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200315961
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Last modified
10/16/2011 10:08:30 AM
Creation date
10/28/2005 4:43:18 PM
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DEEDS
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200315961
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200315961 <br />Condominium Act, or the Condominium Documents, necessitated by alterations and improvements <br />by Unit Owner. <br />E. Alterations and improvements by the Association. Alterations and/or improvements of common <br />elements or limited common elements, other than customary maintenance and repair or replacements, <br />may be undertaken by the Executive Board with the approval of a majority of the Unit Owners against <br />whom such improvements will be assessed. <br />8. Associations. The operation of Old Walnut shall be by the Association, which shall fulfill its duties <br />pursuant to the Condominium Documents and the following provisions: <br />A. Articles of Incorporation. Articles of Incorporation of the Association are filed with the office of the <br />Secretary of State of the State of Nebraska and copies of the Articles of Incorporation shall be <br />furnished by the Association to all Unit Owners upon request. <br />B. By-laws. The By -laws of the Association shall be the By -laws of Old Walnut Owners' Association <br />as amended from time to time. <br />C. Membership. The Association shall be a membership association with one class of membership. The <br />owners of the Units shall be the members. There shall be one membership for each Unit of the <br />condominium. One person or entity may have more than one membership; the number corresponding <br />to the number of Units owned by such person or entity. Membership and vote shall be as set forth in <br />the Articles of Incorporation of the Association and the By -laws of the Association. <br />D. Limitation of Vote for Unpaid Assessments. The Executive Board may restrict or deny the vote of any <br />association membership when the assessments due from the membership for a Unit are in default. <br />9. Limitation of Liability of Association. Notwithstanding the duty of the Association to maintain and repair <br />parts of the Property, the Association shall not be liable to Unit Owners for injury or damage, other than the cost of <br />maintenance and repair, caused by any latent condition of the Property to be maintained and repaired by the Association, <br />or caused by natural elements or other Unit Owners or persons. <br />10. Assessments. The making and collection of assessments against Unit Owners for expenses shall be the <br />responsibility of the Association through the Executive Board pursuant to the Condominium Documents and subject to <br />the following provisions: <br />A. Share of common and limited common expense. Each Unit Owner shall be assessed according to <br />allocated interest in Exhibit "A" of this Declaration for common element expenses and as benefitted <br />for limited common element expenses and the provisions here and in the By -laws with regard to <br />insurance and assessments. Such assessments shall include, but not be limited to (1) all sums lawfully <br />assessed by the Association and/or government entities, against Unit Owners or associations; (2) <br />expenses of administration, insurance, maintenance, repairs or replacement of common elements and <br />limited common elements; and (3) assessments imposed by the Executive Board of the Association <br />in accordance with the By -laws. <br />B. Interest. Application of Payments. Assessments and installments on such assessments paid on or <br />before 30 days after the date when due shall not bear interest, but all sums not paid on or before 30 <br />days after the date when due shall bear interest at the maximum rate established by law, unless other <br />wise determined by the Executive Board, from the date when due until paid. All payments upon <br />accounts shall be first applied to interest and then to assessment payment first due. <br />C. Lien for Assessments. When shown of record, each assessment including those for leasehold <br />obligations shall be a lien against the Unit assessed. <br />D. Limitation of Vote for Unpaid Assessments. The Executive Board may restrict or deny the vote of any <br />Association membership when the assessments due from the membership for a Unit are in default. <br />E. Budget. Annually, the Executive Board shall propose a budget, as set forth in the By -laws, which <br />budget shall be ratified by the membership of the Association at a meeting set therefor (which may be <br />the annual meeting) unless rejected by two- thirds of all the outstanding votes of the members of the <br />of the Association at such meeting in person or by proxy, regardless of whether or not there is a <br />quorum at the said meeting of the members. The By -laws shall control the procedure regarding a <br />budget. <br />11. Restraint Upon Separation. <br />A. The undivided share in the common elements and/or limited common elements and/or leasehold which <br />are appurtenant to or within a Unit shall not be separated therefrom and shall pass with the title to the <br />Unit whether or not separately described. <br />B. A share in common elements or limited common elements appurtenant to a Unit cannot be conveyed <br />or encumbered except together with the Unit. <br />C. The shares in the common elements, limited common elements or leasehold appurtenant to Units shall <br />remain undivided and no action for partition of the common elements, limited common elements or <br />leasehold, if any, shall lie. <br />12. Approval or Disapproval of Matters. Whenever the decision of a Unit Owner is required upon any matter, <br />whether or not the subject of an Association meeting, such decisions shall be expressed by the same person who would <br />cast a vote for the Unit on behalf of such Unit Owner at an Association meeting as provided in the By -laws. Such <br />decision or action may come at a meeting or by written ballot signed by each Unit Owner. <br />13. Insurance. The Association shall insure the Property and the Association against risk, including tort liability <br />without prejudice to the right of each Unit Owner or occupant to insure themselves or their Unit and/or contents thereof. <br />Such insurance shall be governed by the provisions set forth in the By -laws. <br />O:Tersonal\FKED \Walnut \Old Walnut Condo \C - Declaration- OldWalnut.wpd `� <br />
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