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HomeMy WebLinkAbout0622 the unit owners as specified and set forth in Exhibit A. The foregoing ratio of shar~nq common expenses and assessments shall remain regardless of the purchase pxice o~ the condominium parcels, their location or the buxldinq square footage included in each condominium unit. Any common surplus of the Association shall be owned by each of the un~.t owners in the same proportion as their percentage ownership interest in the common elements - any common surplus being the excess of all receipts of the Association, from this Condominium, including but not limited to assessments, rents, prof its and revenues on account of the common elements of this Condominium, over the amount of the common expenses of this Condominium. VII METHOD OF AML~NDMSNT OF DECLARATION This Declaration may be amended at any regular or special meeting of the unit owners of this Condominium, called and convened . in accordance with the By-Laws, by the affirmative vote of voting members casting not less than three-fourths (3/4) of the total vote of the members of the Association. _ All amendments shall be recorded and certified as required by the Condominium Act._ No Amendment shall change any Condominium parcel nor a Condominium unit's proportionate share of the common expenses or co~non surplus, nor the voting rights appurtenant to any unit, unless the record owner(s) thereof, and all record owners of mortgages, or other voluntarily placed liens thereon, shall join in the execution of the Amendment. No Amendment shall be passed which shall impair or prejudice the rights and priorities of any mortgagees. No Amendment shall change the provisions of this Declaration, the Articles of Incorporation, By-Laws and Rules and Regulations of the Association, or the Articles of Incorporation and By-Laws of the Property Owner's Association provided for in Article XVII hereof, with respect to institutional mortgage~s without the written approval of all insti- tutional mortgagees of record. No Amendment shall change the rights and privileges of the developer without the developer's written approval. Notwithstanding the foregoing two paragraphs, the developer reserves the rights to change the interior design and arrangement of ; all units and to alter the boundaries between units, as long as the ; developer.owns the units so altered; however, no such change shall E increase the number of units nor alter the boundaries of the common elements, except the party walls between the condominium units, ~ without Amendraent of this Declaration in the manner hereinbefore set forth. If the Developer shall make any changes in units as provided in this paragraph, such changes shall be reflected by an Amendment of this Declaration with a survey attached, reflecting such authorizesi alteration of units, and said A~endment~need only be executed or acknowledged by the Developer and any holders of Institutional mortgages encumbering the said altered units. The survey shall be certified in the manner required by the Condomi- nium Act. If more than one unit is concerned, the Developer shall apportion between the units the shares of the common elements appurtenant to the units concerned, together with apportioning the common expenses and common surplus of the units concerned, and such shares of common elements, common expenses and common surplus shall be duly noted in the Amendment of the Declaration. It is under- stood and agreed that as of the date hereof all of the buildings ~ and units contained in this Condominium and some of-the improvements x~~= of this Condominium which are part of the common elements may not be ~ completed; however, all such buildings, units and improvements sha ~ be shown and located on Exhibit No. 1 attached hereto and said ~ Exhibit No. 1 shall indicate which of said buildings, units and ~ i.mprovements are complete as of the date thereof and which are not ~ complete as of the date thereof and such uncompleted items shall be x -4- - 80~(~ P~6f ~ - _ _ - ~ s~ - . . ' ±~y f ~x:' ~ ?n~, - ~t...~C.. " ~i ~ _ "'~'s ~,3~ i~`a'ti•'~ 3 _ w.¢.~~f .are-~`3-~"'.!+.Y~ `c`~°":~.~ . . . - . _x-.