DECLARATIONS
OF
COAKLEY BAY TOWNHOUSE APARTMENTS CONDOMINIUMS
STAGE II
Buildings H-N
SECTION SUBJECT PAGE
1. NAME
1
2. SUBMISSION
OF PROPERTY
1
(EASEMENTS GRANTED)
a. SWIMMING
POOL
2
b. ROADWAY
EASEMENTS
2
c. SEWAGE
TREATMENT PLANT
3
d. PARKING
EASEMENTS
3
e. RESTAURANT,
BAR AND
COMMISARY
3
f. PIPES,
WIRES, DUCTS, CABLES,
CONDUITS
AND PUBLIC UTILITY LINES 3
(EASEMENTS RESERVED)
a. ROADWAY
EASEMENT
4
b. SWIMMING
POOL AND OTHER
RECREATIONAL
FACILITIES
4
c. SEWAGE
DISPOSAL
4
d. UTILITIES
4
e. RIGHT
TO BUILD
5
3. LAND
AREA
5
4. BUILDINGS
5
5. IDENTIFICATION
OF UNITS
6
6. USE
OF UNITS
6
7. DIMENSIONS
OF UNITS
6
8. COMMON
AREAS AND FACILITIES
6
9. STATEMENT
OF THE NUMBER OF
LIMITED
COMMON AREAS AND
FACILITIES
7
10. DETERMINATION
OF UNDIVIDED
SHARES
IN COMMON AREAS AND
FACILITIES
8
11. ENCROACHMENTS
8
12. PIPES,
DUCTS, CABLES, WIRES,
CONDUITS,
PUBLIC UTILITY LINES
AND
OTHER COMMON FACILITIES
LOCATED
INSIDE OF UNITS
8
13. POWER
OF ATTORNEY TO BOARD
OF
DIRECTORS
9
14. ACQUISITION
OF UNITS BY
BOARD
OF DIRECTORS
9
15. PERSON
TO RECEIVE SERVICE
10
16. UNITS
SUBJECT TO DECLARATION,
BY-LAWS,
RULES AND REGULATIONS 10
17. AMENDMENT
OF DECLARATION 10
18. RECONSTRUCTION
OR REPAIR OF
CASUALTY
DAMAGE 11
19. ASSESSMENTS 11
20. INSURANCE 15
21. APPORTIONMENT
OF TAX OR
SPECIAL
ASSESSMENT AGAINST
THE
CONDOMINIUM AS A WHOLE 16
22. RESTRICTION
AGAINST SUBDIVIDING
OF
CONDOMINIUM UNITS AND
SEPARATE
CONVEYANCE OF
APPURTENANT
COMMON AREAS
AND
FACILITIES 17
23. USE
OF COMMON AREAS AND
FACILITIES
SUBJECT TO RULES OF
THE
CONDOMINIUMS 18
24. RESTRICTIONS
OF INTERFERENCE
WITH
DEVELOPER 18
25. RIGHT
OF ENTRY INTO CONDOMINIUM
UNITS
IN EMERGENCIES 19
26. RIGHT
OF ENTRY FOR MAINTENANCE
OF
COMMON AREAS AND FACILITIES 19
27. CONDOMINIUM
TO MAINTAIN REGISTRY
OF
OWNERS AND MORTGAGES 19
28. NOTICE
OF LIEN OR SUIT 20
29. REMEDIES
IN EVENT OF DEFAULT 20
30. USE
OR ACQUISITION OF INTEREST
IN
THE CONDOMINIUM 22
31. BY-LAWS 22
32. INVALIDITY 22
33. WAIVER 22
34. CAPTIONS 22
35. NOTICE 22
36. GENDER 23
37. EXHIBIT
B 24
38. EXHIBIT
C 27
39. EXHIBIT
E 30
40. EXHIBIT
F 32
41. AMENDMENT 40
In buying a condominium you are embarking on an exciting new concept of
real estate ownership.
A condominium purchaser receives a fee title interest to his own
townhouse apartment and an undivided interest in all the common areas. As a condominium owner, you may
mortgage, sell, lease, or otherwise convey your interest in this unit in the
same manner that you would for a home or a parcel of ground. You own a parcel of real estate without
having to worry about all of the small details of upkeep and management. This form of ownership presents less
individual burdens to the individual and allows for a more carefree living with
all the built-in advantages you would have in owning a luxury home.
Contained herein is the Declaration and By-Laws wherein these units are
submitted or declared to be a “condominium” under certain terms and
conditions binding on all parties as required by the Condominium Act of the
U.S. Virgin Islands.
Wherever the term “condominium” is used, it refers to Stage
II of Coakley Bay.
Wherever the term “developer” is used, it refers to Coakley
Bay Development Corporation.
Wherever the term “Estate Coakley Bay” is used, it refers to
all stages of development at Coakley Bay.
CONDOMINIUM
OWNERSHIP OF COAKLEY
BAY, STAGE II, ST.
CROIX, VIRGIN ISLANDS
PURSUANT TO CHAPTER
33, TITLE 28
VIRGIN ISLANDS
CODE
COAKLEY BAY DEVELOPMENT CORPORATION, a corporation organized and
existing under the laws of the Virgin Islands of the United States, whose
principal office is situated at Plot 2BA, Star Route, Christiansted, St. Croix,
Virgin Islands, hereinafter referred to as “the Developer”, does
hereby declare:
1. NAME. The name by which this condominium is
to be identified is “Coakley Bay, Townhouse Apartments, Stage II, a
condominium”, hereinafter called “condominium”.
2. SUBMISSION
OF PROPERTY.
The developer hereby submits the land together with the buildings and
improvements thereon erected and to be erected, owned by the developer in fee
simple absolute, (hereinafter called the “property”), to the
provision of Chapter 33, Title 28, Virgin Islands Code, known also as the
“Condominium Act of the Virgin Islands”:
Parcel No. 2-BG, and
Plot 2-BC of Estate Coakley Bay, East End “B” Quarter,
consisting of 2.393
acres, and 0.235 acres respectively,
as shown on Public
Works Drawing No. 3032 dated 4/21/72
and recorded with the
Public Surveyor, Christiansted, St. Croix, Virgin Islands.
TOGETHER with the tenements, hereditaments, and appurtenances thereunto
belonging and all of the estate, right, title, and interest of the Developer in
and to said premises, including the easements granted or assigned as set forth
below, and subject only to the easements reserved by the Developer as further
set forth below.
EASEMENTS GRANTED TO OWNERS: In addition to swimming pool,
recreational and road facilities to be constructed on the property, as shown on
Exhibit A annexed hereto, the following easements are hereby granted to unit
owners:
(a) Recreational Faciltities: The
use of the swimming Pool, and all recreational facilities on developer’s
adjoining property, which area is more particularly described as follows:
Parcel 2 BAb of Estate Coakley Bay, East End “B”
Quarter, as shown on Public Works Drawing No. 3032, dated 4/21/72, and recorded
with the Public Surveyor, Christiansted, St. Croix, Virgin Islands. (This area
was described in the duly recorded Declaration of Stage I as being Parcel 2BA
shown on P.W.D. No. 2509)
(i) The easement premises may be used only by Owners or other authorized
occupants of the respective apartments in the Condominium established herein,
the members of their families and their guests, for swimming and sun bathing
and any other recreational activities provided during the hours and time, as
may be established by the Board of Directors.
(ii)Upon leaving the easement premises, the persons availing themselves
of the easement shall take with them all property brought there by them and
shall leave that portion of said area used by them in a clean and orderly
condition, and shall deposit all litter in receptacles.
(b) Roadway Easements: A perpetual, non-exclusive easement of
access and use of that portion of that thirty (30) foot wide roadway shown as
road Plot 2-BD on Public Work Drawing 3032, dated April 21, 1972, and also
similar easements to the roadways in Stage II as shown on the site plan annexed
hereto as Exhibit A, which connect to and are a continuation of Roads A and B
as set forth in the Declaration of Coakley Bay, Stage I, recorded with the
Recorder of Deeds, Christiansted, St. Croix, in P.C. 131M, p.136. In addition,
similar easements as to Roads A and B in Stage I aforementioned and in the
roadways and common areas of any future development of Coakley Bay.
(c) Sewage Treatment
Plant Easement: A perpetual
easement to connect or “tap
in”, to the sewage treatment plant owned and constructed by the
Developer and located on the premises known as parcel 2BF as shown on P.W.D. No
3032, including a perpetual easement to lay the necessary pipe lines for the
transportation of sewage from Stage II as described above to the sewage
treatment plant mentioned in the foregoing. All costs of such connection or
“tap in” shall be borne by the developer, and the cost of
maintaining such connection or “tap in” shall thereafter be
allocated equitably as may be mutually agreed to by the respective boards of
directors of the condominium and other and future stages sharing the said
sewage treatment plant.
