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interest being stated in this Declaration•of
Condominium;
(ii) the conditions on which any change in
• such percentage of undivided interest in common
elements may take place are fully described in this
'Declaration of Condominium, together with a descrip-
tion of the real property which will become subject to
the condominium if such alternative percentage inter-
est becomes effective; and
(iii) no change in the percentage interest in
the common elements may be effected pursuant to such
provision more than seven (7) years after the date the
Master Deed became effective.
(5) Each first mortgagee has the right to examine the
books and records of the Condominium Association and the condominium
project.
(6) No condominium unit owner, or any other party,
shall have priority over any rights of first mortgagees of condomin-
ium units pursuant to their mortgages in the case of a distribution,
to•condominium unit owners of insurance proceeds or condemnation
awards for losses to or a taking of condominium units and/or common
elements.
(7) Any agreement for professional management of the
condominium regime or any other contract providing for services by
the developer, sponsor or builder must provide for termination on
ninety (90) days' written notice and the term of any such contract
may not exceed three (3) years.
R. Provision is hereby made for the following items in the
condominium organization and operation and such provision may not be
subject to deletion or amendment without the prior written consent of
the holder of each first mortgage of a condominium unit of record:
(1) Condominium dues and charges shall include an
adequate reserve fund for maintenance, repairs and replacement of
those common elements that must be replaced on a periodic basis, and
shall be payable in regular quarterly installments rather than by
special assessments.
(2) All taxes, assessments and charges which may
become liens prior to the first mortgage under local law sh311 relate
only to the individual condominium"units and not to the condominium
§ project as a whole.
s
(3) All amenities (such as parking, recrQation, and
service areas) are a part of the condominium and are covered b}' the
~ construction mortgage at least to the same extent as are gener~rl
common elements.
(4) The Condominium Association shall. agree to give
ENLMC notice Mackinac Corporation, S11 Woodward Avenue, Detroit,
Michigan 48226) in writing of any lass to, or taking of, the common
elements of the condominium project if such loss or taking exceeds
$10,000.
18. TERMINATION.
This condominium may be voluntarily terminated in the
manner provided in the Condominium Act, at any time, except as
provided otherwise in this Declaration.
19. SEVERAE3ILITY.
The invalidity in whole or in part of any covenant or
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P ~''K 327 ~.~~E 2599
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