,<br />
however, that the Association will not be bound by such estimate so long as it acts in a commercially<br />
reasonable manner and engages bonded, independent third party contractor(s) to obtain all required<br />
permits and perform the work. The Association will then apply to obtain all required governmental and<br />
regulatory permits (including, without limitation, permits by the Army Corps of Engineers and the<br />
Department of Environmental Protection) necessary to complete the dredging or repair/replacement and<br />
will diligently pursue obtaining the same. If all permits are obtained, the Association will proceed with<br />
the necessary work. The Association will bill The Docks at Bellagio for three quarters (3/4) of all<br />
dredging or repair/replacement costs. The Docks at Bellagio and/or the owners of the boat slips in the<br />
Docks at Bellagio will pay its portion of the costs within ten (10) days from the date written demand for<br />
payment is made by the Association. If payment by The Docks at Bellagio and/or the owners’ of the boat<br />
slips in the Docks at Bellagio is not promptly paid when due, then the Association may file a lien against<br />
(i) the boat slips in The Docks at Bellagio owned by anyone who has not paid his/her special assessment,<br />
and/or (ii) The Docks at Bellagio’s property, which lien(s) may be foreclosed in the manner of a<br />
mortgage. Any amount due shall bear interest at the rate of twelve percent (12%) per annum from the<br />
date due until paid. Any lien or any lien rights granted hereunder will be subordinate and inferior in all<br />
respects to mortgage financing now or hereafter placed on either property without need for the filing of<br />
any subordination agreement.<br />
ARTICLE 10<br />
SHARED RIGHTS AND EXPENSES<br />
Pursuant to the OEA Agreement, as amended, the occupants of the Venezia Property have a nonexclusive<br />
right, together with the Unit Owners in this Condominium, to utilize the Entryway Feature and<br />
Main Entryway, as those terms are defined in the OEA Agreement. In accordance with the OEA<br />
Agreement, the owner(s) of the Venezia Property have an obligation to pay the Association for a portion<br />
of the maintenance costs for these items.<br />
ARTICLE 11<br />
ASSOCIATION<br />
A. Association. Prior to the date of the recording of this Declaration there will be or has been<br />
created under the laws of the State of Florida <strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT BAYWATCH<br />
<strong>CONDOMINIUM</strong> ASSOCIATION, INC., a corporation not-for-profit, herein called the Association,<br />
which shall be responsible for the administration, operation, maintenance, repair and replacement of the<br />
Condominium Property and which shall have those powers and duties set forth in the Condominium Act,<br />
this Declaration, the Articles of Incorporation and Bylaws. A copy of the Articles of Incorporation is<br />
attached hereto as Exhibit “D” and a copy of the Bylaws is attached hereto as Exhibit “E” and<br />
incorporated herein by this reference.<br />
B. Membership. Each Unit Owner shall automatically become and be a member of the<br />
Association for so long as such Unit Owner continues to own a Unit. Upon the termination of the interest<br />
of the Unit Owner, membership in the Association shall thereupon terminate and transfer and inure to the<br />
new Unit Owner succeeding in interest.<br />
C. Limitations Upon Liability of Association. Notwithstanding the duty of the Association to<br />
maintain and repair portions of the Condominium Property, the Association shall not be liable to Unit<br />
Owners for injury or damage to be maintained and repaired by the Association, and caused by: (i) any<br />
latent condition of the property; (ii) the elements; or (iii) by other Unit Owners or persons; provided, that<br />
this limitation does nothing to void or cancel any insurance carried by the Association for Unit Owners.<br />
10
D. Restraint Upon Assignment of Shares and Assets. The share of a member in the funds and<br />
assets of the Association cannot and shall not be assigned, hypothecated or transferred in any manner<br />
except as an appurtenance to his/her Condominium Unit.<br />
E. Ownership of Recreation Facilities. The Association may acquire ownership or other<br />
possessory or use interests in lands and/or recreational facilities, whether or not contiguous to the<br />
Condominium Property, in order to provide for the enjoyment, recreation or other use or benefit of the<br />
Unit Owners. All recreational facilities serving the Condominium Property or Unit Owners and their<br />
permitted tenants and invitees will be either: (i) owned in fee by the Association free and clear of all liens;<br />
(ii) be a part of the Common Elements; or (iii) be used pursuant to an easement.<br />
F. Powers. The Association shall have all of the powers and duties set forth in the<br />
Condominium Act, this Declaration and in its Articles of Incorporation and Bylaws. The Board of<br />
Directors may enter into employment agreements with auditors, attorneys and such other persons as may<br />
be necessary for the orderly operation of the Condominium Property, and the fees and compensation to be<br />
paid to said parties will be a Common Expense subject to assessment.<br />
G. Voting Rights. Each Unit shall be entitled to membership in the Association and to one vote<br />
to be cast by its Owner in accordance with the provisions of the Bylaws and the Articles of Incorporation<br />
of the Association.<br />
ARTICLE 12<br />
COMMON SURPLUS<br />
Common Surplus shall be the excess of all receipts of the Association including, but not limited<br />
to, assessments, special assessments, rents and revenues on account of the Common Elements over the<br />
amount of common expense. Each Unit Owner shall own an undivided share in any Common Surplus in<br />
the same percentage as such Owner’s share of the Common Elements, as set forth in Article 5 Section A<br />
above. All Common Surplus shall be held and administered by the Association on behalf of the Unit<br />
Owners and may be credited to the Unit Owners at such times and in such amounts as the Board of<br />
Directors shall deem fit or otherwise expended by the Association for the benefit of the Unit Owners as<br />
the Board of Directors may determine; provided, however, that no distribution of the Common Surplus<br />
shall be made contrary to the requirements of Chapter 617 of the Florida Statutes.<br />
ARTICLE 13<br />
SEPARATE REAL ESTATE TAXES<br />
Real estate taxes are to be separately assessed to each Unit for the Owner’s Condominium Parcel,<br />
as provided in the Condominium Act. If for any year such taxes are not separately assessed to each Unit<br />
Owner, then each Unit Owner shall pay his/her proportionate share thereof based upon the percentage of<br />
his/her share of the Common Elements set forth in Article 5 Section A above.<br />
ARTICLE 14<br />
UTILITIES<br />
Each Unit Owner shall pay for the telephone, television, electricity and other services or utilities<br />
that are separately metered or billed to each user or Unit by the respective utility company, service<br />
provider or the Association. Utilities which are not separately metered or billed and for the benefit of Unit<br />
Owners collectively shall be part of the Common Expenses.<br />
ARTICLE 15<br />
INSURANCE<br />
A. Hazard Insurance. The Board of Directors acting on behalf of the Association, Unit Owners<br />
and their mortgagees, as their interests may appear, shall insure the Condominium Property (except for<br />
the area of the Docks which is constituted as part of this Condominium Property) against loss or damage<br />
by fire and such other hazards as are covered under standard extended coverage provisions for the full<br />
insurable replacement cost of the Condominium Property (except for the area of the Docks which is<br />
constituted as part of this Condominium Property).<br />
B. Insured Property. Insurance coverage shall be written in the name of and the proceeds thereof<br />
shall be payable to the Association or the Board of Directors as the trustees for the Unit Owners and their<br />
respective mortgagees, if any, as their interests may appear. If agreeable to the insurer, policies shall<br />
include provisions that they be without contribution, and that the insurer waives its rights of subrogation<br />
as to any claims against the Unit Owners.<br />
11
C. Loss or Damage. In the event of loss or damage to the Condominium Property, the proceeds<br />
shall be applied to restore the same to substantially the same condition in which it existed prior to such<br />
loss or damage, with each Unit and the Common Elements having substantially the same size, location<br />
and dimensions as before. In the event such restoration or repair shall not be substantially in accordance<br />
with the original plans and specifications, such restoration and repair shall require the approval of not less<br />
than fifty-one percent (51%) of the total voting interests of the Association and the approval of not less<br />
than fifty-one percent (51%) of the holders of first mortgages on Units within the Condominium.<br />
D. Total Destruction. In the event of a total destruction of the entire Condominium Property or if<br />
a building or buildings are damaged or destroyed rendering two-thirds or more of the Units untenantable,<br />
the owners of not less than fifty-one percent (51%) of the total voting interests in the Association and the<br />
approval of not less than fifty-one percent (51%) of the holders of first mortgages on Units may elect to<br />
reconstruct or replace the buildings. In the event of such an election to reconstruct or replace, the payment<br />
of the expense thereof shall be made as provided in the Article 15 below. If a majority shall elect not to<br />
reconstruct or replace, the Condominium may be terminated as provided in Article 20 of this Declaration.<br />
E. Use of Proceeds. The net proceeds of any insurance collected shall be made available for the<br />
purpose of restoration or replacement. If the insurance proceeds are insufficient to cover the entire<br />
expenses of reconstruction or replacement, the additional expense shall be paid by all of the Unit Owners<br />
directly affected by the damage in proportion to the insured valuation of their respective Units. If any<br />
such Unit Owner shall refuse to make the required payments, the Association shall levy a charge in an<br />
