|
200109184
<br />being Lots One (1), Two (2), and Three (3), Indianhead
<br />Fourth Subdivision to the City of Grand Island, Hall
<br />County, Nebraska, and reserves the right to add up to
<br />six (6) more units to the condominium along with
<br />additional real estate. In the event that Declarant
<br />exercises this right, the reallocation of common
<br />elements and expenses shall be accomplished by using the
<br />formula set forth in Article VII herein.
<br />(d) Declarant reserves the right to use any units owned by
<br />it as models. Until completion of sales by Declarant of
<br />all anticipated units in the condominium, the
<br />reservation of rights in this paragraph shall be
<br />applicable to any real estate or units added to the
<br />condominium.
<br />ARTICLE VII. ALLOCATED INTEREST
<br />The allocated interest in reference to the undivided interest in the
<br />common elements and common expenses of the Association have been
<br />established upon a formula utilizing the square footage of each unit
<br />(exclusive of basements) divided by the total square footage of all units
<br />(exclusive of square footage of basements) . If additional units are
<br />added to the condominium, the same formula as herein set forth shall
<br />govern the allocated interests after an addition in reference to the
<br />undivided interests in the common elements and common expenses of the
<br />Association. Each unit is entitled to one (1) vote per unit and this
<br />formula shall also govern in the event that additional units are added
<br />to this condominium. The allocated interests are as follows:
<br />ARTICLE VIII. COVENANTS, CONDITIONS, AND RESTRICTIONS
<br />The following covenants, conditions, and restrictions relating to
<br />this condominium shall run with the land and shall be binding upon all
<br />grantees, devisees, mortgagees, and any other persons who use the
<br />property, including the persons who acquire the interest of the owner
<br />through foreclosure, enforcement of any lien or otherwise:
<br />(a) The Indianhead Condominium Unit Owners Association,
<br />Inc., a Nebraska non - profit corporation, has been
<br />organized and incorporated to provide a vehicle for the
<br />management of the condominium that is created in
<br />Indianhead Subdivision including any additions of real
<br />estate and any units. Each owner of a unit in the
<br />condominium shall automatically be deemed a member of
<br />the Association. The By -Laws of said Association are
<br />also the By -Laws of this condominium property and are
<br />attached hereto as Exhibit "C ". As units are added to
<br />the condominium, the expenses of the Association shall
<br />be allocated as provided in Article III, Section 14 of
<br />those By -Laws.
<br />(b) The general common elements are for the use and
<br />enjoyment of all owners. The limited common elements
<br />are for the exclusive use of the owner of the unit or
<br />units to which they are appurtenant, their family,
<br />guests, servants, and invitees.
<br />3
<br />Square Foot Area
<br />Percentage of Expense in and
<br />(Excluding Basement)
<br />Rights in Common Elements
<br />Votes
<br />Unit
<br />7
<br />1,906.27 sq. ft.
<br />23.030
<br />1
<br />Unit
<br />8
<br />1,938.31 sq. ft.
<br />23.41%
<br />1
<br />Unit
<br />9
<br />2,208.15 sq. ft.
<br />26.67%
<br />1
<br />Unit
<br />10
<br />2,226.52 sq. ft.
<br />26.89%
<br />1
<br />ARTICLE VIII. COVENANTS, CONDITIONS, AND RESTRICTIONS
<br />The following covenants, conditions, and restrictions relating to
<br />this condominium shall run with the land and shall be binding upon all
<br />grantees, devisees, mortgagees, and any other persons who use the
<br />property, including the persons who acquire the interest of the owner
<br />through foreclosure, enforcement of any lien or otherwise:
<br />(a) The Indianhead Condominium Unit Owners Association,
<br />Inc., a Nebraska non - profit corporation, has been
<br />organized and incorporated to provide a vehicle for the
<br />management of the condominium that is created in
<br />Indianhead Subdivision including any additions of real
<br />estate and any units. Each owner of a unit in the
<br />condominium shall automatically be deemed a member of
<br />the Association. The By -Laws of said Association are
<br />also the By -Laws of this condominium property and are
<br />attached hereto as Exhibit "C ". As units are added to
<br />the condominium, the expenses of the Association shall
<br />be allocated as provided in Article III, Section 14 of
<br />those By -Laws.
<br />(b) The general common elements are for the use and
<br />enjoyment of all owners. The limited common elements
<br />are for the exclusive use of the owner of the unit or
<br />units to which they are appurtenant, their family,
<br />guests, servants, and invitees.
<br />3
<br />
|