HomeMy WebLinkAbout2004 ARTICL~ IV
PROPERTY RIGHTS IN THE COMMON PROPERTIES
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Section 1. Member$' Easementa of Enjoyment. Subject to
the proviaions of Section 3, every Member shall have a riqht and ease-
ment oE enjoyment in and to the Common Properties and such easement
shall be appurtenant to and shall pass with the title to every Lot or
Livinq Unft.
Section 2. Title to Common 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 i
opinion of the Developer, the Association is able to mafntain the same,
but, notwithstandinq any provision herein, the Developer hereby
covenants, for itself, its heirs and assigns, that it shall convey the
Common Properties to the Association not later than January 1, 1984,
free and clear of all liens and encumbrances, except real property taxes
for the year in which the convegance takes place and any easement
-granted by the Developer pursuant to Section 6 of this Article.
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Section 3. Use of Common Properties. The Common Properties ~
may be used for drainaqe 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 bQ placed or permitted to rema~.n in
i the Common Properties which might impair or interfere with the drainaqe
I or temporary retention of storm water run-off of The Properties or other
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~ contiguous property.
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~ Section 4. Extent of Members' Easements. The rights and
~ ents of en o ent created hereb shall be subject to the followinq:
easem 3 Yn? Y
~ (a) the right of the Developer and of the Association,
in accordance with its Articles and Bylaws, to borrow money for the
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~ 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 liunited to a right,
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~ after taking possession of such properties, to charge admission and
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g other fees to those tracts not designated for ingress and egress as a
~ condition to continued enjoyment by the members and, if necessary, to
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~ open the enjoyment of such properties to a wider public until the
~ mortgage debt is.satisfied where upon the possession of.such properties
shall be returned to the Association and all rights 60~ ~~f~~~.-
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