|Beginning January 1st, 2013, all resales will be required to pay two months of the current monthly assessment towards the Working Capital Fund, per the following amendment. |
AMENDMENT TO THE DECLARATION OF
PROTECTIVE COVENANTS FOR
GREEN CAY VILLAGE
The Declaration of Protective Covenants for Green Cay Village is recorded in Official Records Book 21294, beginning at Page 0001, of the Public Records of Palm Beach County, Florida.
As indicated herein, words underlined are added and words struck through are deleted.
Item 1. Article VI, Section 12 of the Declaration of Protective Covenants for Green Cay Village ("Declaration") shall be amended as follows:
12. WORKING CAPITAL FUND. The Declarant shall establish a Working Capital Fund for the operation of the Association, which shall be collected by the Declarant from each Lot purchaser at the time of conveyance of each Lot to such purchaser in an amount equal to two (2) months of the Lots pro rata share of Base Assessments such Lot (without consideration for reductions due to incomplete facilities). Each Lot's share of the Working Capital Fund shall be collected and transferred to the Association at the time of closing of the sale of each Lot. Amounts paid into the fund are not to be considered as advance payment of regular Assessments. Notwithstanding the foregoing, the Declarant, for so long as it controls the Board of Directors, shall have the right to use the Working Capital Fund to pay for ordinary expenses of the Association.
In addition, upon the conveyance of a Unit, each transferee shall be charged two (2) months of combined regular assessments for both the Master Association and the applicable Townhome or Condominium Association in which the Unit is located, as a contribution to the Working Capital Funds of the respective Associations, with the proceeds to be collected by the Master Association and disbursed by the Master Association to the applicable Townhome or Condominium Sub Association in the same proportion as the current year budget amount of the combined assessments shared between the Master Association and the applicable Sub Association. By way of example and not limitation, if sixty (60%) percent of the combined regular assessments are attributable to Sub Association expenses, and forty (40%) percent of the regular assessments are attributable to Master Association expenses, then sixty (60%) percent of the Working Capital Contribution will be disbursed to the applicable Sub Association and forty (40%) percent of the Capital Contribution will be retained by the Master Association. The due date shall be the date of the closing of the conveyance. Such contribution shall be the personal obligation of the new Unit Owner and a continuing lien upon the Unit enforceable by the Association pursuant to Article VI, Section 8, of this Declaration as amended or renumbered from time to time. Such contribution shall be in addition to all assessments imposed or levied by the Association from time to time. For purposes of this Section the term "conveyance" shall mean the transfer of record legal title of a Unit by deed or other means of title conveyance, with or without valuable consideration, and shall also refer to a transfer of possession and beneficial ownership by means of agreement for deed. The following conveyances shall be exempt from contribution to the Working Capital Fund: (a) by a co-Unit Owner to any person who was a co-Unit Owner immediately prior to such conveyance; (b) to a trustee or the Unit Owner's spouse without a change in occupancy, solely for estate planning or tax purposes; (c) to a mortgagee or the Association pursuant to a Final Judgment of Foreclosure or Deed in Lieu of Foreclosure; and (d) to a transferee who has previously paid a contribution pursuant to this Section, even if paid with respect to a different Unit. An exempt conveyance described in (a)-(d) above shall be subject to all other contributions to the Working Capital Fund and all assessments imposed or levied by the Association from time to time. The Working Capital Funds may be used for any Association Common Expense that directly benefits the property as determined from time to time by the Board of Directors.
Effective Date 1/1/2013 as unanimously approved by the Master Association Board of Directors