(d) Parking Easement: A perpetual, non-exclusive easement to
use for the purposes
of parking any and all parking spaces built or to be built in the future
while using the facilities located in the area referred to in subparagraph (a)
above.
(e)
Restaurant, Bar and Commissary Easement: A perpetual, non-exclusive easement
to use the Restaurant, Bar and Commissary located in Plot 2Baa, as shown on
Public Works Drawing No. 3032.
(f) Pipes, Wires,
Ducts, Cables, Conduits, and Public Utility Lines: A perpetual, non-exclusive easement to
run pipes, wires, ducts, cables, conduits, and public utility lines through
Parcel 2BA, Plots 2Baa, and 2BAb and Parcel 2BB as shown on Public Works
Drawing No. 3032, and through an area to be agreed upon by Developer and the
Condominium and the right to enter at any time to maintain these utilities.
EASEMENTS RESERVED BY DEVELOPER.
The Developer, its successors and assigns, for themselves
and for the condominium owners in other stages of Estate Coakley Bay, hereby
reserve the following easements, it being understood that the same may be
further assigned by the Developer without any restriction whatsoever, at any
time, and from time to time.
(a) Roadway and
Parking Easement: A
perpetual, non-exclusive easement of access and use of roadways on the property
as shown on Exhibit “A” annexed to this Declaration, and the
parking areas shown thereon as may be needed for the beneficial enjoyment of
other easements reserved hereunder.
(b) Swimming Pool
Easement and Other Recreational Facilities: A perpetual, non-exclusive easement for
swimming and sun bathing and other recreational facilities, that portion of the
Property shown as the pool area, at the southerly portion of the property and
set forth on Exhibit “A” annexed to this Declaration.
(c) Sewage Disposal
Easement: A perpetual,
non-exclusive easement to connect or “tap in” from time to time, to
the pipelines for sewage to be laid on the Property, for future stages of
Estate Coakley Bay which future stages are presently planned by the Developer.
All additional costs of such connection or “tap in” shall be borne
by the Developer, its successors and assigns, and the cost of maintaining the
said pipelines following such connection shall thereafter be allocated
equitably as may be mutually agreed to by the respective Boards of Directors of
the condominiums sharing the same.
(d) Utilities Easement:
Perpetual, non-exclusive
easements and rights of way over the Property for the creation, construction,
and maintenance of public, quasi-public, and private underground utilities,
such as gas, water, telephone, telegraph, electricity, storm drains and land
drains.
(e) Right to Build: A perpetual right to build other
structures and improvements on the Property for the benefit of Estate Coakley
Bay and Developer.
3. LAND
AREA. The condominium land has an area of approximately 2.628
acres.
(a) The Developers hereby
agree that at the conclusion of construction and conveyance to purchasers of
all apartment in Stage I, and Stage II, an undivided interest in the swimming
pool, as hereinafter described, will be granted and conveyed to each apartment
unit owner in accordance with each unit’s respective percentage interest
in the condominium areas and facilities of Stage I and II.
The pool as aforesaid shall mean the physical pool, pump house and
filtration system situate in Plot 2Bab, P.W.D. No. 3032, together with a
reasonable convenient easement of access thereto.
4. BUILDINGS.
The condominium will consist of 39 condominium units, townhouse
apartments, in a group of five buildings, known as Buildings H, J, K, L, M, and
N, all with 3 levels (measured from slab to roof), all to be constructed of
reinforced concrete masonry, concrete block with wood joist and concrete poured
floors or wood floors and wood frame roofs.
5. IDENTIFICATION
OF UNITS. Annexed hereto and
made a part hereof as Exhibit “B” is a list of all units in the
buildings, their unit designations, locations, approximate areas, number of
rooms (all as shown on the floor plans of the buildings, certified by Carlos
Saillant-Smith, Architect, intended to be filed in the Office of the Recorder
of Deeds for St. Croix in St. Croix, Virgin Islands, simultaneously with the
recording of this Declaration). All
apartment units have immediate access to steps, ramps, pads and other common
areas immediately adjacent to each building.
6. USE
OF UNITS. Each of the buildings
and units shall be used as a residence.
Each condominium unit is hereby restricted to residential use by the
owner or owners thereof, their immediate families, guests and invitees,
including guests under a lease or hotel plan which has been approved by the
condominium with Coakley Bay Hotel Corporation, a Virgin Islands Corporation.
7. DIMENSIONS
OF UNITS. Each unit consists of the
area measured horizon-tally from the unit side of the exterior concrete walls
of the building to the unit side of the walls and/or partitions separating such
unit from steps, stairways, entrance bridges, landing platforms, or from other
common or limited common areas, and where walls and/or partitions separate such
unit from other units, to the side of such walls and/or partitions facing such
unit; vertically each unit consist of the space between the top surface of the
floor and the under surface of the ceiling, and shall include the balcony and
the rear landing appurtenant to each unit.
8. COMMON
AREAS AND FACILITIES. The common areas and
facilities consist of the entire Property including all parts of the Buildings
other than the units, and including, without limitation, the following:
(a) The land on which the
Buildings are erected.
(b) All roofs, foundations,
columns, beams, and supports.
(c) All exterior walls of
the Buildings; all walls and partitions separating units from steps, stairways,
entrance bridges, landing platforms, or from other common or limited common
areas; all walls and partitions separating units; all floors and ceilings.
(d) All laundry service
rooms, storage rooms, pump rooms, and other similar facilities, all
landscaping, all roads and walkways, all exterior lighting and all driveways
and parking areas.
(e) All central and
appurtenant installations for services such as power, light and telephone, gas,
hot and cold water, potable and salt water, (including all pipes, ducts, wires,
cables and conduits used in connection therewith, whether located in common areas
or in units) and all other mechanical equipment spaces, including:
(i)
The underground
electrical distribution system.
(ii)
The rainwater
collection system, including cisterns and piping.
(iii)
The potable water
system, including pressure tanks, pumps, and piping to individual units.
(iv)
All sewer lines and
conduits.
(f) All other parts of the
Property and all apparatus and installations existing in the Buildings or on
the Property for the common use or necessary or convenient to the existence,
maintenance, or safety of the property.
9. STATEMENT
OF THE NUMBER OF LIMITED COMMON AREAS AND FACILITIES.
It is hereby declared that the condominium shall not have any limited
common areas or facilities, as that term is defined in the Condominium Act of
the Virgin Islands, Chapter 33, Title 28, Virgin Islands Code.
10. DETERMINATION
OF UNDIVIDED SHARES IN COMMON AREAS AND FACILITIES. The percentages of interest of the respective units in the
common areas and facilities (hereinafter sometimes called the “common
interests”) have been determined upon the basis of the proportion which
the value of each unit bears to the value of the Condominium Stage II, and such
values and percentages are set forth in Exhibit “C” attached hereto
and made part hereof.
11. ENCROACHMENTS.
If any portion of the common areas and facilities encroaches upon any
unit, or if any unit now encroaches upon any other unit, or upon any portion of
the common areas and facilities, as a result of the construction of the
Building(s) or if any such encroachment shall occur hereafter as a result of
settling or shifting of the Building(s), a valid easement for the encroachment
and for the maintenance of the same so long as the Building(s) stands, shall
exist. In the event that the Building(s),
the unit, any adjoining unit, or any adjoining common area or facility shall be
partially or totally destroyed as a result of fire or other casualty or as a
result of condemnation or eminent domain proceedings, and then rebuilt,
encroachments of parts of the common areas and facilities upon any unit or of
any unit upon any other unit or upon any portion of the common area and
facilities due to such rebuilding, shall be permitted, and valid easements for
such encroachments and the maintenance there of shall exist so long as the
Building(s) shall stand.
12. PIPES, DUCTS, CABLES, WIRES, CONDUITS,
PUBLIC UTILITY LINES AND OTHER COMMON FACILITIES LOCATED INSIDE OF UNITS. Each Unit owner shall have an
easement in common with the owners of all other units to use all pipes, wires,
cables, conduits, public utility lines, and other common facilities located in
any of the other units and serving the unit. Each unit shall be subject to an
easement in favor of the owners of all other units to use the pipes, ducts,
cables, conduits, public utility lines and other common facilities serving such
other units and located in such unit.