amount proportionate to the insured valuation of the Unit against the Unit Owner. The proceeds of such<br />
charges and of the insurance shall be paid to the Association for the purpose of covering the expense of<br />
repair and replacement. In the event any Unit Owner or Unit Owners shall fail to respond to the charge by<br />
payment thereof within ten (10) days, the Board of Directors shall have the authority to cause such<br />
restoration or reconstruction to be accomplished and to charge the proportionate expense thereof, less any<br />
applicable insurance credits, to such Unit Owners as a Common Expense. The Association may enforce<br />
the provisions hereof and collect any sums due hereunder in the manner provided in Section 718.303 of<br />
the Florida Statutes.<br />
F. Liability Insurance. The Association shall have the authority to and shall obtain<br />
comprehensive public liability insurance in a minimum amount of $2,000,000 and workmen’s<br />
compensation insurance and other liability insurance as it may deem desirable, insuring each Unit Owner<br />
and the Association, the Board of Directors, and managing agent from liability in connection with the<br />
Common Elements. Where agreeable to the insurer, all liability insurance policies shall contain crossliability<br />
endorsements to cover liabilities of the Unit Owners collectively or to a Unit Owner individually.<br />
G. Flood Insurance. If it shall be determined that the Condominium Property is located in a<br />
special flood hazard area, the Association shall have the authority to and shall obtain flood insurance in an<br />
amount not less than the maximum available coverage under the National Flood Insurance Program for all<br />
buildings and other insurable property within the Condominium, or full current replacement cost unless<br />
one hundred percent (100%) of the total voting interests in the Association shall determine that such flood<br />
insurance shall be in an amount less than full insurable replacement cost.<br />
H. Bonding and Other Insurance. The Association shall maintain insurance or fidelity bonding<br />
on all persons having authority to control or disburse funds of the Association in an amount equal to a<br />
sum that will cover the maximum funds that will be in the custody of the Association or its management<br />
agent at any one time. The Association shall have the authority to maintain such other insurance coverage<br />
as the Board of Directors may from time to time deem appropriate.<br />
I. Premiums. The premiums for all insurance purchased pursuant to the provisions of this article<br />
shall be Common Expenses. If agreeable to the insurer, such policies shall include a provision that<br />
coverage will not be terminated for non-payment of premiums without ten (10) days’ prior written notice<br />
to each Unit mortgagee.<br />
J. Excess Liability. In any legal action in which the Association may be exposed to liability in<br />
excess of insurance coverage protecting it and the Unit Owners, the Board of Directors shall give notice<br />
of the exposure within a reasonable time to all Unit Owners who may be exposed to the liability and they<br />
shall each have the right to intervene and defend.<br />
K. Inspection of Insurance Policies. A copy of each insurance policy obtained by the Association<br />
shall be made available for inspection by Unit Owners at reasonable times.<br />
L. Individual Insurance Responsibility. Each Unit Owner shall be responsible for obtaining<br />
insurance on the contents of his/her Unit, including wall, ceiling and floor coverings and Owner’s<br />
personal property stored elsewhere on the Condominium Property, and including all additions and<br />
improvements made to his/her Unit other than the fixtures, installations or additions initially installed or<br />
12
eplacements thereof in accordance with the original Condominium plans and specifications, and his/her<br />
personal liability to the extent not covered by the liability insurance for all of the Unit Owners obtained as<br />
part of the Common Expenses as above provided.<br />
M. Association as Attorney-in-Fact. In undertaking the responsibilities set forth in this Article,<br />
the Association is hereby designated and shall be the attorney-in-fact for all Unit Owners for the purpose<br />
of purchasing and maintaining such insurance, including but not necessarily limited to, the collection and<br />
appropriate disposition of the proceeds thereof, the negotiations of losses and execution of releases of<br />
liability, the execution of all documents, and the performance of all other acts necessary to accomplish the<br />
purposes of this Article.<br />
N. Insurance Trustee. “Insurance Trustee” shall mean any person or entity with fiduciary trust<br />
powers under Florida law appointed by the Board of Directors in its discretion. If the Board of Directors<br />
fails or elects not to appoint such Trustee, the Association will perform directly all obligations imposed<br />
upon such Trustee by this Declaration. Fees and expenses of any Insurance Trustee are Common<br />
Expenses.<br />
O. The Docks at Bellagio. The Docks at Bellagio shall also carry liability insurance with<br />
respect to the Bellagio Condominium Dock Component.<br />
ARTICLE 16<br />
MAINTENANCE, REPAIRS AND REPLACEMENT<br />
A. By the Association. The Association shall maintain, repair and replace at the Association's<br />
expense:<br />
1. All Common Elements including, but not limited to, all roofs and all Limited<br />
Common Elements, except: (i) Unit Owners shall maintain the air conditioner condenser for<br />
his/her Unit; and (ii) Unit Owners shall be responsible for general cleaning and housekeeping of<br />
Limited Common Elements appurtenant to his/her Units.<br />
2. All portions of a Unit contributing to the support of the Unit except interior surfaces,<br />
which portions shall include but not be limited to load-bearing columns and load-bearing walls,<br />
but shall not include screening, windows, entrance doors, glass and interior surfaces of walls,<br />
ceilings and floors.<br />
3. All conduits, ducts, plumbing, wiring, air conditioning pipes and other facilities for<br />
the furnishing of utility services, including air conditioning, contained in the portions of a Unit<br />
that service a part of the Condominium Property or a Unit other than the Unit within which<br />
contained.<br />
4. All incidental damage caused to a Condominium Unit by reason of maintenance,<br />
repair and replacement accomplished pursuant to the provisions of Article 16 (A) (1), (2), and (3)<br />
above.<br />
B. By the Unit Owner. The responsibility of the Condominium Unit Owner for maintenance,<br />
repair and replacement shall be as follows:<br />
1. To maintain, repair, and replace at his/her sole and personal expense all entrance<br />
doors and other doors within a Unit, door bells, door knockers, windows, glass, screens, air<br />
conditioners, electrical panels, electric wiring, electric outlets and fixtures, and plumbing fixtures<br />
and connections within a Unit, that exclusively serve such Unit or belong to a Unit Owner,<br />
interior surfaces of all walls, floors and ceilings and all other portions of his/her Unit, except the<br />
portions specifically to be maintained, repaired and replaced by the Association. Additionally,<br />
the Unit Owner shall be responsible for the general cleaning, repair, replacement, and<br />
maintenance of his/her Limited Common Elements. All maintenance, repairs, and replacements<br />
to be done by Unit Owner shall be done without unreasonably disturbing the rights of other Unit<br />
Owners.<br />
2. To refrain from enclosing, painting, or otherwise decorating or substantially changing<br />
the appearance of any portions of the Limited Common Elements appurtenant to his/her Unit or<br />
of the exterior of any door to his/her Unit, without the express written consent of the Board of<br />
Directors.<br />
3. To refrain from changing or in any way altering the landscaping of the Limited<br />
Common Elements without the express written consent of the Board of Directors. Such consent<br />
shall not be unreasonably withheld. However, the Board of Directors may not consent to the<br />
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planting of any tree, shrub, or other plant if such may cause damage to any structure or utility line<br />
or if it will cause messy litter or will in any way constitute a nuisance.<br />
4. To promptly report to the Association any defect or need for repairs for which the<br />
Association is responsible.<br />
5. To maintain, repair, and replace the interior of its Unit, any outside doors and<br />
windows associated with its Unit, including doors leading to any balconies and stairwells; and the<br />
garage doors of the attached parking garage (if any) assigned to the Unit Owner. All maintenance,<br />
repairs, and replacements to be done by Unit Owner shall be done without unreasonably<br />
disturbing the rights of other Unit Owners. If windows and garage doors are not promptly<br />
replaced when needed, then upon ten (10) days notice and failure to act, the Association may, at<br />
the expense of the Unit Owner, undertake said repairs and invoice the Unit Owner for<br />
reimbursement. If the invoiced amount is not paid within ten (10) days, the amount shall be<br />
treated like a special assessment against the Unit Owner.<br />
C. Unit Owner Negligence. If, due to the negligent act or omission of a Unit Owner, or of a<br />
member of the Owner’s family or household pet or of a guest or other authorized occupant or visitor of<br />
such Unit Owner, damage shall be caused to the Common Elements or to a Unit or Units owned by<br />
others, or maintenance, repairs or replacements shall be required which would otherwise be a Common<br />
Expense, such Unit Owner shall pay all insurance deductibles and other costs not covered by insurance<br />
related to the repairs and replacements required to fix such damage. Maintenance, repairs and<br />
replacements to the Common Elements or the Units shall be subject to the provisions of this Declaration<br />
of Condominium.<br />
D. Access to Units. To the extent that equipment, facilities and fixtures within any Unit or Units<br />
shall be connected to similar equipment, facilities or fixtures affecting or serving other Units or the<br />
Common Elements, then the use thereof by the individual Unit Owners shall be subject to the rules and<br />
