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202605786
<br />w) "Plat" and "Plans" means the plat or plans prepared in accordance with §76-846
<br />of the Act and recorded in the records of the Register of Deeds of Hall County,
<br />Nebraska, attached to this Declaration.
<br />x) "Property" means all of the real property described in Recital "A" above and
<br />such additional property as may be added to the Condominium as set forth
<br />hereafter.
<br />y) "Purchaser" means any Person, other than the Declarant, who, by means of a
<br />voluntary transfer, acquires ownership of a Unit.
<br />z) "Rules and Regulations" means any instruments, however denominated, which
<br />are adopted by the Association for the regulation and management of the
<br />Condominium, including any amendments to thereto.
<br />aa) "Security Interest" means an interest in a Unit or personal property, created by
<br />contract or conveyance which secures payment or performance of an obligation.
<br />The term includes a lien created by a mortgage, deed of trust, contract for deed,
<br />land sales contract, lease intended as security assignment of lease or rents
<br />intended as security, and any other consensual lien or title retention contract
<br />intended as security for an obligation. "First Security Interest" means a Security
<br />Interest in a Unit prior to all other Security Interests except the Security Interest
<br />for real property taxes and assessments made by Hall County Nebraska, or other
<br />governmental authority having jurisdiction over the Condominium.
<br />bb) "Special Assessment" means the special assessments for Capital Improvements
<br />and other items which are described in Article 8, Paragraph 5 of this Declaration.
<br />cc) "Unit" means the physical portion of the Condominium designated for separate
<br />ownership or occupancy, the boundaries of which are described in or determined
<br />from this Declaration, and shown on the attached Plat or Plans. A Unit includes all
<br />airspace, all interior partitions, walls, floors and ceilings. All wallboard,
<br />plasterboard, plaster, drywall, paneling, tiles, wallpaper, paint, finished flooring and
<br />any other materials constituting any part of the finished surfaces are a part of the
<br />Unit. The heating, water and electrical units exclusively serving only the Unit
<br />(whether or not located within the boundaries of the Unit), are part of the Unit. The
<br />boundaries and Identifying Number of each Unit created by the Declaration are set
<br />forth on the Plat or Plans of the Property. All Units shall be used exclusively for
<br />commercial or residential purposes.
<br />dd) "Unit Owner" means the Person who owns a Unit but does not include a Person
<br />having solely a Security Interest in a Unit. The Declarant is the Unit Owner of
<br />any Unit created in this Declaration until that Unit is conveyed to another Person.
<br />ARTICLE 3. CONDOMINIUM DESCRIPTION
<br />1) Description of Condominium Units. The Condominium initially consists of three (3)
<br />Units, identified as provided in this Declaration and the attached Plat. Every contract,
<br />deed, lease, Security Interest, trust deed, mortgage, or other instrument shall legally
<br />describe a Unit as follows:
<br />Unit , GI Acres Condominium Regime, in the City of
<br />Grand Island, Hall County, Nebraska.
<br />Every such description shall be good and sufficient for all purposes to sell, lease,
<br />convey, transfer, encumber, or otherwise affect the Unit and all other appurtenant
<br />properties and property rights, and incorporate all of the rights and burdens incident to
<br />ownership of a Unit and all of the limitations thereon as described in this Declaration
<br />and the Plat or Plans. Each such description shall be construed to include exclusive use
<br />of the Limited Common Elements appurtenant to said Unit, and non-exclusive use of
<br />all of the general Common Elements.
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