13. POWER
OF ATTORNEY TO THE BOARD OF DIRECTORS. Whenever any unit owner
desires to sell, lease, or surrender his unit to the Board of Directors, or, in
the event any unit becomes the subject of a foreclosure or other judicial sale,
such unit owner shall grant to the persons who shall from time to time
constitute the Board of Directors, an irrevocable power of attorney, coupled
with an interest, to acquire title to or lease such unit in the name of the
Board of Directors or its designee, corporate or other wise, on behalf of all
unit owners, and to convey, sell, lease, mortgage, vote the votes appurtenant
thereto or otherwise deal with any such unit so acquired or to sublease any
unit so leased to the board of Directors, provided, however, if an owner
desires to sell his unit to a third party, the Board of Directors shall have a
right of first refusal to purchase said unit at such price as the owner
specifies and desires to sell and that such right shall be for a limited period
not exceeding fifteen (15) days following the time that the owner gives notice
in writing to a representative of the Board of Directors of his desire to sell
and the price at which he desires to sell said unit. This paragraph is not intended to
violate any provision of the Virgin Islands Civil Rights Act.
14. ACQUISITION OF UNITS BY BOARD OF
DIRECTORS. In the event any unit
owner shall, in compliance with the terms and conditions of the By-Laws,
surrender his unit to the Board of Directors, such surrender shall also
transfer:
(i) The undivided interest
in the common areas and facilities appurtenant thereto;
(ii) The interest of such
unit owner in any other units acquired by the Board of Directors or its
designee on behalf of all unit owners or the proceeds of the sale or lease
thereof, if any; and
(iii) The interest of such unit owner in any other assets of the
condominium (hereinafter collectively called “Appurtenant
Interests”), or in the event
the Board of Directors shall purchase from any unit owner who has elected to
sell the same, a unit, together with Appurtenant Interests, or in the event the
Board of Directors shall purchase at a foreclosure or other judicial sale, a
unit, together with the Appurtenant Interests, title to any such unit, together
with the Appurtenant Interests, shall be held by the Board of Directors or its
designee, corporate or otherwise, on behalf of all unit owners, in proportion
to their respective common interests. The lease covering any unit leased to the
Board of Directors or its designee, corporate or otherwise, shall be held by
the Board of Directors, or its designee, on behalf of all unit owners, in
proportion to their respective common interests.
15. PERSON
TO RECEIVE SERVICE. Mr. Irwin J.
Silverlight, Attorney, 7 King Street, Christiansted, St. Croix, Virgin Islands,
is hereby designated to receive notice of process in any action which may be
brought against the Condominium.
16. UNITS
SUBJECT TO DECLARATION, BY-LAWS, RULES AND REGULATIONS.
All present and future owners, tenants, and occupants of units shall be
subject to and shall comply with the provisions of this Declaration, the
By-Laws, and the Rules and Regulations, as they may be amended from time to
time. The acceptance of a deed or
conveyance or the entering into of a lease or the entering into occupancy of
any unit shall constitute an agreement that the provisions of the Declaration,
the By-Laws and the Rules and Regulations as they may be amended from time to
time, are accepted and ratified by such owner, tenant or occupant and all of
such provisions shall be deemed and taken to be covenants and running with the
land and shall bind any person having at any time any interest or estate in
such unit, as though such provisions were recited and stipulated at length in
each and every deed or conveyance or lease thereof. No person, irrespective of the nature of
his interest, shall bring any action or proceeding for partition or division of
the Property or any part thereof except as may be specifically permitted by the
Condominium Act of the Virgin Islands, by the provisions hereof or by the
By-Laws.
17. AMENDMENT
OF DECLARATION. This Declaration may
be amended by the vote of at least seventy-five percent (75%) in number and in
common interest of all unit owners, cast in person or by proxy at a meeting
duly held in accordance with the provisions of the By-Laws, provided, however,
that any such amendment shall have been approved in writing by all mortgagees
who are the holders of mortgages comprising first liens. No such amendments shall be effective
until recorded in the Office of the Recorder of Deeds for St. Croix,
Christiansted, U.S. Virgin Islands.
Notice to purchasers of amendment by certified mail and any nonreply
within fourteen (14) days is an acceptance.
18. RECONSTRUCTION
OR REPAIR OF CASUALTY DAMAGE. In the event that two-thirds (2/3) or more of the total
number of apartment units are substantially damaged or destroyed, a decision
not to reconstruct or repair such damage or destruction may be made within
sixty (60) days of the date of such damage or destruction by the vote of at
least seventy-five percent (75%) in number and in common interest of all unit
owners, cast in person or by proxy at a meeting duly held in accordance with
the provisions of the By-Laws. If
less than two-thirds (2/3) of the total number of apartment units are damaged
or destroyed, it shall be mandatory that such damage be repaired and
restored. All reconstruction and
repairs must be made according to substantially the same plans, specifications,
design and total cubic area, pursuant to which the Buildings were initially
constructed.
19. ASSESSMENTS. Monies or funds for the payment of common expenses shall be
assessed against unit owners in the percentage of their common interest
provided herein, and shall be determined levied, collected, held and disbursed
as provided in the Condominium Act of the Virgin Islands. Common expenses shall include the
expenses of maintaining all common areas plus the proportionate share of the
cost of maintenance and operation of the sewage treatment facilities, which
includes, treatment plant, pumping stations, all appurtenant piping thereto and
therefrom, holding tanks and other appurtenant facilities and accessories,
(excluding the Restaurant and the Commissary facilities) in common with other
condominiums to be built by the Developer.
In addition, the expenses of maintenance of the Administration Building
situate in Parcel 2BA as shown on P.W.D. 3032 shall be likewise excluded,
provided that the Condominium shall pay rental based on comparable rates
established in St. Croix for the areas used for the benefit of the Condominium
as determined by the Board of Directors.
The Condominium shall have a lien on each condominium unit for any
unpaid assessments, as provided by the Condominium Act of the Virgin Islands,
which lien shall also secure reasonable attorneys’ fees incurred by the
Condominium incident to the collection of any such assessment of enforcement of
such lien.
In connection with the foreclosure of a lien against a unit owner, such
unit owner shall be required to pay a reasonable rental (as determined by the
Directors) for the condominium unit, and the Condominium shall be entitled to
the appointment of a Receiver to collect same.
(a) All
monies collected by the Condominium shall be treated as a separate fund of the
said Condominium, and such monies may be applied by the Condominium to the
payment of any expenses of operating and managing the Condominium, or to the
proper undertaking of all acts and duties imposed upon it by virtue of this
Declaration of Condominium and its By-Laws, and as the monies for any
assessment are paid to the Condominium by any owner of a condominium unit the
same may be comingled with the monies paid to the Condominium by the other
owners of Condominium units.
Although all funds and other assets of the Condominium and any
increments thereto or profits derived therefrom or from the leasing or use of
common areas and facilities, shall be held for the benefit of the members of
the Condominium, no member of said Condominium shall have the right to assign,
hypothecate, pledge or transfer his membership interest therein, except as an
appurtenance with his condominium unit.
When the owner of a condominium unit shall cease to be a member of the
Condominium by reason of the divestment of his ownership, by whatever means,
the Condominium shall not be required to account to such owner for any share of
the funds or assets of Condominium, or which may have been paid to Condominium
by such owner, as all monies which any owner has paid to Condominium
shall be and constitute the assets of the Condominium which may be used in the
operation and management of the Condominium.
(b) No
owner of a condominium unit may exempt himself from liability for any
assessment levied against such owner and his condominium unit by waiver of the
use or enjoyment of any of the common areas and facilities, or by abandonment
of the condominium unit or by any other means.
(c) The
lien herein granted to the Condominium shall be effective from and after the
time of recording in the records of the Recorder of Deeds, Office of the
Government Secretary,
Christiansted, St. Croix, a claim of lien stating the description of the
Condominium unit encumbered thereby, the name of the record owner, the amount
due and the date when due, and the lien shall continue in effect until all sums
secured by said lien, as herein provided, shall have been fully paid. Such claims of lien shall include only
assessments which are then due and payable when the claim of lien is recorded,
plus interest, costs, attorney’s fees, advances to pay taxes and prior
encumbrances and interest thereon, all as above provided. Such claims of lien shall be signed and
verified by the secretary or agent of the Condominium. Upon full payment of all sums secured by
such claim of lien, the same shall be satisfied of record. The claim of lien filed by the
Condominium shall be subordinate to the lien of any mortgage or any other lien
recorded prior to the time of recording of the Condominium’s claim of
Lien, except that the Lien of the Condominium for tax or special assessment
advances made by Condominium where any taxing authority having jurisdiction levies
any tax or special assessment against the Condominium as an entirety instead of
levying the same against each Condominium unit and its appurtenant undivided
interest in common areas and facilities, shall be prior in lien, right and
dignity to the lien of all mortgages, liens and encumbrances, whether or not
recorded prior to the Condominium’s claim of lien therefore, and the
special assessment shall specifically designate that the same secures an
assessment.