regulations of the Association. The Association has the irrevocable right of access to each Unit during<br />
reasonable hours, when necessary for the maintenance, repair or replacement of any Common Elements<br />
or of any portion of a Unit to be maintained by the Association pursuant to the Declaration or as<br />
necessary to prevent damage to the Common Elements or to a Unit or other Units.<br />
E. Emergency Access. The Association has the irrevocable right of access to each Unit during<br />
reasonable hours, when necessary for the maintenance, repair, or replacement of any Common Elements<br />
or for making emergency repairs necessary to prevent damage to Common Elements or to another Unit or<br />
Units.<br />
F. Authority to Grant Easements. The Association shall have the authority to grant permits,<br />
licenses and easements over the Common Elements, and to move or modify the same, for utilities, ingress<br />
and egress, cable television service and for other purposes reasonably necessary or useful for the proper<br />
maintenance or operation of the Condominium Property.<br />
ARTICLE 17<br />
ALTERATIONS, ADDITIONS AND IMPROVEMENTS<br />
Alteration and improvement of the Condominium Property and restrictions thereon shall be as<br />
follows:<br />
A. By the Developer. Developer reserves the right to change the interior design and<br />
arrangement of any Units the Developer owns. So long as Developer owns the Units altered, the<br />
Developer, with the approval of a majority of the total voting interest required for amendments by Section<br />
718.110(4) F.S. may alter the boundaries between Units and the Common Elements. If at the time such<br />
amendment to the plans is made this Declaration has been recorded among the Public Records of the<br />
County, such amendment of the plans shall be reflected by an amendment of this Declaration signed and<br />
acknowledged only by the Developer and by the Association and if necessary, approved by the<br />
Institutional Mortgagees of Condominium Units materially and adversely affected thereby, whether the<br />
affected Condominium Units are encumbered by individual mortgages or by an overall construction<br />
mortgage. An amendment for such purpose need be signed and acknowledged only by the Developer and<br />
by the Association but need not be approved by the Unit Owners, whether or not such approval is<br />
elsewhere generally required for an amendment of the Declaration, provided, however, that where the<br />
consent of a specific Unit Owner or Owners is required in accordance with the provisions of this<br />
paragraph, such consent shall be attached as an exhibit to the Amendment. Several amendments to the<br />
plan may be reflected in a single amendment to the Declaration of Condominium. The right to make the<br />
aforedescribed changes are with respect to the Units in a building which has been condominiumized.<br />
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B. By the Unit Owner.<br />
1. No Unit Owner shall make any structural addition, alteration or improvement in or to<br />
his/her Unit without the prior written consent thereto of the Association. A Unit Owner shall<br />
request approval of a proposed addition, alteration or improvement to his/her Unit in writing and<br />
shall submit with such request, the plans therefor to the Association.<br />
2. No Unit Owner, other than the Developer, may alter or add to the Common Elements,<br />
including the Limited Common Elements appurtenant to his/her Unit, or to any part of a Unit<br />
(whether such part be deemed part of the Unit or of Common Elements) which abuts on Common<br />
Elements, including Limited Common Elements, unless such alteration or addition is approved by<br />
the Association. Notwithstanding the foregoing, a Unit Owner may combine two or more Units<br />
owned by him, or restore to his/her original boundaries two or more Units previously combined,<br />
upon the approval of a majority of the Association, which approval shall not be unreasonably<br />
withheld so long as such combination or subdivision would not alter the Common Elements<br />
(other than the interiors of nonload-bearing walls abutting such Units), and, as reasonably<br />
determined by the Association, would not weaken, impair or endanger any of the Common<br />
Elements.<br />
3. All additions, alterations and improvements by the Unit Owners shall be made at<br />
his/her sole expense in compliance with all laws, rules, ordinances and regulations of all<br />
governmental authorities having jurisdiction. A Unit Owner making or causing to be made any<br />
structural additions, alterations or improvements agrees, and shall be deemed to have agreed, to<br />
hold the Association and all other Unit Owners harmless from any cost, expense or damage<br />
resulting therefrom.<br />
C. By the Association. The Association shall not make any alteration of, addition to or<br />
expansion of the Common Elements the estimated cost of which exceeds Twenty-Five Thousand Dollars<br />
($25,000.00) (which threshold amount shall be increased by ten percent (10%) every twelve (12) months,<br />
cumulative and compounded, from the date this Declaration is recorded) or any alteration which<br />
materially adversely affects the use of any recreational facilities unless the plans and expenditure for it are<br />
first approved at a duly called meeting by a majority of all Unit Owners entitled to vote in the<br />
Association. Nothing in this Article 16, Section C shall bar the Association from making reasonably<br />
required repairs, replacements or refurbishments of existing Common Elements the cost of which exceeds<br />
the foregoing sum without a vote of the membership.<br />
ARTICLE 18<br />
ENCROACHMENTS<br />
If any portion of the Common Elements shall encroach upon any Unit, or if any Unit shall<br />
encroach upon any portion of the Common Elements, as the Common Elements and Units are shown by<br />
the surveys comprising the plat attached hereto as Exhibit “B”, there shall be deemed to be mutual<br />
easements in favor of the owners of the Common Elements and the respective Unit Owners involved to<br />
the extent of such encroachments so long as they shall exist.<br />
ARTICLE 19<br />
TRANSFER <strong>OF</strong> UNITS<br />
In order to maintain a community of congenial residents, protect the value of the Units, and to<br />
ensure the financial ability of each Unit Owner to pay assessments made against him, the transfer or<br />
leasing of any Unit by any Owner other than the Developer shall be subject to the following provisions so<br />
long as the Condominium exists, which provisions each Unit Owner covenants to observe.<br />
A. Transfers Subject to Approval.<br />
1. Sale and Gift. Except as provided in Article 18(B), a Unit Owner may not sell,<br />
convey or transfer a Unit or any interest therein without the approval of the Association.<br />
2. Lease. A Unit Owner may not lease a Unit or any interest therein for a term of less<br />
than seven (7) months or more than three (3) years (including options to renew). A Unit Owner<br />
must also obtain approval of the Association, which approval may be arbitrarily denied, prior to<br />
entering into any lease. Every lease shall specifically provide (or, if it does not, shall be<br />
automatically deemed to provide) that a material condition of the lease shall be the tenant’s full<br />
compliance with the covenants, terms, conditions and restrictions of this Declaration of<br />
Condominium (and all exhibits hereto) and with any and all rules and regulations adopted by the<br />
Association from time to time (before or after the execution of the lease). The Unit Owner will<br />
be jointly and severally liable with the tenant to the Association for any amount which is required<br />
by the Association to repair any damage to the Common Elements resulting from acts or<br />
15
omissions of the tenant (as determined in the sole discretion of the Association), ordinary wear<br />
and tear excepted, and to pay any claim for injury or damage to property caused by the negligence<br />
of the tenant. All leases are hereby made subordinate to any lien filed by the Association,<br />
whether prior or subsequent to such lease.<br />
B. Transfers NOT Subject to Approval.<br />
1. Devise, Inheritance or Operation of Law. If any Unit Owner shall acquire his/her<br />
title by devise, inheritance, or operation of law, the same shall not be subject to the approval of<br />
the Association.<br />
2. Family Transfers. A transfer of a Unit to the Unit Owner's spouse, children or<br />
parents, trusts where the beneficiaries are the Unit Owner or the Unit Owner's spouse, children or<br />
parents, or family partnerships where the partners are the Unit Owner or the Unit Owner's spouse,<br />
children or parents shall not be subject to the approval of the Association.<br />
3. Mortgagees. A Unit Owner may freely mortgage or encumber his/her Unit without<br />
the approval of the Association.<br />
4. Developer. Transfers by the Developer.<br />
C. Approvals. The approvals when required for the transfer or leasing of ownership of a Unit<br />
shall be obtained in the following manner:<br />
1. Notice to Association.<br />
(a) Sale. A Unit Owner intending to make a bona fide sale of his/her Unit or any<br />
interest therein shall give the Association notice in writing of such intention, together<br />
with a fee of fifty dollars ($50.00), the name and address of the intended purchaser, and<br />
such other information concerning the intended purchaser as the Association may<br />
reasonably require. Such notice may include a demand by the Unit Owner that the<br />
Association furnish a purchaser if the proposed purchaser is not approved and, if such<br />
demand is made, the notice shall be accompanied by an executed copy of the proposed<br />
contract to sell which contract shall be executed by the purchaser and seller and is to<br />
contain a provision reciting that the contract is subject to the approval of the Association<br />
as provided for in the Declaration of Condominium.<br />
(b) Lease. A Unit Owner intending to lease his/her Unit or any interest therein<br />
shall give to the Association notice, in writing of such intention, together with a fee of<br />
fifty dollars ($50.00), the name and address of the intended lessee, and such other<br />
information concerning the intended lessee as the Association may reasonably require.<br />
