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HomeMy WebLinkAbout0394 1. The Recreation Association and ALISON hereby agree that the owners of apartments (Units) in OCEANA OCEANFRONT CONDOMINIUM ONE shall be entitled to the undisturbed but nevertheless non-exclusive use of said Recreation Area as described ~in said Exhibit "B" subject nevertheless and in all events to the terms and conditions of the Membership Agreement (and any amendments thereto) and the Articles of Incorporation and By-Laws, as amended, of the Recreation Association; provided, however, that the Condominium Association, and its members, fulfill and perform all of the obligations under said Membership Agreement and other documents governing the Recreation Area. So long as said obligations are timely fulfilled by the Condominium Association and its members, - the members of the Condominium shall be entitled to the non- exclusive use of said Recreation Area in accordance with the terms of said Membership Agreement and other documents. 2. In the event a default occurs under the , mortgage presently held by ALISON or any modification, extension or amendment thereto, or under any other mortgage ; i now or hereafter encumbering any portion of said Recreation M Area, and the mortgagee as the owner and holder of said mortgages forecloses any of said mortgages, or in the event the mortgagee or some other party receives a deed to the encumbered property in lieu of foreclosure, said party, or the successful bidder at foreclosure sale, including the party foreclosing any of said mortgages, or any other party who becomes the owner of said Recreation Area, no matter how said party obtains title thereto, shall become the successor ~ in interest to the Recreation Association under said Membership ~ Agreement and the Articles of Incorporation and By-Laws, as amended, and said party shall not disturb the non-exclusive use of the Recreation Area by the Condominium Association . ! and the members of the Condominium under the terms of the Membership Agreement and other documents governing the ~ ~ -3- .~p ~ ~ f:~~ 2~i3 ~ ~4 ~ ~ ~ ~ ~ ~ ~x = __~u~ v_ _s _ _ . ._~o.