HomeMy WebLinkAbout2474 ARTICLB IV
' PROPERTY RIGHTS IN Tt1B (~OI~Q~tON PROPERTIES j
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Section 1. Members' Easements of Enloyment. Subject to the provisions of ~
Section 3, every Member shall have a rlght and easement of enjoyment in and to the ~
Common Properties and such easement shall be appurtenant to and shall pass with j
the title to every Lot or Living Unit.
Section 2. Title to Conanon Properties. The Developer may retain the legal
title to the Common Properties until such time as it has completed improvements
thereon and until such time as, in the opinion of the Developer, the Association
is able to maintain the same, but, notwithstanding any provision herein, the Devel-
oper hereby covenants, for itself, its heirs and assigc~s that it shall convey the
'Co~on Properties to the Association not later Lhan January 1, 1988, free and clear
of all liens and encu~rances, except real property taxes for the year in which
the conveyance takes place and any easement granted by the Developer pursuant to
Section 6 of this Article. ~
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Section 3. Use of Coa~on Properties for Draina~e. The Common Properties ~ '
-may be used for drainage and the temporary retention of storm water run-off from "
The Properties and other contiguous property, 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 impair or inter-
; fere with the drainage or temporary retention of storm water run-off of The Pro-
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~ perties or other contiguous property. - ~
Section 4. Extent of rfembers' Easements. The rights and easements of i
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~ en3oyment created hereby shall be subject to the following: ~
(a) the right of the Developer and of-xhe Association, in accordance ~
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with its Articles and Bylaws, to borrow money for the purpose of improving the i
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Common Properties and in aid thereof to mortgage said properties. In the.event s
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of a default upon any such mortgage, the lenders' rights hereunder shall be limited
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~ to a right, after taking possession of such properties, to charge admission and ;
~ other fees as a conditfon to continued enjoyment by the members and, if necessary, t
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to open the en~oyoent of such properties to a wider public until the mortgage debt f
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the Association and all rights of the rtembers hereunder shall be fully restored;
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~ (b) the ri~;ht of the Association to take su~h steps as are reasonably ~
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~ necessary to protect the aLove-desc.ribed properties Against foreclosure; and j~
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