The notice shall be accompanied by an executed copy of the proposed lease which lease<br />
shall be executed by the lessor and lessee and is to contain a provision reciting that the<br />
lease is subject to the approval of the Association as provided for in the Declaration of<br />
Condominium.<br />
(c) Failure to Notify. If the notice to the Association herein required is not<br />
given, then at any time after receiving knowledge of the transaction or event transferring<br />
ownership or leasing of a Unit, the Association, at its election and without notice, may<br />
approve or disapprove the transaction or event. If the Association disapproves the<br />
transaction or event, the Association shall proceed as if is had received the required<br />
notice on the date of such disapproval. Additionally, any transfer of title to a Unit not<br />
approved or disapproved by Association within one year from the recordation of the deed<br />
of conveyance shall be deemed approved by the Association, without further act or<br />
without recordation of a Certificate of Approval.<br />
2. Certificate of Approval. Within fifteen (15) days after receipt of notice, the<br />
Association shall either approve or disapprove the proposed transaction. All approvals shall be<br />
evidenced by certificates executed by the President or Secretary of the Association, which<br />
certificates shall be in recordable form, delivered to the seller, and recorded by the seller or the<br />
buyer in the public records of Pinellas County, Florida, except that certificates of approval<br />
relating to a leasehold interest are to be in non-recordable form. If the prospective transferee of a<br />
Unit or an interest therein is a corporation, trust, or other non-personal entity, the approval shall<br />
be conditioned upon the requirement that all persons occupying the Unit be approved by the<br />
Association.<br />
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D. Disapproval by Association. If the Association shall disapprove of any leasing or transfer of<br />
a Unit requiring the approval of the Association under this Declaration of Condominium, the following<br />
provisions shall be applicable to the transaction:<br />
1. Sale. Within fifteen (15) days after receipt by the Association of the documents<br />
described in Section C hereof, the Association shall deliver or mail by certified mail to the Unit<br />
Owner an agreement to purchase duly executed by a purchaser, who may be the Association or a<br />
person approved by the Association. The Unit Owner shall sell the Unit upon the following<br />
terms:<br />
(a) At the option of the purchaser, and which shall be stated in the agreement,<br />
the price to be paid shall be that stated in the disapproved contract. The terms, conditions<br />
and provisions of the contract of sale shall be as stated in the disapproved contract except<br />
that the purchaser may elect to pay all cash at the time of closing. The sale shall be<br />
closed on the later of (i) thirty (30) days after the delivery or mailing to the Unit Owner<br />
of the agreement to purchase, or (ii) the date set forth in the disapproved contract.<br />
(b) If the Association shall fail to purchase or provide a purchaser upon the<br />
demand of the Unit Owner in the manner provided, or if a purchaser provided by the<br />
Association shall default in the agreement to purchase, the proposed transaction shall<br />
deemed to have been approved by the Association and the Association shall furnish a<br />
Certificate of Approval as elsewhere provided.<br />
2. Lease. If the Unit Owner shall be advised in writing of the Association's disapproval<br />
of a lease pursuant to the Association’s right to disapprove a lease as set forth in Section A, then<br />
the lease shall be void and of no effect and the lessee shall have no leasehold interest.<br />
ARTICLE 20<br />
CASUALTY AND CONDEMNATION<br />
A. Reconstruction or Repair After Casualty.<br />
1. Determination to Reconstruct or Repair. If any part of the Common Elements shall<br />
be damaged to the extent that reconstruction or repair is necessary, the determination of whether<br />
or not it shall be reconstructed or repaired shall be made in the following manner:<br />
(a) Common Elements. If the damage is solely to a portion or portions of the<br />
Common Elements and does not extend to the Units, the same shall be reconstructed or<br />
repaired.<br />
(b) Common Elements and Units.<br />
(i) Partial Destruction. If less than 75% of the Condominium<br />
Property is substantially damaged or destroyed, then the Condominium Property<br />
(not including furniture, furnishings or other personal property supplied or<br />
installed by any Occupant or Unit Owner other than the Developer) shall be<br />
reconstructed and repaired unless, within sixty days after notice is given to all<br />
Unit Owners and Institutional Mortgagees of the amount of such insurance which<br />
is forthcoming, at least (i) 75% of the Unit Owners, (ii) mortgagees holding<br />
Institutional Mortgages on at least 75% of the Condominium Parcels which are<br />
encumbered by Institutional Mortgages, and (iii) the Developer (so long as the<br />
Developer owns at least one Unit in the Condominium), shall agree in writing<br />
that the same shall not be reconstructed or repaired.<br />
(ii) Total Destruction. If seventy five percent (75%) or more of the<br />
Condominium Property is substantially damaged or destroyed, then the<br />
Condominium Property shall not be reconstructed or repaired unless, within sixty<br />
days after notice is given to all Unit Owners and Institutional Mortgagees of the<br />
extent of the damage and the amount of such insurance which is forthcoming, at<br />
least (i) 75% of the Unit Owners, (ii) mortgagees holding Institutional Mortgages<br />
on at least 75% of the Condominium Parcels which are encumbered by<br />
Institutional Mortgages, and (iii) the Developer (so long as the Developer owns<br />
at least one Unit in the Condominium), agree in writing that the same shall be<br />
reconstructed or repaired.<br />
(iii) Termination of Condominium. In the event the reconstruction of<br />
the Condominium is not commenced within ninety (90) days of (i) receipt of any<br />
17
insurance proceeds and (ii) obtaining of all of the necessary governmental or<br />
regulatory permits and reconstruction is not diligently pursued thereafter, the<br />
Condominium shall be terminated and the Association shall record a statement to<br />
that effect in the Public Records of Pinellas County, Florida. The termination of<br />
the Declaration does not bar the creation of another condominium affecting all or<br />
any portion of the same property.<br />
(c) Certificate. The Insurance Trustee may rely upon a certificate of the<br />
Association made by its President and Secretary to determine whether a decision has<br />
been made to reconstruct or repair.<br />
2. Plans and Specifications. Any reconstruction or repair must be substantially in<br />
accordance with the plans and specifications for the original improvements including those for<br />
any authorized alteration or improvements made after this Declaration is recorded or, if not in<br />
accordance with such plans and specifications, then according to the plans and specifications<br />
approved by the Board of Directors of the Association, the Developer and by one hundred percent<br />
(100%) of all Unit Owners and mortgagees holding liens thereon. If the foregoing approvals are<br />
not given within thirty (30) days of plans therefor being submitted to each person or entity whose<br />
approval is required hereunder, reconstruction and repair shall be made in accordance with the<br />
original plans and specifications as amended, with such changes as may be necessitated by<br />
changes in statutes, rules, regulations and ordinances affecting the Condominium Property.<br />
3. Responsibility. If the damage is only to those parts of Condominium Units for which<br />
the responsibility of maintenance and repair is that of Unit Owners, then the Unit Owners shall be<br />
responsible for reconstruction and repair after casualty. In all other instances, the responsibility<br />
of reconstruction and repair after casualty shall be that of the Association.<br />
4. Estimates of Costs. Immediately after a determination is made to rebuild or repair<br />
damage to property for which the Association has the responsibility of reconstruction and repair,<br />
the Association shall obtain reliable and detailed estimates of the cost to rebuild or repair.<br />
5. Assessments and Special Charges for Reconstruction and Repair.<br />
(a) Common Elements. Assessments shall be made against all Unit Owners in<br />
amounts sufficient to provide funds for the payment of such costs not covered by<br />
insurance. Such assessments shall be in proportion to each Unit Owner's share in the<br />
Common Elements.<br />
(b) Condominium Units. Special Assessments shall be made against the Unit<br />
Owners who own the damaged Units in sufficient amounts to provide for payments for<br />
the costs of reconstruction and repair not covered by insurance. Such Special<br />
Assessments against Unit Owners for damage to Units shall be in proportion to the cost<br />
of reconstruction and repair of his/her respective Units.<br />
6. Condominium Funds. The funds for the payment of costs for construction and repair<br />
after casualty, which shall consist of the proceeds of insurance held by the Association or the<br />
Insurance Trustee and funds collected by the Association from assessments against Condominium<br />
Unit Owners, shall be disbursed in payment of such costs in the following manner:<br />
(a) By Whom Held. If the total assessments made by the Association in order to<br />
provide funds for the payment of reconstruction and repair which is the responsibility of<br />
the Association is more than $25,000.00 (as such amount may increase from year to year<br />
as hereinbefore provided) and if an Insurance Trustee has been appointed, then the sums<br />
paid upon such assessments shall be deposited by the Association with the Insurance<br />
Trustee. In all other cases the Association shall hold the sums paid upon such<br />
assessments and shall disburse the same in payment of the costs of reconstruction and<br />
repair.<br />
(b) Insurance Trustee. The proceeds of insurance collected on account of a<br />
casualty and the sums deposited with the Insurance Trustee by the Association from<br />
