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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 --- 005.507 <br />The management of the Units available for Rental Use described herein <br />assumes the provision of an on -site manager by the Association and the <br />availability of such on -site manager's services to Units available for Rental' <br />Use as well as to Units reserved for Personal Use. In the event that- .sucli <br />management is no longer provided for by the Association, or is no longer' <br />made available to those Units available for Rental Use, Agent may provide for <br />additional on -site management at the sole expense of those. Owners, whose; <br />Units are available for Rental. Ilse. <br />?. Resoonsibilities of ALrent. <br />The Agent shall maintain a Unit available for Rental Use and its- <br />properties in a first class rental- occupancy condition and shall exercise <br />his /her best efforts in maintaining a first class rental pool operation, showing;. <br />and renting the Unit, maintaining and enforcing the rules and reguntions <br />governing the use of The Yancey, selecting tenants, and in determining; .envy <br />and incurring expense which the Agent, in its sole good faith and discretion <br />deems to be in the best interests of the Owner. The Agent will cause- the <br />Unit or its properties to be redecorated, repaired, replaced- and maintained <br />with materials and equipment of similar or comparable quality as the materials.: <br />and equipment originally placed in the Unit. <br />8. Responsibilities of Owner <br />In addition to, and not in limitation 4 a obligat'k•ns at law or in equity. <br />of Owner as a lessor, a Owner whose rt is available for- Rental Use or. a <br />Owner who gives the Agent written notice that the Unit is available for Rental <br />Use agrees as follows: <br />a. To punctually and fully perform Owner's obligation as a condo- <br />minium Unit Owner in the Association. <br />b. Not to alter any lock or install any new lock on any Unit doors <br />without the written consent of the Agent, and if such consent is given, <br />the Agent shall be provided a key. <br />C. The Owner shall have no voting rights or incidences of control <br />of the rental pool unless expressly stated herein. <br />Allocation and efi.itian of Receipts, Disbursements and Capital <br />Expenses. <br />All Units available for Rental Use shall share in the Receipts, Rental <br />Pool Management Fees, Disbursements, Turnover Fee, and Incentive Fee, as <br />those terms are defined herein, without regard to any actual condition of <br />rental occupancy, maintenance or repair which may, from time to time, apply <br />to a particular Unit. Association Assessment, Capital Expenditures and Initial <br />Leasing Fee. as those terms are defined herein, Pro not share and share <br />alike, but rather are the sole responsibility and expense of the Unit and Unit <br />Owner for which the expenditure was incurred. <br />"Receipts" for purposes of this Agreement shall mean all receipts from <br />the rental pool operations, including but not limited to rents, royalties, <br />revenues, and proceeds. Before any expenses are deducted, Receipts shall <br />MIC <br />9 <br />W <br />
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