In the event that any person, firm or corporation shall acquire title to
any condominium unit and its appurtenant undivided interest in common areas and
facilities by virtue of any foreclosure or judicial sale or by any other means
such person, firm or corporation so acquiring title shall be only liable and
obligated for assessments as shall accrue and become due and payable for said
condominium unit and its appurtenant undivided interest in common areas and
facilities subsequent to the date of acquisition of such title, and shall not
be liable for the payment of any assessments which were in default and
delinquent to the time it acquires such title, except that such person, firm or
corporation shall acquire such title subject to the lien of any future
assessment by the Board of Directors.
(d)
Whenever any condominium unit may be leased, sold, or mortgaged by the
owner thereof, which lease or sale shall be concluded only upon compliance with
other provisions of this Declaration, the Condominium, upon written request of
the owner of such condominium unit, shall furnish to the proposed lessee,
purchaser or mortgagee, a statement verifying the status of payment of any
assessment which shall be due and payable to the Condominium by the owner of
such condominium unit. Such
statement shall be executed by any officer of the Condominium and any lessee,
purchaser or mortgagee may rely upon such statement in concluding the proposed
lease, purchase or mortgage transaction., and Condominium shall be bound by
such statement.
In the event that a condominium unit is to be leased, sold, or mortgaged
at the time when payment of any assessment against the owner of said
condominium unit and such condominium unit due to the Condominium shall be in
default (whether or not a claim of lien has been recorded by the Condominium),
then the rent, proceeds of such purchase or mortgage proceeds, shall be applied
by the lessee, purchaser, or mortgagee first to payment of any then delinquent
assessments thereof due to the Condominium before the payment of any rent,
proceeds of the purchase or mortgage proceeds to the owner of any condominium
unit who is responsible for payment of such delinquent assessment.
In any voluntary conveyance of a condominium unit, the grantee shall be
jointly and severally liable with the grantor for all unpaid assessments
against grantor made prior to the time of such voluntary conveyance, without
prejudice to the rights of the Grantee to recover from the grantor the amounts
paid by the grantee therefore.
Institution of a suit of law to attempt to effect collection of the
payment of any delinquent assessment shall not be deemed to be an election by
the Condominium which shall prevent its thereafter seeking enforcement of the
collection of any sums remaining owing to it by foreclosure, nor shall
proceeding by foreclosure to attempt to effect such collection be deemed to be
an election precluding the institution of suit representing an apportionment of
taxes or special assessment levied by taxing authorities against the
Condominium in its entirety.
In the event a condition exists which may endanger the property of other
condominium owners or the common areas and it becomes necessary to make
emergency repairs to said condominium units or replacement of equipment in said
unit, the owner of such condominium unit shall be liable and pay for the said
repairs or replacements of said condominium or equipment.
20. INSURANCE.
The lien reserved to the Condominium securing its assessment payment as
provided in Paragraph 19 above shall be deemed a mortgage for the purpose of
this paragraph.
The Condominium, through its Board of Directors, shall purchase an
insurance policy insuring the building and improvements erected upon the
property, all fixtures and personal property owned in common by the unit
owners, including Plots 2BAB as shown on P.W.D. 3032 and the area encompassing
the pool to be built in Stage II,
against loss or damage by fire and hazards covered by windstorm and
extended coverage endorsements; such policy shall be in an amount which shall
be equal to the maximum insurable replacement value as determined annually by
the insurance carrier. The policy
shall be purchased in the name of the Condominium for the benefit of the Condominium,
the unit owners, and their mortgages as their interests may appear, and
provisions shall be made for the issuance of mortgage endorsements to the
mortgagees of the respective units.
In the event of loss, the Condominium shall use the net insurance
proceeds to repair and replace damage to real or personal property covered by
the policy, with any excess to be payable to the unit owners and their
mortgagees as their interests may appear.
Any reconstruction, repair or replacement shall be in accordance with
the plans and specifications for the original building prepared by Carlos
Saillant-Smith, said plans being on file with the Department of Public Works in
St. Croix, Virgin Islands.
If the insurance proceeds are insufficient to cover the loss, the
Condominium shall levy an assessment against the unit owners in accordance with
this Declaration to cover any deficiency.
In the event the common areas are totally destroyed or damaged, or in
the event that said common areas are damaged or destroyed in excess of fifty
percent (50%) of their then value, the common elements shall nevertheless be
rebuilt as heretofore provided, unless seventy-five percent (75%) of all unit
owners shall elect within thirty (30) days not to rebuild, in which event the
Condominium shall be terminated, and the insurance proceeds shall be disbursed
to the unit owners and their mortgagees as their interests may appear.
In addition to the above and foregoing insurance, the Condominium,
through its Board of Directors, shall purchase and keep in effect a
comprehensive public liability policy, insuring the Condominium, its Board of
Directors, Officers and unit owners against possible liabilities arising out of
the use of the common elements and units.
Said policy shall be in an amount of not less than
$100,000.00/$300,000.00 personal injury and $25,000.00 property damage.
The Condominium further shall, if required by law, carry Workmen’s
Compensation Insurance Policy, which policy will comply with the requirements
of the laws of the Virgin Islands.
All insurance premiums shall be included and treated as a common
expense.
Condominium parcel owners may obtain insurance coverage at their own
expense upon their own personal property and for their personal liability and
living expenses.
21. APPORTIONMENT
OF TAX OR SPECIAL ASSESSMENT AGAINST THE CONDOMINIUM AS A WHOLE.
In the event that any taxing authority having jurisdiction over the
Condominium shall levy or assess any tax or special assessment against the
Condominium as a whole as opposed to levying and assessing such tax or special
assessment in common areas and facilities as now provided by law, then such tax
or special assessment so levied shall be paid as a common expense by the
Condominium and any taxes or special assessments which are to be so levied
shall be included, wherever possible, in the estimated annual budget of the
Condominium, or shall be separately levied and collected as an assessment by
the Condominium against all of the owners of all condominium units and said
condominium units if not included in said annual budget. The amount of any tax or special
assessment paid or to be paid by the Condominium in the event that such tax or
special assessment is levied against the Condominium as a whole instead of
against each separate condominium unit and its appurtenant undivided interest
in common areas and facilities shall be apportioned among the owners of all
condominium units so that the amount of such tax or special assessment so paid
or to be paid by the Condominium and attributable to and to be paid by the
owner or owners of each condominium unit shall be that portion of such total
tax or special assessment which bears the same ratio to said total tax or
special assessment as the undivided interest in the common areas and facilities
appurtenant to each condominium unit bears to the total undivided interest in
common areas and facilities appurtenant to all condominium units. In the event that any tax or special
assessment shall be levied against the Condominium in its entirely, without
apportionment by the taxing authority to the condominium units and appurtenant
undivided interest in common areas and facilities, then the assessment by the
Condominium, which shall include the proportionate share of such tax or special
assessment attributable to each condominium unit and it appurtenant undivided
interest in the common areas and facilities, shall separately specify and
identify the amount of such assessment attributable to such tax or special
assessment, and the amount of such tax or special assessment so designated
shall be and constitute a lien prior to all mortgages or encumbrances upon any
condominium unit and its appurtenant undivided interest in common areas and
facilities, regardless of the date of the attachment or recording of such
mortgage or encumbrance, to the same extent as though such tax or special
assessment had been separately levied by the taxing authority upon each condominium
unit and its appurtenant undivided interest in common areas and facilities.
All personal property taxes which may be levied or assessed against
personal property owned by the Condominium shall be paid by the Condominium and
shall be included as a common expense in the annual budget of the Condominium.