collection of assessments against Unit Owners on account of such casualty shall<br />
constitute a construction fund which shall be disbursed in payment of the costs of<br />
reconstruction and repair in the following manner:<br />
(i) Association - Lesser Damage. If an Insurance Trustee has been<br />
appointed and is holding insurance proceeds and if the amount of the estimated<br />
cost of reconstruction and repair which is the responsibility of the Association is<br />
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less than $25,000.00 (as such amount may increase from year to year as<br />
hereinbefore provided), then the construction fund shall be disbursed in payment<br />
of such costs upon the order of the Board of Directors.<br />
(ii) Association - Major Damage. If the amount of the estimated<br />
cost of reconstruction and repair which is the responsibility of the Association is<br />
equal to or greater than $25,000.00 (as such amount may increase from year to<br />
year as hereinbefore provided), then the construction fund shall be disbursed in<br />
payment of such costs in the manner required by the Board of Directors, subject<br />
to the approval of an architect qualified to practice in Florida and employed by<br />
the Association to supervise the work.<br />
(c) Condominium Unit Owner. The portion of insurance proceeds representing<br />
damage for which the responsibility of reconstruction and repair lies with a Unit Owner<br />
then after the Association or Insurance Trustee, if any, receives such proceeds from the<br />
insurance company, the Association or Insurance Trustee, if any, shall pay such proceeds<br />
to the Unit Owner, or if there is a mortgage on such Condominium Unit, then to the Unit<br />
Owner and the mortgagee jointly, who may use such proceeds as they may be advised.<br />
(d) Surplus. It shall be presumed that the first monies disbursed in payment of<br />
costs of reconstruction and repair shall be from insurance proceeds. If there is a balance<br />
in a construction fund after payment of all costs of the reconstruction and repair for<br />
which the fund is established, such balance shall be distributed first to those Unit Owners<br />
who may have been specially charged for their proportionate share of an anticipated<br />
deficiency and then to the beneficial owners of the fund in their proportionate share;<br />
except, however, that the part of a distribution to a beneficial owner which is not in<br />
excess of the funds paid by such owner into the construction fund shall not be made<br />
payable to any mortgagee.<br />
(e) Certificate. Notwithstanding the provisions herein, the Insurance Trustee<br />
shall not be required to determine whether or not sums paid by Condominium Unit<br />
Owners upon assessments shall be deposited by the Association with the Insurance<br />
Trustee, nor to determine whether the disbursements from the construction fund are to be<br />
upon the order of the Association or upon approval of an architect or otherwise, nor<br />
whether a disbursement is to be made from the construction fund, nor to determine<br />
whether surplus funds to be distributed are less than the assessments paid by Unit<br />
Owners, nor to determine any other fact or matter relating to its duties hereunder.<br />
Instead, the Insurance Trustee may rely upon a certificate of the Association made by its<br />
President and Secretary as to any or all of such matters, and stating that the sums to be<br />
paid are due and properly payable and stating the name of the payee and the amount to be<br />
paid; provided that when a mortgagee is herein required to be named as payee, the<br />
Insurance Trustee shall also name the mortgagee as payee; and further provided that<br />
when the Association or an Institutional Mortgagee which is the beneficiary of an<br />
insurance policy the proceeds of which are included in the construction fund, so requires,<br />
the approval of an architect named by the Association shall first be obtained by the<br />
Association and a copy of such approval shall be provided to the Insurance Trustee.<br />
B. Condemnation.<br />
1. Deposit on Awards with Insurance Trustee. If any of the Common Elements are<br />
taken by condemnation or are conveyed in lieu thereof, the awards for that taking shall, for the<br />
purposes of this Declaration, be deemed to be proceeds from insurance on account of a casualty<br />
causing damage to the Common Elements within the meaning of this Article, and shall be<br />
deposited with the Insurance Trustee or the Association, as the case may be. Even though the<br />
awards may be payable to Unit Owners, the Unit Owners shall deposit the awards (except for<br />
relocation or temporary housing expenses awarded to Unit Owners) with the Insurance Trustee or<br />
the Association; and in the event of the failure of any Unit Owner to do so, the Board of Directors<br />
may, at its discretion, levy a Special Charge against such Unit Owner in the amount of his/her<br />
award, or the amount of that award shall be setoff against any sums hereafter made payable to<br />
that Owner pursuant to this Article.<br />
2. Determination Whether to Continue Condominium. Whether the Condominium will<br />
be continued after condemnation will be determined in the manner provided in this Article for<br />
determining whether damaged Common Elements and Units will be reconstructed and repaired<br />
after casualty. For this purpose, the taking by condemnation shall be deemed to be a casualty.<br />
19
3. Disbursement of Funds. If the Condominium is terminated after condemnation, the<br />
proceeds of the condemnation awards and Special Assessments will be deemed to be insurance<br />
proceeds and shall be owned and distributed in the manner provided in this Declaration for the<br />
distribution of insurance proceeds if the Condominium is terminated after damage to the<br />
Common Elements and Units. If the Condominium is not terminated after condemnation, the size<br />
of the building will be reduced and the property damaged by the taking will be made usable in the<br />
manner provided below. The proceeds of said awards and Special Assessments shall be used for<br />
these purposes and shall be disbursed in the manner provided for disbursement of funds by the<br />
Insurance Trustee after damage to the Common Elements.<br />
4. Unit Reduced but Habitable. If the taking reduces the size of a Unit and the<br />
remaining portion of the Unit can be made habitable, the award for the taking of a portion of the<br />
Unit shall be used for the following purposes in the order stated, and the following changes shall<br />
be effected in the Condominium.<br />
(a) Restoration of Unit. The Unit shall be made habitable. If the cost of the<br />
restoration exceeds the amount of the award, and the Unit Owner does not within a<br />
reasonable period of time provide the additional funds required for restoration, such<br />
additional funds may, in the discretion of the Board of Directors, be expended for<br />
restoration by the Association and be assessed against the Unit Owner as a Special<br />
Assessment.<br />
(b) Distribution of Surplus. The balance of the award, if any, shall be distributed<br />
to the Owner of the Unit and to the holder of any Institutional Mortgage encumbering the<br />
Unit, the remittance being made payable jointly to the Owner and any such Institutional<br />
Mortgagee.<br />
(c) Adjustment of Shares in Common Elements. If the floor area of the Unit is<br />
reduced by the taking, the percentage representing the share in the Common Elements,<br />
the Common Expenses and the Common Surplus appurtenant to the Unit shall be reduced<br />
in the proportion by which the floor area of the Unit is reduced by the taking, and then<br />
the shares in the Common Elements, Common Expenses and Common Surplus<br />
appurtenant to the other Units shall be restated as percentages of the difference between<br />
100% and the total of the new shares as reduced by the taking so that the shares of such<br />
other Units shall be in the same proportions to each other as before the taking and so that<br />
the total of the percentages of such shares shall still equal 100%.<br />
5. Unit Made Uninhabitable. If the taking is of the entire Unit or so reduces the size of<br />
a Unit that it cannot be made habitable, the award for the taking of the Unit shall be used for the<br />
following purposes in the order stated, and the following changes shall be effected in the<br />
Condominium:<br />
(a) Payment of Award. The award shall be paid first to any Institutional<br />
Mortgagee in an amount sufficient to pay off its mortgage on such Unit; and then jointly<br />
to the Unit Owner and other mortgagees of the Unit in an amount not to exceed the<br />
market value of the Condominium Parcel immediately prior to the taking as diminished<br />
by any sums from the award previously reserved for any Institutional Mortgagee; and the<br />
balance, if any, to the repairing and replacing of the Common Elements damaged by the<br />
taking.<br />
(b) Addition to Common Elements. The portion of the Unit remaining after a<br />
taking has been effectuated, if any, shall become part of the Common Elements and shall<br />
be placed in condition for use by all of the Unit Owners in the manner approved by the<br />
Board of Directors; provided, that if the cost of the work shall exceed the balance of the<br />
fund from the award for the taking, the work shall be approved in the manner elsewhere<br />
required in this Declaration for further improvement of the Common Elements.<br />
(c) Adjustment of Shares in Common Elements, Common Expenses and<br />
Common Surplus. The shares in the Common Elements, the Common Expenses and the<br />
Common Surplus appurtenant to the Units that continue as part of the Condominium<br />
Property shall be adjusted to distribute the ownership of the other shares among the<br />
reduced number of Unit Owners. This adjustment shall be done by restating said shares<br />
of the continuing Unit Owners as percentages aggregating 100% so that the shares<br />
appurtenant to the Units of the continuing Unit Owners shall be in the same proportions<br />
to each other as before the adjustment.<br />
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(d) Assessments. If the balance of the award (after payments to the Unit Owner<br />
and such Owner's mortgagees as above provided) for the taking is not sufficient to<br />
finance the alteration of the remaining portion of the Unit for use as a part of the<br />
