HomeMy WebLinkAbout2665 ARTICLE IV
PROPERTY RIGHTS IN THE COI~@40N PROPERTIES
Section 1. Members' Easements of En o ment. Subject to the provisions of
Section 3, every Member shall have a right and easement of en~oymenL in and to the
Common Properties and such easement shall be appurtenant to and sliall pass with
the title to every Lot or Living Unit.
Section 2. Title to Common Properties. The Aeve2oper may retain the legal
title to the Co~non Properties until such time as it has completed improvaments
thereon and until such time as, in the opinion of the Develo~.er, the Associarion
is able to maintain the same, but, notwithstanding any provision herein, the Devel-
oper hereby covenants, for itself, its heirs and assigns that it shall convey the
Common Properties to the Association not later than January 1, 1982, free and clear
of all liens and encumbrances, except real property taxes for the year in which
the conveyance takes place and any easement granted by the Developer pu~suant to
Section 6 of this Article.
Section 3. Use of Common Properties for Drainage. The Common Properties
may be used for drainage and the temporary retention of storm water run-off fro~e
The Properties and other contiguous p~operty, as well as for open space, recreation,
and other related activities. No structure, planting or other material shall be
~ placed or permitted to remain in the Common Properties which might i~pair or inter-
k fere with the drainage or temporary retention of storm water ~un-off of The Pro-
i
~ gerties or other contiguous nrouert_y.
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~ Section 4. Extent of Members' Easements. Tt?e rights and easements of
enjoyment created hereby shall be subject to the following:
~ (a) the right o€ the Developer and of the Association, in accordance
with its Articles and Bylaws, to borrow money for the purpose of improving the
Common Properties and in aid thereof to mortgage said properties. In the event
of a default upon any such mortgage, the lenders' rights hereunder shall be limited
to a right, after taking possession of such properties, to charge admission and
2~ other fees as a condition to continued enjoyment by the members and, if necessary,
~ to open the enjoyment of such properties to a wider public until the cuortgage debt
~ is satisfied whereupan the possession of such properties shall be returned to
~
~ the Association and all rights of the Members hereunder shall be fully restored;
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and
(b) the right of the Association to take such steps as are reasonably
~_;f necessar} to protect the above-described properties against foreclosure; and
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