22. RESTRICTION
AGAINST SUBDIVIDING OF CONDOMINIUM UNITS AND SEPARATE CONVEYANCE OF APPURTENANT
COMMON AREAS AND FACILITIES. No condominium unit
may be divided or subdivided into smaller dwelling units than as shown on
Exhibit “B” annexed to this Declaration. The undivided interest in the common
areas and facilities declared to be an appurtenance to each condominium unit
shall not be conveyed, devised, encumbered, or otherwise dealt with separately
from the condominium unit, and the undivided interest in common areas and
facilities appurtenant to each condominium unit shall be deemed conveyed,
devised, encumbered or otherwise included with the condominium unit even though
such undivided interest is not expressly mentioned or described in the
instrument conveying, devising, encumbering or otherwise dealing with such
condominium unit. Any conveyance,
mortgage or other instrument which purports to affect the conveyance, devise or
encumbrance, or which purports to grant any right, interest or lien in, to or
upon, a condominium unit, shall be null, void, and of no effect insofar as the
same purports to affect any interest in a condominium unit and its appurtenant
undivided interest in common areas or facilities, unless the same purports to
convey, devise, encumber or otherwise trade or deal with the entire condominium
unit. Any instrument conveying,
devising, encumbering, or otherwise dealing with any condominium unit which
describes the condominium unit by the Unit Number assigned thereto in Exhibit
“B” annexed to this Declaration without limitation or expectation,
shall be deemed and construed to affect the entire condominium unit and its
appurtenant undivided interest in the common areas and facilities. Nothing herein contained shall be
construed as limiting or preventing ownership of any condominium unit and its
appurtenant undivided interest in the common areas and facilities by more than
one person or entity as tenants in common, joint tenants, or tenants by the
entirety.
23. USE OF
COMMON AREAS AND FACILITES SUBJECT TO RULES OF THE CONDOMINIUM.
The use of common areas and facilities by the owner or owners of all
condominium units, and all other parties authorized to use the same, shall be
at all times subject to such reasonable rules and regulations as may be
prescribed and established governing such use, or which may be hereafter
prescribed and established by the Condominium through its Board of Directors,
including use for commercial or other purposes.
24. RESTRICTIONS
ON INTERFERENCE WITH DEVELOPER. Until the Developer
has completed and sold all of the condominium units, including those which may
be subsequently constructed, neither the condominium unit owners nor the
Condominium nor the users of the Condominium property shall interfere with the
completion of the contemplated improvements and the sale of the condominium
units.
25. RIGHT
OF ENTRY INTO CONDOMINIUM UNITS IN EMERGENCIES.
In case of any emergency originating in or threatening any condominium
unit, regardless of whether the owner is present at the time of such emergency,
the Board of Directors, or any other person authorized by it, or the building
superintendent or managing agent, shall have the right to enter such
condominium unit for the purpose of remedying or abating the cause of such
emergency, and such right of entry shall be immediate, and to facilitate entry
in the event of any such emergency, the owner of each condominium unit, if required
by the Condominium, shall deposit under the control of the Condominium a key to
such condominium unit.
26. RIGHT
OF ENTRY FOR MAINTENACE OF COMMON AREAS AND FACILITIES.
Whenever it is necessary to enter any condominium unit for the purpose
of performing any maintenance, alterations or repair to any portion of the
common areas and facilities, the owner of each condominium unit shall permit
other owners or their representatives, when authorized by Condominium or the
duly constituted and authorized agent of the Condominium, to enter such
condominium unit, for such purpose, provided that such entry shall be made only
at reasonable times and with reasonable advance notice.
27. CONDOMINIUM
TO MAINTAIN REGISTRY OF OWNERS AND MORTGAGEES. The Condominium shall at all times
maintain a listing stating the names of the owners of all of the condominium
units; and in the event of the sale or transfer of any condominium unit to a
third party, the purchaser or transferee shall notify the Condominium in
writing of his interest in such condominium unit together with such recording
information as shall be pertinent to identify the instrument by which such
purchaser or transferee has acquired his interest in any condominium unit. Further, the owner of each condominium
unit shall at all times notify the Condominium of the names of the parties
holding any mortgage or mortgages on any condominium unit, the amount of such
mortgage or mortgages and the recording information which shall be pertinent to
identify the mortgage or mortgages.
The holder of any mortgage or mortgages upon any condominium unit may,
if he so desires, notify the Condominium of the existence of any mortgage or
mortgages held by such party on any condominium unit, and upon receipt of such
notice, the Condominium shall register in its records all pertinent information
pertaining to the same.
28. NOTICE
OF LIEN OR SUIT.
(a) A condominium unit owner shall give notice to the Condominium of
every lien upon his condominium unit, other than for permitted mortgages,
taxes, and special assessments, within five (5) days after the attaching of a
lien. Failure to comply with this
paragraph will not affect the validity of any judicial sale.
(b) Notice shall be given to the Condominium of every suit or other
proceeding which may affect the title to his condominium unit within five (5)
days after the condominium unit owner receives knowledge thereof.
(c) Any lien holder entering suit against an owner of a unit shall
notify the Board of Directors.
29. REMEDIES
IN EVENT OF DEFAULT. The owner or owners of
each condominium unit shall be governed by and shall comply with the provisions
of this Declaration of Condominium, and its By-Laws, as any of the same are now
constituted or as they may be amended from time to time. A default by the owner or owners of any
condominium unit shall entitle the Condominium or the owner or owners of other
condominium unit or units to the following relief.
(a) Failure to comply with any of the terms of this
Declaration of Condominium or other restrictions and regulations contained in
the By-Laws, or which may be adopted pursuant thereto, shall be grounds for
relief which may include, without intending to limit the same, an action to recover
sums due for damages, injunctive relief, foreclosure of lien or any combination
thereof, and which relief may be sought by the Condominium or, if appropriate,
by an aggrieved owner of a condominium unit.
(b) The owner or owners of each condominium unit shall be
liable for the expense of any maintenance, repair or replacement rendered
necessary by his act, neglect or carelessness, or by that of any member of his
family, or his or their guests, employees, agents or lessees, but only to the
extent that such expense is not met by the proceeds of insurance carried by the
Condominium. Such liability shall
include any increase in fire insurance rates occasioned by use, misuse,
occupancy, or abandonment of a condominium unit or its appurtenances. Nothing herein contained however, shall
be constructed so as to modify any waiver by insurance companies of rights of
subrogation.
(c) In any proceeding arising because of an alleged default
by the owner of any condominium unit, the Condominium, if successful, shall be
entitled to recover the costs of the proceeding, and such reasonable
attorney’s fees as may be determined by the Court.
(d) The failure of the Condominium or of the owner of a
condominium unit to enforce any right, provision, covenant or condition which
may be granted by this Declaration of Condominium or other above-mentioned
document, shall be deemed to be cumulative, and the exercise of any one or more
shall preclude the party thus exercising the same from exercising such other
and additional rights, remedies, or privileges as may be available to such
party at law or in equity.
(e) The failure of the Developer to enforce any right,
privilege, covenant or condition which may be granted to it by this Declaration
of Condominium or other above-mentioned document shall not constitute waiver of
its rights to thereafter enforce such right, provision, covenant, or condition
in the future.
30. USE OR
ACQUISITION OF INTEREST IN THE CONSOMINIUM.
All present or future owners, tenants, or any other person who might use
the facilities of the Condominium in any manner, are subject to the provisions
of this Declaration of Condominium and the mere act of occupancy of any
condominium unit shall signify that the provisions of this Declaration of
Condominium are accepted and ratified in all respects.
31. BY-LAWS.
Annexed hereto as Exhibit “D” is a true copy of the By-Laws
governing the administration on the Property.
32.
INVALIDITY. The invalidity of any
provisions of this Declaration shall not be deemed to impair or affect in any
manner the validity, enforceability or effect of the remainder of this
Declaration and, in such event, all of the other provisions of this Declaration
shall continue in full force and effect as if such an invalid provision had
never been included herein.
33. WAIVER.
No provision contained in this Declaration shall be deemed to have been
abrogated or waived by reason of any failure to enforce the same, irrespective
of the number of violations or breaches which may occur.
34. CAPTIONS.
The captions herein are inserted only as a matter of convenience and for
reference, and in no way define, limit or describe the scope of this
Declaration nor the intent of any provision hereof.
35.
NOTICE. Where unit
owners have been notified by certified mail and no response from the unit
owners has been received within twenty (20) days of receipt of said certified
mail, the Board of Directors shall have the power of attorney to vote said
share or shares as they see fit in their own judgment.
36. GENDER. The use of the
masculine gender in this Declaration shall be deemed to refer to the feminine
gender and the use of the singular shall be deemed to refer to the plural, and
vice versa, whenever the text so requires.
IN WITNESS WHEREOF, the Developer
has caused this Declaration to
be executed by its duly authorized
officers and its corporate seal to be hereunder affixed on this 2nd
day of August, 1973.
