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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
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84005507
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84 --- 005507 <br />34. Destruction. <br />Any damage to the Condominium caused by fire or other casualty <br />shall be promptly repaired by the Association in the manner set forth in the <br />Bylaws, unless (1) the Condominium is terminated, or (2) repair or replace- <br />e„+ would i%e :tt_«._t nAi ..+..+_ _ 1� 7 1.....Ai�t£ .. f..+�: +.. L.:_ +..- <br />.21 r: VLE_L - ..mow �._..:..� a_- =1zi - .: -y__ _ c_. jr _ <br />ordinance, or (3) eighty percent (80 %) of all 'the �Unit Owners of the Con- <br />dominium (including the Unit Owner of every Unit which will not be rebuilt <br />and every Unit to which a Limited Common Element is assigned -which will not - <br />be rebuilt) vote not to rebuild. The cost of repair or replacement in excess <br />of insurance proceeds and reserves is a Common Expense. if the entire <br />Condominium is not repaired or replaced, (1) the insurance proceeds attri- <br />butable to the damaged Common Elements must be used to restore the damaged. <br />area to a condition compatible with the remainder of the Condominium, (2) the <br />insurance proceeds attributable to Units and Limited Common Elements which <br />are not rebuilt must be distributed to the Owners of those Units and the <br />Owners of the Units to which those Limited Common Elements were assigned, <br />or the lienholders, as their interests may appear, and (3) the remainder of <br />the proceeds must be distributed to all the Unit Owners or lienholders, as <br />their 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 cold for ;?e benefit of the Condo- <br />minium Owners real property and ta<_a.'ble and intangible, personal property, <br />and may dispose of the same by sale 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 Lholds, either by purchase or by gift, and of <br />walkways, 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 />a <br />I <br />R <br />
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