Common Elements, the additional funds required for such purposes shall be raised by<br />
Special Assessments against all of the Unit Owners who will continue as Unit Owners<br />
after the changes in the Condominium Property effected by the taking. Such Special<br />
Assessments shall be made in proportion to the shares of those Unit Owners in the<br />
Common Elements after the changes effected by the taking, as provided above in<br />
Subsection 5(c).<br />
(e) Arbitration. If the market value of a Condominium Parcel prior to the taking<br />
cannot be determined by agreement among the Unit Owner, mortgagees of the Unit and<br />
the Association within thirty days after notice by any party, the value shall be determined<br />
by arbitration in accordance with the then existing rules of the American Arbitration<br />
Association, except that the arbitrators shall be two appraisers appointed by the American<br />
Arbitration Association who shall base their determination upon an average of their<br />
appraisals of the Condominium Parcel; and a judgment of specific performance upon the<br />
decision rendered by the arbitrators may be entered in any court of competent<br />
jurisdiction. The cost of arbitration proceedings shall be assessed against all Unit Owners<br />
prior to the taking in proportion to the shares of the Unit Owners in the Common<br />
Elements as they exist prior to the changes effected by the taking.<br />
6. Taking of Common Elements. Awards for the taking of Common Elements shall be<br />
used to make the remaining portion of the Common Elements usable in a manner approved by the<br />
Board of Directors; provided, that if the cost of the work shall exceed the balance of the funds<br />
from the awards for the taking, the work shall be approved in the manner required elsewhere in<br />
this Declaration for further improvement of the Common Elements. The balance of the awards<br />
for the taking of Common Elements, if any, shall be distributed to the Unit Owners in the shares<br />
in which they own the Common Elements after adjustment of these shares on account of the<br />
condemnation, except that if a Condominium Parcel is encumbered by an Institutional Mortgage,<br />
the distribution shall be paid jointly to the Unit Owner and the Institutional Mortgagee of the<br />
Condominium Parcel.<br />
7. Amendment to Declaration. Changes to Units, the Common Elements and the<br />
ownership of the Common Elements caused by condemnation shall be evidenced by an<br />
amendment to this Declaration that need be approved only by a majority of the Board of<br />
Directors.<br />
8. Association as Agent. The Association shall represent the Unit Owners in any<br />
condemnation proceedings or in negotiation, settlements and agreements with the condemning<br />
authority for acquisition of the Common Elements or part thereof by the condemning authority.<br />
Each Unit Owner hereby designates and appoints the Association as agent and attorney in fact for<br />
the foregoing purposes.<br />
ARTICLE 21<br />
TERMINATION<br />
Except as otherwise herein provided with respect to casualty loss and condemnation, this<br />
Condominium may be terminated and the Condominium Property removed from the provisions of<br />
Chapter 718, Florida Statutes, by consent of all of the Unit Owners and lienholders of record with liens on<br />
Units, said consent to be evidenced by a recorded instrument to that effect. Upon termination of the<br />
Condominium, the Condominium Property shall be owned in common by the Unit Owners in the same<br />
undivided shares as each Unit owned in the Common Elements. Liens shall be transferred to the<br />
undivided share in the Condominium Property attributable to the Unit originally encumbered by the lien<br />
in its same priority.<br />
ARTICLE 22<br />
DEVELOPER’S PRIVILEGES<br />
A. Transact Business. Said Developer shall have the right to transact on the Condominium<br />
Property any business necessary to consummate the sale or lease of Units, including, but not limited to,<br />
the right to maintain models, have signs, employees in the office, use the Common Elements and to show<br />
Units. A sales office, office equipment, signs and all items pertaining to sales, shall not be considered<br />
Common Elements and shall remain the property of the Developer until the Developer has sold the last<br />
Unit in this Condominium. In the event there are unsold Units, the Developer retains the right to be the<br />
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Unit Owner thereof, under the same terms and conditions as other Unit Owners have with its right to sell,<br />
rent or lease Units as owned by said Unit Owners, as contained in this Declaration.<br />
B. Assignments of Easements. The Developer shall have the right to assign Limited Common<br />
Elements for exclusive use by specific Unit Owners as Limited Common Elements by written instrument.<br />
The Association may grant or amend easements over and across the Condominium Property provided that<br />
no such act or acts shall abridge or materially interfere with the rights otherwise granted to other Unit<br />
Owners.<br />
C. Construction, Development, and Sales. In addition to all other rights granted or reserved to<br />
the Developer in this Declaration of Condominium, the Articles of Incorporation and the By Laws of the<br />
Association, the Developer shall have the right to conduct on the Condominium Property, all operations<br />
necessary in its sole discretion to complete the reconstruction and development of the Condominium<br />
Property and to market, sell and lease the Units or other Property facilities. Irrespective of any restriction<br />
or regulation, the Developer or its agents may enter upon the Condominium Property and operate thereon<br />
such vehicles and equipment as shall be necessary in the sole discretion of the Developer or its agents for<br />
such purposes. The Developer shall have the right to use any Developer owned Unit or other portion of<br />
the Condominium Property in connection with the Developer’s program to sell or lease Units and shall<br />
have the right to place upon the Common Elements signs designating the Developer’s sales office and<br />
advertising Units owned by the Developer for sale or lease. Such signs may be placed in such locations<br />
and shall be of such size and character as the Developer may determine.<br />
D. Representation on the Board of Directors. The Developer shall have the right to select and<br />
designate members of the Board of Directors of the Association, and to remove and replace any person or<br />
persons selected by the Developer as a member of the Board of Directors, as provided in the Articles of<br />
Incorporation and By Laws. No representative of the Developer serving on the Board of Directors of the<br />
Association shall be required to disqualify herself or himself from voting on any contract or other matter<br />
between the Developer and the Association notwithstanding any pecuniary or other interest of the<br />
Developer. The Developer shall not be disqualified from voting on any matter which may come before<br />
the membership of the Association with respect to any contract or other matter between the Developer<br />
and the Association, notwithstanding any pecuniary or other interest of the Developer, Directors<br />
appointed by Developer shall not be required to be owners of Units in the Condominium. At least a<br />
majority of the Board of Directors who are elected by the members of the Association shall be owners of<br />
Units in the Condominium or shall be authorized representatives, officers or employees of a corporation<br />
or other organization which is a Unit Owner.<br />
E. Dissolution or Merger of Developer. In the event of the dissolution of the Developer or its<br />
merger or consolidation into any other entity which survives the Developer, all rights of the Developer<br />
under this Declaration of Condominium or any other Condominium Document shall pass to and may be<br />
exercised by its successor or survivor.<br />
F. Assignability of the Developer’s Status. The status, position and rights of the Developer<br />
under this Declaration of Condominium, the Articles of Incorporation and the By Laws of the Association<br />
are freely assignable, in whole or in part, and any party to whom assigned shall be entitled to exercise all<br />
of the rights so assigned. The Developer shall have the right to appoint and designate a successor who<br />
shall succeed to the status, position and all of the rights and privileges of the Developer under this<br />
Declaration of Condominium by a written instrument identifying and designating such successor executed<br />
in recordable form and, upon the recording of such Instrument in the Public Records of Pinellas County,<br />
Florida, the party named as successor shall succeed to all of the rights, privileges, exemptions and<br />
immunities of the Developer under this Declaration of Condominium. If the assignor Developer assigns<br />
its rights, privileges, and obligations under this Declaration, then such assignor shall be released from all<br />
liabilities and obligations, accruing from and after the date of the assignment; it being understood and<br />
agreed that the Developer and each successor developer shall have a responsibility only with respect to<br />
the period of time during each is the “Developer” hereunder.<br />
G. Assessment for Capital Improvements Actions Detrimental to Sales. Notwithstanding any<br />
other provision of this Declaration of Condominium or any other Condominium Document, so long as the<br />
Developer holds a Unit or Units for sale in the ordinary course of business, none of the following actions<br />
may be taken without approval in writing by the Developer:<br />
1. Assessment of the Developer as a Unit Owner for capital improvements or capital<br />
additions; and<br />
2. Any action by the Association which would be detrimental to the sales of Units by<br />
the Developer, including such use of unsold Units and Common Elements and Association<br />
Property as may facilitate the completion and sale of Units, maintenance of a sales office,<br />
showing of the Property and display of signs; provided, that an increase in Assessments for<br />
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Common Expenses without discrimination against the Developer shall not be deemed detrimental<br />
to the sale of Units.<br />