EXHIBIT B
UNIT DESIGNATION AS PER ARTICLE OF DECLARATION
LR - Living Room K
- Kitchen B
– Bath
BR - Bedroom DA
– Dining Area BL
– Balcony
|
|
Apt.
No. |
Type |
Location |
App.
Enclosed Area (Sq. Ft.) |
No.
of Rooms |
|
1. |
H1 |
3
bedroom apt. LR, DA,
3 BR, K, 2 B, BL) |
Building
H Ground
floor |
1494 |
8 |
|
2. |
H2 |
2
bedroom apt. LR, DA,
2 BR, K, 2 B, BL) |
Same as
above |
1494 |
7 |
|
3. |
H3 |
Same as
1. |
Same as
above |
1494 |
8 |
|
4. |
H4 |
Same as
1. |
Building
H Middle
floor |
1494 |
8 |
|
5. |
H5 |
Same as
2. |
Same as
above |
1494 |
7 |
|
6. |
H6 |
Same as
1. |
Same as
above |
1494 |
8 |
|
7. |
H7 |
Same as
1. |
Building
H Upper
floor |
1494 |
8 |
|
8. |
H8 |
Same as
2. |
Same as
above |
1494 |
7 |
|
9. |
H9 |
Same as
1. |
Same as
above |
1494 |
8 |
|
10. |
JK1 |
Same as
1. |
Building
JK Ground
Floor |
1494 |
8 |
|
11. |
JK2 |
Same as
2. |
Same as
above |
1494 |
7 |
|
12. |
JK3 |
Same as
2. |
Same as
above |
1494 |
7 |
|
13. |
JK4 |
Same as
1. |
Same as
above |
1494 |
8 |
|
14. |
JK5 |
Same as
1. |
Building
JK Middle
floor |
1494 |
8 |
|
|
Apt
No. |
Type |
Location |
App.
Enclosed Area
(Sq. Ft.) |
No.
of Rooms |
|
15 |
JK6 |
Same as
2. |
Building
JK Middle
floor |
1494 |
7 |
|
16 |
JK7 |
Same as
2. |
Same as
above |
1494 |
7 |
|
17 |
JK8 |
Same as
1. |
Same as
above |
1494 |
8 |
|
18 |
JK9 |
Same as
1. |
Building
JK Upper
floor |
1494 |
8 |
|
19 |
JK10 |
Same as
2. |
Same as
above |
1494 |
7 |
|
20 |
JK11 |
Same as
2. |
Same as
above |
1494 |
7 |
|
21 |
JK12 |
Same as
2. |
Same as
above |
1494 |
8 |
|
22 |
L1 |
Same as
1. |
Building
L Ground
floor |
1494 |
8 |
|
23 |
L2 |
Same as
1. |
Same as
above |
1494 |
8 |
|
24 |
L3 |
Same as
1. |
Building
L Middle
floor |
1494 |
8 |
|
25 |
L4 |
Same as
1. |
Same as
above |
1494 |
8 |
|
26 |
L5 |
Same as
1. |
Building
L Upper
floor |
1494 |
8 |
|
27 |
L6 |
Same as
1. |
Same as
above |
1494 |
8 |
|
28 |
M1 |
Same as
1. |
Building
M Ground
floor |
1494 |
8 |
|
29 |
M2 |
Same as
1. |
Same as
above |
1494 |
8 |
|
30 |
M3 |
Same as
1. |
Building
M Middle floor |
1494 |
8 |
|
31 |
M4 |
Same as
1. |
Same as
above |
1494 |
8 |
|
|
Apt
No. |
Type |
Location |
App.
Enclosed Area (Sq. Ft.) |
No.
of Rooms |
|
32 |
M5 |
Same as
1. |
Building
M Upper
floor |
1494 |
8 |
|
33 |
M6 |
Same as
1. |
Same as
above |
1494 |
8 |
|
34 |
N1 |
Same as
1. |
Building
N Ground
floor |
1494 |
8 |
|
35 |
N2 |
Same as
1. |
Same as
above |
1494 |
8 |
|
36 |
N3 |
Same as
1. |
Building
N Middle
floor |
1494 |
8 |
|
37 |
N4 |
Same as
1. |
Same as
above |
1494 |
8 |
|
38 |
N5 |
Same as
1. |
Building
N Upper
floor |
1494 |
8 |
|
39 |
N6 |
Same as
1. |
Same as
above |
1494 |
8 |
EXHIBIT C
VALUE OF APARTMENTS AND PROPERTY
AND PERCENTAGES IN THE COMMON AREAS AND FACILITIES
The value of
the property and of each apartment, and the percentage of undivided interest
in the common
areas and facilities appertaining to each apartment and its owner for all
purposes
including voting, are as set forth below:
TOTAL VALUE OF
PROPERTY: $2,295,000.00
TOTAL NUMBER
OF UNITS LISTED BELOW: 39
Units
|
|
Building No. |
Apt. No. |
Value |
Undivided Interest |
|
1. |
H |
1 |
$59,500.00 |
1.780 |
|
2. |
H |
2 |
$54,500.00 |
1.585 |
|
3. |
H |
3 |
$59,500.00 |
1.780 |
|
4. |
H |
4 |
$60,000.00 |
1.780 |
|
5. |
H |
5 |
$55,000.00 |
1.585 |
|
6. |
H |
6 |
$60,000.00 |
1.780 |
|
7. |
H |
7 |
$60,000.00 |
1.780 |
|
8. |
H |
8 |
$55,500.00 |
1.585 |
|
9. |
H |
9 |
$60,500.00 |
1.780 |
|
10. |
JK |
1 |
$59,500.00 |
1.780 |
|
11. |
JK |
2 |
$54,500.00 |
1.585 |
|
12. |
JK |
3 |
$54,500.00 |
1.585 |
|
13. |
JK |
4 |
$59,500.00 |
1.780 |
|
14. |
JK |
5 |
$60,000.00 |
1.780 |
|
|
Building No. |
Apt. No |
Value |
Undivided Interest |
|
15. |
JK |
6 |
$55,000.00 |
1.585 |
|
16. |
JK |
7 |
$55,000.00 |
1.585 |
|
17. |
JK |
8 |
$60,000.00 |
1.780 |
|
18. |
JK |
9 |
$60,500.00 |
1.780 |
|
19. |
JK |
10 |
$55,500.00 |
1.585 |
|
20. |
JK |
11 |
$55,500.00 |
1.585 |
|
21. |
JK |
12 |
$60,500.00 |
1.780 |
|
22. |
L |
1 |
$59,500.00 |
1.780 |
|
23. |
L |
2 |
$59,500.00 |
1.780 |
|
24. |
L |
3 |
$60,000.00 |
1.780 |
|
25. |
L |
4 |
$60,000.00 |
1.780 |
|
26. |
L |
5 |
$60,500.00 |
1.780 |
|
27. |
L |
6 |
$60,500.00 |
1.780 |
|
28. |
M |
1 |
$59,500.00 |
1.780 |
|
29. |
M |
2 |
$59,500.00 |
1.780 |
|
30. |
M |
3 |
$60,000.00 |
1.780 |
|
31. |
M |
4 |
$60,000.00 |
1.780 |
|
32. |
M |
5 |
$60,500.00 |
1.780 |
|
33. |
|
6 |
$60,500.00 |
1.780 |
|
34. |
N |
1 |
$59,500.00 |
1.780 |
|
35. |
N |
2 |
$59,500.00 |
1.780 |
|
36. |
N |
3 |
$60,000.00 |
1.780 |
|
|
Building No. |
Apt. No. |
Value |
Undivided
Interest |
|
37. |
N |
4 |
$60,000.00 |
1.780 |
|
38. |
N |
5 |
$60,500.00 |
1.780 |
|
39. |
N |
6 |
$60,500.00 |
1.780 |
EXHIBIT “E”
CONDOMINIUM WARRANTY DEED
THIS INDENTURE,
made this ______ day of _____ 196__, between COAKLEY BAY DEVELOPMENT
CORPORATION, a corporation, formed under the laws of the Virgin Islands
(hereinafter referred to as “GRANTOR”:); and _____________________
__________________________________of____________________________________
________________________________________________________________________
(hereinafter
referred to as “GRANTEE”).
