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200315961 14. Use Restriction. Use of the Property shall be in accordance with the following provisions as long as Old Walnut exists and the structure, in useful condition, exists upon the land, and these restrictions shall be covenants running with the land: A. Units. Except as reserved to Declarant, no Unit may be divided or subdivided into a smaller Unit nor any portion sold or otherwise transferred without first amending this Declaration to show the changes in the Units to be affected. B. Common Elements and limited common elements. The common elements, including leasehold, and limited common elements shall be used only for the purposes for which they are intended and the furnishing of services and facilities for the enjoyment of the Units. C. Nuisances. No nuisances shall be allowed upon the Property nor any use or practice which interferes with the peaceful possession and proper use of the Property by its occupants. All parts of the Property shall be kept in a clean and sanitary condition, and no rubbish, refuse or garbage allowed to accumulate nor any fire hazard allowed to exist. No Unit owner shall permit any use of his or her Unit or make any sue of the common elements or limited common elements that will increase the cost of insurance upon the Property, or the maintenance thereof. D. Lawful use. No immoral, improper, offensive or unlawful use shall be made of the Property nor any part of it; and all valid laws, zoning ordinances and regulation of all governmental bodies having jurisdiction shall be observed. The responsibility of meeting the requirements of governmental bodies for maintenance, modifications or repair of the Property shall be the same as the responsibility for the maintenance and repair of the Property concerned. E. Rules and Regulations. Reasonable rules and regulations concerning the use of the property may be adopted and amended shall be furnished by the Association to all Unit Owners and occupants of the Property upon request. F. Sale of Units. Until the Declarant has completed all of the contemplated improvements and closed the sales of all of the Units if any are to be sold, neither the Unit Owners, the Association nor the use of the Property shall interfere with the completion of the contemplated improvements and the sale of the Units. Developer may make such use of the unsold Units and common elements as may facilitate such completion and sale, including but not limited to maintenance of a sales office, a model Unit or Units, the shoeing of the Property and other activities relating to the marketing of such Units. G. Residential Purposes. Except Units in which Declarant is exercising special Declarant rights, Units shall be used for residential purposes only. 15. Protective provisions for the Benefit of Institutional Lenders. Anything to the contrary in this Declaration or the By -laws or the Articles of Incorporation not - withstanding, the following shall apply with respect to each Institutional Lender. A. Any lien the Association may have on any Unit in the Condominium for the payment of assessments attributable to such Unit is subordinate to the lien or equivalent security interest of any first security lien or interest held by an Institutional Lender on the Unit recorded prior to the date any such assessments become due. B. Any Institutional Lender shall upon request have the right to: (1) inspect the books and records of the Association during normal business hours; and (2) receive notice of any default in the payment of any assessment installments which is more than sixty (60) days in arrears. C. If any Unit or portion thereof, or the common elements, or any portion thereof, is made the subject matter of any condemnation or eminent domain proceeding or is otherwise sought to be acquired by a condemning authority, then every Institutional Lender holding a first mortgage on a Unit so affected is entitled to timely written notice from the Association of any such proceeding or proposed acquisition and no Unit Owner or other party shall have priority over such Institutional Lender with respect to the distribution of the proceeds of any award or settlement allocable to such Unit(s). D. Any Institutional Lender who obtains title to a Unit as a result of foreclosure of the mortgage, or by deed or assignment in lieu of foreclosure, or any purchaser of a Unit in such a foreclosure sale, or their respective successors and assigns, shall note liable for the share of assessments by the Association pertaining to such Unit or chargeable to the former Unit Owner which became due prior to such acquisition of title. Such unpaid share of assessments shall be deemed to be Common Expenses collectible from all of the remaining Unit as a result of foreclosure of the first mortgage, or by deed or assignment in lieu of foreclosure, or any purchaser of a Unit in such a foreclosure sale, or their respective successors and assigns, shall not be liable for the share of assessments by the Association pertaining to such Unit or chargeable to the former Unit Owner which became due prior to such acquisition of title. Such unpaid share of assessments shall be deemed to be Common Expenses collectible from all of the remaining Unit Owners including such acquirer, his successors and assigns. 16. Rental Pending Foreclosure. If any foreclosure in the lien for assessments, the Association shall, regardless of the value of the Unit or the value of the lien foreclosed, be entitled to the appointment of a receiver for the rental. 17. Compliance. Each Unit Owner shall be governed by and shall comply with the terms of the Condominium Documents, and all of such as they may be amended from time to time. Failure of a Unit Owner to comply with the provisions of the Condominium Documents shall entitle the Association or other Unit Owners to the relief provided therein in addition to the remedies provided by the Nebraska Condominium Act. Each Unit Owner shall be governed by and shall comply with the following provisions: A. Negligence: Neither the Association nor Unit Owner shall be liable for the expense of any maintenance, repair or replacement rendered necessary by their negligence or by that of any member of their family or other guests, employees, agents, lessees or occupants if such expense is caused by damage of a type covered by a standard policy of five and extended coverage insurance. O:\Personal\FRED \Walnut \Old Walnut Condo \C - Declaration- OldWalnut.wpd 5