H. Changes in Units. The Developer shall have the right, without the vote or consent of the<br />
Association or other Unit Owners, to make alterations, additions or improvements in, to and upon Units<br />
owned by the Developer, whether structural or non structural, including physically combining Units.<br />
However, in no event shall any such alteration, addition, improvement or combination interfere with the<br />
Common Elements or Limited Common Elements or the provision of utility service to any Unit, the<br />
Common Elements or Limited Common Elements.<br />
ARTICLE 23<br />
RIGHTS <strong>OF</strong> MORTGAGEES<br />
A. Rights to Information. Upon receipt by the Association from any Institutional Mortgagee,<br />
guarantor or insurer of a copy of the mortgage held by such mortgagee, guarantor or insurer on a Unit,<br />
together with a written request from such mortgagee, or a guarantor or insurer of such mortgagee<br />
specifying the address to which the following items are to be sent, the Association may send to such<br />
mortgagee, insurer or guarantor the following, and for which the Association may charge a reasonable<br />
fee:<br />
1. a copy of a financial statement of the Association for the immediately preceding<br />
fiscal year;<br />
2. written notice of the cancellation or termination by the Association of any policies of<br />
insurance covering the Condominium Property or the Association Property or any improvements<br />
thereon, or any fidelity bonds of the Association, except when the reason for the termination or<br />
cancellation of the insurance policy or bond is to change insurance companies or because the<br />
policy or bond is not needed or is not available;<br />
3. written notice of any damage or destruction to the Common Elements, Limited<br />
Common Elements or Condominium Property or the Association Property which affects a<br />
material portion of the Common Elements, Limited Common Elements or Condominium<br />
Property or the Association Property or the Slip securing its mortgage;<br />
4. written notice of a condemnation or eminent domain proceeding affecting a material<br />
portion of the Condominium Property or the Slip securing its mortgage; and<br />
5. written notice of failure by the Owner encumbered by a first mortgage held by such<br />
Institutional Mortgagee, guarantor or insurer to pay any Assessments when such failure or<br />
delinquency has continued for a period of sixty (60) days or longer.<br />
B. Failure to Notify. The failure of the Association to send any such notice to any such<br />
mortgagee, guarantor or insurer shall have no effect on any meeting, action or thing which was to have<br />
been the subject of such notice nor affect the validity thereof and shall not be the basis for liability on the<br />
part of the Association.<br />
ARTICLE 24<br />
AMENDMENTS<br />
A. Amendments. Except as otherwise provided in this Article 23 and in Article 8 Section B, the<br />
provisions of this Declaration may only be amended upon the approval of such amendment or<br />
amendments by the Association pursuant to a resolution or written consent approving such amendment or<br />
amendments adopted or given by not less than two-thirds (2/3) of the voting interests of the<br />
Condominium. No amendment changing the size or dimensions of a Unit shall be effective unless<br />
consented to by the Unit Owner and any Institutional Mortgagee affected thereby, and no amendment<br />
which affects the rights, privileges or interests of the Developer shall be effective without its prior written<br />
consent. All amendments to this Declaration shall be recorded.<br />
B. Mortgagee Consent. No amendment shall change or modify the provisions of this Declaration<br />
of Condominium which govern the voting rights of members, assessments, assessment liens or<br />
subordination of such liens, reserves for maintenance, repair or replacement, insurance or fidelity bonds<br />
or any provisions which is for the express benefit of any Institutional Mortgagee, unless not less than<br />
fifty-one percent (51%) of such Institutional Mortgagees shall have first approved such amendment. No<br />
amendment may change the size or configuration of any Condominium Unit in any material fashion,<br />
materially alter or modify the appurtenances to the Unit, or change the proportion or percentage by which<br />
the owner of the parcel shares the Common Expenses or owns the Common Surplus unless all record<br />
owners of Units and all record holders of first mortgages approve the amendment.<br />
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C. Scrivener’s Error. Notwithstanding the foregoing, the Declaration may be amended by the<br />
Developer or the Association to correct scrivener’s errors without the need of the Owners’ approval.<br />
ARTICLE 25<br />
NOTICES<br />
A. Giving Notice. Notices provided for in the Condominium Act, Declaration, Articles of<br />
Incorporation or Bylaws shall be in writing, and shall be addressed to the Association or to any Unit<br />
Owner at the mailing address of the Condominium Property or at such other address as may hereafter be<br />
provided on the roster of owners maintained by the Association. The Board of Directors may designate a<br />
different address or addresses for notices to it by giving written notice of such change of address to all<br />
Unit Owners at such time. Any Unit Owner may also designate a different address or addresses for<br />
notices by giving written notice of such Unit Owner’s change of address to the Association. Notice<br />
addressed as above shall be deemed delivered when mailed by United States mail or when delivered in<br />
person with written acknowledgment of the receipt thereof, or, if addressed to a Unit Owner, when<br />
deposited in the mail box in the building or at the door of the Unit in the building.<br />
B. Proof of Notice. The post office certificate of mailing shall be retained as proof of such<br />
mailing or, in the alternative, an officer of the Association or person giving notice may provide an<br />
affidavit affirming the giving of notice.<br />
ARTICLE 26<br />
OCCUPANCY AND USE RESTRICTIONS<br />
In order to provide for congenial occupancy of the Condominium Property and to protect the<br />
value of the Unit, the use of the Condominium Property shall be in accordance with the following<br />
restrictions which shall be applicable to and shall be covenants running with the land of the<br />
Condominium:<br />
A. Occupancy and Residential Use. Except for commercial uses by the Developer or the<br />
Association, including, but not limited to those described in the Rules and Regulations, the lands of the<br />
Condominium and all improvements constructed thereon shall be for residential use only and no portion<br />
of such lands or improvements shall be used for business or commercial purposes excepting therefrom<br />
such uses designed to serve only the residents of this Condominium or the adjacent apartment complex<br />
currently owned by the Grand Venezia at Baywatch Limited Partnership.<br />
1. Occupancy. A Unit owned by an individual, corporation, partnership, trust or other<br />
fiduciary may only be occupied by (i) the individual Unit Owner (and members of his/her family<br />
and guests), (ii) an officer, director, stockholder or employee of such corporation (and members<br />
of his/her family and guests), (iii) a partner or employee of such partnership (and members of<br />
his/her family and guests), (iv) the fiduciary or beneficiary of such fiduciary (and members of<br />
his/her family and guests) or (v) permitted occupants under a lease or sublease of the Unit (as<br />
described below), as the case may be. Occupants of a lease or sublease must be (i) an individual<br />
lessee or sublessee (and members of his/her family and guests), (ii) an officer, director,<br />
stockholder or employee of a corporate lessee or sublessee (and members of his/her family and<br />
guests), (iii) a partner or employee of a partnership lessee or sublessee (and members of his/her<br />
family and guests), or (iv) a fiduciary or beneficiary of a fiduciary lessee or sublessee (and<br />
members of his/her family and guests). Under no circumstances may more than one family, its<br />
servants and guests occupy a Unit at one time. "Members of his/her family" or words of similar<br />
import, whenever used herein shall be deemed to mean spouse, parents, grandparents, parents-inlaw,<br />
brothers, sisters, nieces and nephews, children and grandchildren.<br />
2. Additional Constructions. No structures shall be constructed upon the land other than<br />
Condominium Buildings or other structures intended for residential use and appurtenances<br />
thereto. No Condominium Unit may be divided or subdivided into a smaller Unit, or any portion<br />
thereof sold or otherwise transferred without first amending this Declaration in accordance with<br />
the other provisions hereof.<br />
3. Children. Children are permitted to reside in the Condominium.<br />
B. Balconies and Patios. No Unit Owner shall cause or permit any balcony, patio or roof deck<br />
appurtenant to his/her Unit to be increased in size, or the configuration thereof altered, nor any<br />
improvements or changes made thereto, or to the exterior of the building, including, but not limited to<br />
painting or other decoration of any aesthetic nature, the installation of electrical wiring, television<br />
antenna, satellite dishes, screens, machines or air conditioning Units which may protrude through the<br />
walls or roof of the building, nor change the appearance of any portion of the building. Unit Owners are<br />
24
permitted to install storm shutters which shutters must be approved by the Board of Directors in style and<br />
color.<br />
C. Nuisances. No nuisances shall be allowed upon the Condominium Property nor any use or<br />
practice which is the source of nuisances to residents or which interferes with the peaceful possession and<br />
proper use of the Condominium Property by its residents. All parts of the Condominium Property shall<br />
be kept in a clean and sanitary condition, and no rubbish, refuse or garbage shall be allowed to<br />
accumulate, nor any fire hazard allowed to exist. No Unit Owner shall permit any use of his/her<br />
Condominium Unit or make any use of the Common Elements which will increase the rate of insurance<br />
upon any part of the Condominium Property.<br />
D. Lawful Use. No immoral, improper, offensive or unlawful use shall be made of the<br />
