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84005507
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Last modified
3/4/2012 1:59:28 PM
Creation date
11/20/2008 10:04:45 PM
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DEEDS
Inst Number
84005507
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84 --- Q05507 <br />34. Destruction. <br />dames to tike Condominium • ed b fir - ♦i_ <br />� a,-,y uau.asc : ±:a.ioo ycva vtiac C:np4aa�y <br />shall be promptly repaired by the Association in the manner set forth in the <br />Bylaws, unless (1) the Condominium is terminated, (2) repair or replacement <br />would be illegal under anv state or local health or safety statute n_r np ii- <br />I-lance, of (3; eighty percent 11'808) of the Unit Owners, including every <br />Owner of a Unit or assigned Limited Common Element which will not be re- <br />built, vote not to rebuild. The cost of repair or replacement in excess of <br />insurance proceeds and reserves is a Common Expense. If the entire Con- <br />dominium is not repaired or replaced, (1) the insurance proceeds attributable <br />to the damaged Common Elements must be used to restore the damaged "area to. <br />a condition compatible with the remainder of the Condominium, (S) the In- <br />surance proceeds attributable to Units and Limited Common Elements which are . <br />not rebuilt must be distributed to the Owners of those Units . and the Owners ; <br />of the Units to which those Limited Common Elements were assigned, or the <br />lienholders, as their interests may appear, and (3) the remainder of the <br />proceeds must be distributed to all the Unit Owners or lienholders , as their <br />interests may appear, in proportion to the Allocated Interests of all the <br />Units. <br />35. Additional Property For Common Use. <br />The Association may acquire :nd hold for the benefit of the Condo- <br />minium Owners real property and ,rule and r>.cangible personal property, <br />and may dispose of the same by c _ or otherwise, and -the beneficial interest <br />in any such property shall be owned by the Condominium Owners in the same <br />proportion as their Allocated Interest in the Common Elements and shall not <br />be transferable except with the transfer of a Condominium Unit. A transfer <br />of a Condominium Unit shall convey to the transferee ownership of the trans - <br />feror's benefit interest in such real or personal property without any refer- <br />ence to or inclusion of a bill of sale. Each Owner may use such real and <br />personal property in accordance with the purpose for which it is intended, <br />without hindering or encroaching upon the lawful rights of the other Owners. <br />Sale of a Condominium Unit under foreclosure shall thereby entitle the pur- <br />chaser thereof to the beneficial interest in the real and personal property <br />associated with the foreclosed Condominium Unit. The Owners of each Condo- <br />minium Unit shall have a perpetual non - exclusive easement in common with all <br />other Condominium Unit Owners in this Condominium Project giving them the <br />right to the beneficial use and enjoyment of any recreational facilities which <br />the Association acquires and holds, either by purchase or by gift, and of <br />walkw; --;s, vehicular access, and community parking, if any, and any of the <br />other General Common Elements as set forth on the Plats and Plans and in <br />this Declaration, subject, however, to the Rules and Regulations. Acquisition <br />of Class "A "- Limited Property or Class "B" Limited Property shall be voted on <br />respectively solely by Class "A" and Class "B" members. <br />36. Registration by Owner of Mailing Address. <br />Each Owner shall register his /her mailing address with the Associa- <br />tion, and except for monthly statements and other routine notices, all other <br />notices or demands intended to be served upon an Owner shall be sent by <br />-27- <br />W, <br />
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