WITNESSETH:
THAT in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable
considerations to it in hand paid by GRANTEE, the receipt whereof is hereby
acknowledged, GRANTOR does hereby grant, bargain, sell, and convey unto
GRANTEE, __________________________, successors, heirs, legal representatives
and assigns forever, following described land and improvements situate, lying
and being in Estate Coakley Bay, Christiansted, St. Croix, to wit:
CONDOMINIUM UNIT
NO. __________ in Coakley Bay Townhouse
Apartments Stage
#1, A CONDOMINIUM, according to DECLARA-
TION OF CONDOMINIUM
dated ______________________, 196__,
Filed for record on
___________________________________, 196__,
recorded at
_____________________________________in the Office
of the Recorder of
Deeds, Office of the Government Secretary,
Christiansted, St.
Croix, TOGETHER with ________%, undivided interest
in the COMMON AREAS
AND FACILITIES declared in said
DECLARATION OF
CONDOMINIUM to be appurtenance to the above
described
CONDOMINIUM UNIT.
GRANTEE,
by acceptance hereof and by agreement with GRANTOR, hereby expressly assumes
and agrees to be bound by and to comply with all of the covenants, terms,
provisions and conditions set forth and contained in the aforedescribed
DECLARATION OF CONDOMINIUMS, including but not limited to the restriction of
the use thereof for residential purposes and the obligation to make payment of
assessments for the maintenance and operation of Coakley Bay Townhouse
Apartments, A CONDOMINIUM, which may be levied against the above described
GRANTEE and his condominium unit.
THIS
conveyance is made subject to the following:
1. Real estate taxes for
the year 196__ and subsequent years;
2. Applicable zoning regulations
and ordinances;
3. All of the terms, provisions,
conditions, rights, privileges, obligations, easements, and liens set forth and
described in the DECLARATION OF CONDOMINIUM aforedescribed herein;
4. All other covenants, conditions,
restrictions and easements of record, if any, which may now affect the
aforedescribed property; and
5. All facts which may be shown by
survey of said aforedescribed property.
TO HAVE AND TO
HOLD the same unto the GRANTEE, _________________, successors, heirs, legal
representatives and assigns.
AND said party of
the first part does hereby fully warrant the title to said land, and will
defend the same against unlawful claims of all persons whomsoever.
IN WITNESS
WHEREOF, the undersigned has caused these present to be signed in its name by
its officers the day and year first above written.
COAKLEY
BAY DEVELOPMENT CORPORATION
EXHIBIT “F”
AGREEMENT OF SALE AND PURCHASE
THIS AGREEMENT OF
SALE AND PURCHASE, made and entered into this _________ day of
____________________, A.D., 196__, by and between COAKLEY BAY DEVELOPMENT
CORPORATION, a corporation formed under the laws of the Virgin Islands,
hereinafter called “Seller”; and ________________________________
whose address is __________________________________________________ City of
__________________________ and State of _________________________________,
hereinafter called “Purchaser”, WHEREAS,
A. Seller has promulgated a Condominium Plan
for the ownership of Coakley Bay (a group of townhouse apartments);
B. The Purchaser has read the Condominium
documents consisting of the Declaration and Exhibits A through E, all of which
are annexed hereto, and expressly made a part thereof, and all of which are
hereinafter collectively referred to as the “Declaration” and
C. Purchaser understands that the Seller is
offering the sale of a townhouse apartment pursuant to the
“Declaration” and the terms thereof; and
D. The Purchaser is desirous of purchasing a
Townhouse Apartment No. ________;
NOW,
THEREFORE, in consideration of the mutual promises and undertakings hereinafter
set forth, the parties hereto mutually agree as follows:
1. Seller shall sell and convey, and the Purchaser
shall purchase, all that certain parcel of real property being in St. Croix,
Virgin Islands, known and designated as Townhouse Apartment No. __________,
TOGETHER
WITH the appurtenances thereto as the same are contained and defined in the Declaration.
2. Seller shall complete and cause the
“Declaration” and exhibits thereto to be recorded in the office of
the Recorder of Deeds, Office of the Government Secretary, Christiansted, St.
Croix, Virgin Islands, prior to or simultaneous with the delivery of the deed
to the Purchaser.
3. The purchase price for the townhouse
conveyed hereunder is __________
________________________________________________ ($________). Purchaser paid a deposit in the amount
of _________________________ ________________________________________________
($________) at the time of signing his Purchase Application, and upon the
signing of this Agreement, for a total deposit of _____________________________
($__________) and the balance shall be payable in the following manner:
(a)
Additional
10% deposit, namely ____________________________ ($__________) at the time the
townhouse apartment is 50% complete.
(b)
Balance
shall be payable in cash or by cashier’s check at the time of closing.
4. At time of closing, said townhouse
apartment, together with the undivided interest in the common areas and
facilities declared to be an appurtenance to the townhouse by the Declaration,
shall be conveyed by Condominium Warranty Deed in the form of the deed annexed
hereto and expressly made a part hereof.
5. The deposit paid hereunder to Seller
pending closing of this transaction shall be held in escrow by Seller in a
separate account maintained by the Seller.
Said deposit may be commingled with the deposits of purchasers under
other agreements covering other townhouses in the Condominium, but said deposit
will not be commingled with other funds of the Seller.
6. The townhouse and appurtenant common
areas and facilities shall be conveyed subject to:
(a)
The
terms, conditions, covenants, and provisions set forth in the Declaration
exhibited herewith to Purchaser and any amendments to the Declaration required
by law or lending institutions subsequent to execution hereof and prior to
recording of the Declaration in the office of the Recorder of Deeds, Office of
the Government Secretary, Christiansted, St. Croix, Virgin Islands, provided
copies of said amendments are furnished to Purchaser prior to closing.
(b)
Zoning
laws and ordinances of the Virgin Islands or any of its instrumentalities and
amendments and additions thereto in effect at the date of the delivery of deed,
which are not violated by the townhouse.
(c)
Facts
as may be shown by a survey of the premises at the date of delivery of the
deed.
(d)
Sewer,
water, electric, telephone, and other utilities, easements and consents, if
any, now or hereafter recorded including the right to maintain and operate
lines, wires, cables, poles and distribution boxes in, over, through and upon
said Condominium.
(e)
Covenants,
conditions, restrictions and easements of record now or hereafter recorded,
provided they do not prohibit the erection, use of maintenance of the structure
and improvements constructed or to be constructed in substantial accordance
with said plans of Coakley Bay Development Corporation.
(f) Rights of Virgin Islands Telephone Corporation
for the location, maintenance and repair of telephone poles and lines.
(g)
Taxes,
pending governmental liens, easements existing and to be created for ingress
and egress to the Condominium.
Any and all of
the Foregoing subject provisions may be omitted from the deed to be delivered
hereunder, but all such provisions so omitted shall nevertheless survive
delivery of the deed.
7. The Purchaser shall pay to the Seller the
following charges at the delivery of deed:
(a)
Cost
of recording the deed, and if applicable, cost of recording the first mortgage,
together with all costs and charges incurred in connection with the first
mortgage.
(b)
Stamps
as required on the deed.
(c)
An
amount equal to one-half of the Virgin Islands gross receipts tax, if any; in
the event all or any part of such tax is refunded to Seller by the Virgin
Islands, Seller agrees to refund to pro-rata portion of such amount paid
hereunder, less the pro-rata portion of estimated attorney fees expended to
obtain such refund, to Purchaser.
(d)
A conveyancing
fee in an amount equal to one percent (1%) of the total.
8. The Purchaser shall, at the time of
delivery of the deed, pay to COAKLEY BAY DEVELOPMENT CORP. the sum of One
Hundred Fifty ($150.00) Dollars to be applied against the initial annual assessment
for the premises as established in accordance with the Declaration and the
By-Laws of Condominium.
9. Within ten (10) days after the date of
this Agreement, or within ten (10) days after completion of subject townhouse
apartment, whichever is the later, Seller shall deliver to Purchaser a Title
Commitment Letter addressed to Purchaser and pursuant to which Purchaser shall
be entitled, upon payment of the premium required therefore, to obtain within
sixty (60) days from the date thereof, an Owner’s Policy of Title
Insurance covering the subject townhouse in an amount equal to the purchase
price for said townhouse specified herein.
Such Title Commitment Letter shall be obtained from a prominent title
insurance company authorized to transact business in the Virgin Islands and
selected by Seller. Said Title
Commitment Letter shall not be required to provide Purchaser with any Abstract
or other evidence of the condition of title to said townhouse, and Seller shall
be deemed to have complied with all of its covenants and representations herein
regarding title to said property to be as required in this Agreement. Purchaser shall be required to obtain
said Owner’s Policy of Title Insurance, and pay for same at the time of
the delivery of deed.
10.