Condominium Property or any part thereof; and all valid laws, zoning ordinances and regulations of all<br />
governmental bodies having jurisdiction thereof shall be observed. The responsibility of meeting the<br />
requirements of governmental bodies which shall require maintenance, modification or repair of the<br />
Condominium Property shall be the same as the responsibility for maintenance and repair of the property<br />
concerned.<br />
E. Signs. No "For Sale" or "For Rent" signs or other displays or advertising shall be maintained<br />
or permitted on any part of the Common Elements or Condominium Units; provided, however, the right is<br />
reserved to the Developer to place "For Sale" or "For Rent" signs in connection with any unsold or<br />
unoccupied Unit it may from time to time own, and the same right is reserved to any Institutional<br />
Mortgagee which may become the a Unit Owner and to the Association as to any Unit which it may own.<br />
F. Exterior Appearance. No clothes, sheets, blankets, towels, laundry of any kind or other<br />
articles shall be hung out or exposed from any Unit or Common Element. The Common Elements shall<br />
be kept free and clear of rubbish, debris and other unsightly material. Nothing shall be hung or displayed<br />
on the outside walls of any buildings on the Condominium Property and no awning, canopy, shade,<br />
window guard, ventilator, fan, air conditioning device, radio or television antenna, or satellite dish, may<br />
be affixed to or placed upon the exterior walls or roof or any part thereof without the prior consent of the<br />
Board of Directors. Nothing shall be affixed to glass windows, glass doors or any other transparent<br />
aperture nor shall the color or appearance of such items be changed. Any draperies, curtains, shades,<br />
shutters, blinds or other covering or material which face on exterior windows or glass doors or which are<br />
in any way visible from the exterior of the Unit shall be white or off-white in color.<br />
G. Floor Coverings. No Unit Owner may install floor tile in his/her Unit, or install tile or other<br />
floor covering on his/her balcony, terrace, atrium, patio or roof deck, without the prior consent of the<br />
Board of Directors of the Association or the Developer. Consent shall be granted in respect of floor tile in<br />
the interior of a Unit provided that the tile selected by the Unit Owner is adequately soundproofed. Tile<br />
or other floor covering selected by the Unit Owner for his/her balcony, terrace, atrium, patio or roof deck<br />
will be permitted provided it is adequately soundproofed and its color, material and design are consistent<br />
with standards adopted by the Board of Directors.<br />
H. Regulations. Reasonable regulations concerning the use of the Condominium Property may<br />
be made and amended from time to time by the Board of Directors of the Association. The initial Rules<br />
and Regulations, which shall be deemed effective until amended, are annexed as Exhibit "A" to the<br />
Bylaws and may be amended without formal amendment of the Bylaws or of this Declaration.<br />
I. Parking Spaces. No parking space, except for those three (3) spaces designated for boat<br />
loading and unloading, may be used for any purpose other than the parking of motor vehicles - including<br />
automobiles, vans and trucks - which are in operating condition. No motor vehicle may be repaired or in<br />
any way serviced upon any portion of the Condominium Property except as set forth in the Rules and<br />
Regulations. No parking space shall be used by any person other than an occupant of a Unit who is in<br />
actual residence or by a guest or visitor of an occupant of a Unit and by such guest or visitor only when<br />
such guest or visitor is in fact visiting and upon the Condominium Property. For further details on<br />
restrictions on parking spaces, refer to the initial Rules and Regulations which are annexed as Exhibit “A”<br />
to the Bylaws.<br />
J. Transients. No rooms, as distinguished from Units, may be rented, and no transient tenants<br />
may be accommodated.<br />
K. Pets. No more than two (2) household pets are permitted per Unit. The following breeds of<br />
dogs are not permitted, Pit Bulls, Rottweilers, German Shepherds, Huskies, Alaskan Malamutes,<br />
Doberman Pinchers, Chows, Great Danes, Saint Bernards, Akitas and Dalmatians. Other than dogs,<br />
household pets are restricted to fifteen (15) pounds. For further details on restrictions on pets, refer to the<br />
initial Rules and Regulations which are annexed as Exhibit “A” to the Bylaws.<br />
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L. Amenities. The Association may, in its sole and absolute discretion, provide or engage a<br />
third party/concessionaire to provide additional amenities and services for the Unit Owners, their<br />
permitted tenants and invitees (for example, rental of jet skis, limousine service at a reduced cost, etc.).<br />
In the event that such amenities or services are provided, rules and regulations regarding their use will be<br />
posted on site or available from the management office. Notwithstanding anything herein to the contrary,<br />
the Association may at any time, in its sole and absolute discretion and without the need to obtain consent<br />
from the Unit Owners, suspend, alter, change or otherwise discontinue providing any such amenity or<br />
service.<br />
M. Other Occupancy Rules. Units and their occupants shall further be subject to such rules and<br />
regulations as may be adopted from time to time by the Board of Directors and not inconsistent with this<br />
Declaration or exhibits attached thereto. The initial Rules and Regulations, which shall be deemed<br />
effective until amended, are annexed as Exhibit "A" to the Bylaws and may be amended without formal<br />
amendment of the Bylaws or of this Declaration.<br />
ARTICLE 27<br />
RIGHTS AND OBLIGATIONS<br />
A. Unit Owners. The provisions of this Declaration, the Articles of Incorporation and the<br />
Bylaws, and the rights and obligations established thereby, shall be deemed to be covenants running with<br />
the land so long as the property remains subject to the provisions of the Condominium Act and shall inure<br />
to the benefit of and be binding upon each and all of the Unit Owners and their respective heirs,<br />
representatives, successors, assigns, purchasers, lessees, grantees, and mortgagees. By the recording of<br />
the acceptance of a deed conveying a Unit or any interest therein, or any ownership interest in the<br />
property whatsoever, the person to whom such Unit or interest is conveyed shall be deemed to accept and<br />
agree to be bound by and subject to all of the provisions of the Condominium Act, this Declaration, the<br />
Articles of Incorporation and the Bylaws.<br />
B. Mortgagees. Upon written request to the Association, identifying the name and address of the<br />
holder, insurer or guarantor and the Unit number, any such holder, insurer or guarantor shall be entitled to<br />
timely written notice of:<br />
1. Any condemnation loss or any casualty loss affecting a material portion of the<br />
Condominium Property or any Unit on which its mortgage is held, insured, or guaranteed;<br />
2. Any delinquency in payment of assessments or charges by an Owner of a Unit<br />
subject to a first mortgage held, insured or guaranteed by such person, which remains uncured for<br />
a period of sixty (60) days; or<br />
3. Any lapse, cancellation or material modifications of any insurance policy or fidelity<br />
bond maintained by the Association.<br />
ARTICLE 28<br />
SEVERABILITY<br />
If any provision of this Declaration, the Articles of Incorporation or Bylaws shall be held invalid,<br />
it shall not affect the validity of the remainder of the Declaration, Articles and the Bylaws.<br />
ARTICLE 29<br />
<strong>FOR</strong>CE MAJEURE<br />
In the event of any act of Force Majeure, the act of Force Majeure shall serve to extend<br />
performance by such party for a period of time equal to such prevention, delay or stoppage. As used in<br />
this Declaration, the term "Force Majeure" shall include, but not be limited to, the prevention, delay or<br />
stoppage encountered by either party hereto due to fire or other casualty, bad weather, inability to secure<br />
materials, strikes or labor disputes (over which said party has no direct or indirect bearing, in the<br />
resolution thereof, or if either party hereto does have said bearing, said dispute occurs despite either<br />
party's attempt to resolve same via good faith bargaining) directly affecting the performance of the party's<br />
obligations under this Declaration, acts of God, acts of the public enemy, terrorism, or war, civil<br />
commotion, and/or governmental restrictions, regulations or controls affecting the party obligated to<br />
perform (or of its contractors or subcontractors).<br />
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IN WITNESS WHERE<strong>OF</strong>, the undersigned has caused this Declaration to be executed as of this<br />
_____ day of _________ 2003.<br />
<strong>THE</strong> <strong>GRAND</strong> <strong>BELLAGIO</strong> AT BAYWATCH<br />
LIMITED PARTNERSHIP, a Florida limited<br />
partnership<br />
____________________________<br />
Name: ______________________ By: <strong>BELLAGIO</strong> GENERAL PARTNER, INC., a<br />
Florida corporation, its general partner<br />
____________________________<br />
Name: ______________________<br />
By: _____________________________<br />
Christopher DelGuidice,<br />
President<br />
STATE <strong>OF</strong> FLORIDA )<br />
) SS<br />
COUNTY <strong>OF</strong> ____________ )<br />
The foregoing instrument was acknowledged before me this ___ day of _________, 2003, by<br />
Christopher DelGuidice, as President, of Bellagio General Partner, Inc., a Florida corporation, the sole<br />
general partner of The Grand Bellagio at Baywatch Limited Partnership, a Florida limited partnership, on<br />
behalf of the limited partnership. He is personally known to me or has produced<br />
_______________________________________ as identification.<br />
My Commission expires:<br />
_________________________________<br />
NOTARY PUBLIC, STATE <strong>OF</strong> FLORIDA<br />
Print name: _______________________<br />
Commission No:___________________<br />
F:\DATA\DELGUIDI\Bellagio Condominium\Declaration 10.doc<br />
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