HomeMy WebLinkAbout0136 Section 4 hereof, shall have a right and easement of enJoyment in and to the
Common Properties and such easement shall be appurtenant to and shall pass
with the title to every Lot or Living Unit.
} SECTIQN 2. 71TLE TO COMMON PROPERTIES. The Developer may retain the
legal title to the Cortmon Prope~ties until such time as it has completed im-
provements thereon and untii such time as, in the opinion of the Deveioper, ~
the Association is able to mai~tain the same, but notwithstanding any pro-
visions herein, the Developer hereby covenants, for itself, its successors
and assigns that it shall convey the Common Properties to the Association not
later than the date on which controi of the Association is tur~ed over to the
Class "A" Members as provided in Art~cle Itl, Section 2 hereof, free and clear
~ of ali liens and encumbrances, except real property taxes for the year in which
the conveyance takes place and any easements granted by the Developer pu~suant
to Section 6 of this Article.
SECTION 3. USE OF COMMON PROPERTiES FOR DRAINAGE. The Conmon 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 Cortmon Properties which
might impai r or interfere with the drainage or tem~porary retention of storm
~ wate r run-off of The Properties or other contiguous property.
SECTION 4. EXTENT OF MEMBERS' EASEMENTS. The rights and easements of
enjoyment created hereby shall be subject to the following:
(a) the right of 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 the reof to mortgage said properties. In the
event of a default upon any such mortgage, the lenders' right hereunder shall
6e limited to a right, after taking possession of such properties, to charge
admission and 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 mortgage debt is satisfied whereupon the possessian of such properties
shail be returned to the Association and ali rights of the Members hereunder
shali be fuiiy restored; and
(b) the right of the Association to take such steps as are reasonably
necessary to protect the above-described properties against foreclosure; and
(c) the right of the Association, as provided in its Articles and
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