If
the Title Commitment Letter shows that Seller’s title conforms to the
provisions of this Agreement, this transaction shall be closed within ten (10)
days after receipt by the Purchaser of said Title Commitment Letter. Notice of time and place of closing
shall be given by Seller in writing at the address above specified. The time specified for closing shall not
be less than five (5) days after the date of such notice.
11.
If
the Title Commitment Letter shows that Seller’s title does not conform to
the provisions of this Agreement and it appears reasonable to expect that any
question of title may be removed as an objection within sixty (60) days,
Seller, if it so elects, shall have the privilege of removing or satisfying
such objection of title and shall be entitled to delay the closing for a period
not exceeding sixty (60) days.
Should Seller fail or for any reason be unable to remove such question
of title, then Purchaser may elect at the expiration of the sixty (60) days from
the original date of closing to rescind this Agreement, in which event
Purchaser shall be entitled to the return of any deposit made hereunder, or
said Purchaser may elect to take title in its then existing condition, without,
however, any diminution of the purchase price. However, Seller shall not be obligated
to take any action to remove any such title question, and shall have no
responsibility or obligation to Purchaser for failure to so remove any such
title question. No action which
Seller may take to remove any title question shall be construed as an admission
by Seller as to the validity thereof or that such title question is of such
nature that Purchaser would have the right to refuse delivery of the
Condominium Warranty Deed.
12.
In
the event that Purchaser fails to pay to Seller any deposit or deposits in the
amount and at the time specified herein, or in the event that Purchaser fails
to take title to the subject townhouse apartment in accordance with the terms
and provisions hereof, or if Purchaser shall otherwise default in the performance
of any covenant or obligation herein undertaken by the Purchaser, Seller shall
have the right to cancel and terminate this Agreement, in which event Seller
shall be entitled to retain all monies then on deposit hereunder as liquidated
and agreed damages, it being recognized that Seller, in such event, will suffer
and sustain damages which are incapable of exact ascertainment.
13.
This agreement shall be, and the same is
hereby declared to the subordinate and subject to the lien and operation of any
land, construction and/or permanent mortgage which Seller may now or hereafter
place upon the real property and improvements herein mentioned, but should
Seller have mortgage said property or hereafter mortgage same, Seller, at
Seller’s cost and expense shall be obligated to cause such mortgage or
mortgages to be released or satisfied at the time of closing of this sale and
purchase, so that the townhouse apartment covered hereby shall be free and
clear of any such mortgages at the date of delivery of deed.
14.
The
Purchaser has examined Townhouse Apartment No. _______ or the above referred to
plans by Coakley Bay Development Corporation describing same, the Declaration,
and Exhibits A through E, and the Condominium Warranty Deed, and has made a
complete investigation of same and is familiar with the contents of same. The Seller has not made and does not
make any representations as to the physical condition, expense of operation or
any other matter or thing affecting or relating to the property, except as
herein and in the Declaration specifically set forth.
15.
The
acceptance of a deed by the Purchaser shall be deemed to be a full performance
and discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement, except those which are
herein specifically stated to survive delivery of the deed.
16.
The
Purchaser covenants for himself, his successors, destributees and assigns, that
he will abide by the provisions of the Declaration. This covenant shall survive delivery of
the deed.
17.
This
Agreement of sale shall not be assigned or transferred by the Purchaser without
the written consent of the Seller.
18.
Seller
reserves the right, in accordance with the Declaration to make such
modifications, additions, or deletions in or to the Declaration as may be
approved or required by any lending institution designated by the Seller to
make mortgage loans on townhouse apartments or by Public authorities, provided
none of the same shall:
(a)
increase
the proportion of the Common Expense to be borne by the townhouse apartments
being sold hereunder;
(b)
increase
the cost of the townhouse apartments being sold hereunder;
(c)
require
material physical modification of the townhouse apartments being sold
hereunder.
19.
Any
notice or communication which may be given or is required to be given pursuant
to the terms of this Agreement shall be in writing by Certified Mail, return
receipt requested, sent to the party at address hereinabove set forth.
20.
All
pronouns and all variations thereof shall be construed so as to refer to the
masculine, feminine, neuter, singular or plural form thereof as the identity of
the person or persons as the situation may require.
21.
All
understandings and agreements heretofore had between the parties hereto are
merged in this Agreement which fully and completely expresses the
Parties’ agreement and the same is entered into after full investigation,
neither party relying upon any statement or representation not embodied in this
Agreement made by the other.
22.
This
Agreement may not be changed or terminated orally.
23.
Purchaser
represents that this sale was made by _____________________
__________________________ of _______________________________ and that no other
broker has been employed in this transaction.
AMENDMENT TO DECLARATION OF CONDOMINIUM OF
Whereas,
Coakley Bay Townhouse Apartments, Stage II, filed its initial
Declaration of
Condominium Ownership on August 10, 1973 at document No. 3440/1973
and
subsequently filed an Amended Declaration of Condominium Ownership on
February 27,
1978 at Document No. 1126/1978 and
Whereas, the Submission of Property in the above Declaration
of Condominium
recited the
following parcels of land as property subject to the provision of Chapter 33,
Title, 28,
Virgin Islands Code, namely:
Parcel 2BG, 2-BGa,
2-BGb, 2-BGc of Estate Coakley Bay, East End “B” Quarter, St.
Croix,
U.S. Virgin
Islands as shown on P.W.D. No. 3333, dated September 13, 1977
and filed with the
Public Surveyor, St. Croix, U.S. Virgin Islands
Whereas,
Coakley Bay Townhouse Apartments, Stage II have now jointly
acquired
additional lands with Coakley Bay Townhouse Apartments Stage I, and desire
that said
parcels of land be submitted as common land, together with the buildings and
improvements
thereon and it being the desire of the Coakley Bay Townhouse Apartments
Stage II amend
its Declaration of Condominium to reflect the acquisition of the newly
acquired
property and
NOW
THEREFORE, said Declaration of Condominium, Coakley Bay
Townhouse
Apartments, Stage II is hereby amended by adding the following parcels of
land as
Submitted Property:
Parcel No.
2-BG of Estate Coakley Bay, East End “B” Quarter, St. Croix, U.S.
Virgin Islands consisting of 0.84 U.S. acres, more or less.
Parcel 2-Bga
of Estate Coakley Bay, East End “B” Quarter, St. Croix, U.S. Virgin
Islands consisting of 0.32 U.S. acres, more or less.
Parcel 2-BGb
of Estate Coakley Bay, East End “B” Quarter, St. Croix, U.S. Virgin
Islands consisting of 0.81 U.S. acres, more or less.
Parcel 2-BGc
of Estate Coakley Bay, East End “B” Quarter, St. Croix, U.S. Virgin
Islands consisting of 0.92 U.S. acres, more or less.
Parcel 2-BA of
Estate Coakley Bay, East End “B” Quarter, St. Croix, U.S. Virgin
Islands consisting of 0.77 U. S. acres, more or less, (Administration Building
Property).
Parcel 2-BAa
of Estate Coakley Bay, East End “B” Quarter,
St. Croix,
U.S. Virgin Islands consisting of 0.38 U.S. acres, more or less, (Restaurant
property).
Parcel 2-BAb
of Estate Coakley Bay, East End “B” Quarter,
St. Croix,
U.S. Virgin Islands consisting of 0.38 U.S. acres, more or less, (Pool
property).
Parcel 2-BAc
of Estate Coakley Bay, East End “B” Quarter,
St. Croix,
U.S. Virgin Islands consisting of 0.11 U.S. acres, more or less, (Parcel of
land north of pool).
Parcel 2-BE of
Estate Coakley Bay, East End “B” Quarter,
St. Croix,
U.S. Virgin Islands consisting of 0.48 U.S. acres, more or less, (Tennis
Court).
Parcel 2-BF of
Estate Coakley Bay, East End “B” Quarter,
St. Croix,
U.S. Virgin Islands consisting of 0.25 U.S. acres, more or less, (Sewage
Treatment Plant).
All as shown
on Public Work Drawing No. 3333 dated September 13, 1977 and prepared by
Caribbean Surveys and filed with the Public Surveyor, St. Croix, U.S. Virgin
Islands.
THEREFORE,
the Articles of said Condominium Declarations for
Coakley Bay
Townhouse Apartments Stage II are hereby amended to included the above
property.
IN
WITNESS WHEREOF, Coakley Bay Townhouse Apartments, Stage II
has caused
these present to execute and sign the above instrument.
DATED: January
14th, 1983 COAKLEY
BAY TOWNHOUSE APARTMENTS
STAGE II