Condominium owners face a new crisis eight months after Grenadier Lakes at Welleby's former board members quit and left residents with expensive repairs and crushing evacuation orders.

The association's bank, City National Bank, wants the board to issue a $3 million assessment demand, current Grenadier Lakes board members told CBS News Miami.

"I'm going to read this to you verbatim," said Keith Tannenbaum, a 27-year resident elected to the association's board earlier this year.

A financial record that board members said City National Bank filed with the Florida Department of State shows a $3 million loan to the condo association for "common element repairs" that includes "seawall repairs."

Grenadier Lakes at Welleby is 22 miles west of the Atlantic Ocean.

"We don't have a seawall,

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