HomeMy WebLinkAbout1146Sectio~~ 2. '1't-c t~~~~~cia~i~~r~ Ghall I~~~v~~ ~~11 oi ihe ~~owers
rcasc~nably nece•~~:at y t.o imE~lement i ts }>urF~~~se, incl uc~ ing, but not
limited to, the (ollowiny:
( 1) Tv of ~c r a te and manac~e tl~~ ('~~t~~ic~i~ in i um and
co~id~~minium ~roE~erty in acc~rc~ance with the purpose
ancj i~tent contained in the l~ec.l<iration;
( 2) 'T~.~ ,,~,~k~ and col l ect .~s~~~•,~~r~ent~ ~+~~a inst members to
~1~•ir~-~l tlie c~sts of the t'~~n~lomii~ium and to refund
cc~r:i~on surplus to ~nesnhers;
_ ( 3) T~ u~~~ the E-roceeds c~f a~se ,sr.,ents in the exercise
of its ~owers and duties;
(4) '1'~ m~-~ir~tain, re~~air, ce~~l,-~c-e ~r~~l c.~~~erate the
c~~~~clo~^ i n i u~n ~ro~~er ty;
( 5) 7-~ i~~t.~~nstruct im~•r~:•~~~~~ent~ ~~~~~~n the condominium
~~r~~E~~_ ~ ty af ter casua] ty an~ to f urther improve the
~,L~~E,~i-ty~
( 6) 'I'~~ ma};e ~nd ~~~~end !3y-La.~., f~r the J,ssociation and
re~ulations respecting the ~~se of the condominium
~,t,~~.~r ty:
(7) :~~ :~F~f~rove or ~iiSaE>~~rc~~e thc c,ro~~osed purchasers,
ie~r~~s anc3 mc~rt~3agees ~f c~~ncjc~minium units as
r~~yuirec3 by the 1)eclarati~~n;
(8) 'I~~ c~r*;nrce by lE~gal :~+cans tt~~ E~ro~~isions of the
t>~c~aration, th~se T+t't1Cle5, th~ t;1-Las~s an'~ the
re•~~:l~~tions for ttie use of tF~e c~ndominium
f~rvE~er ty:
(9) 7'o contra~t for the manag~~~ent ~~nd maintenance of
the conc3ominiui~ an~J to authori ze a management agent
!0 3~sist the association in carrying out its
F~~~wer~ and duties b}• f~erfc~ir:ing such functions as
th~_ c~~llection of asses~ir~r.ts, preF~aration of
~ L-('C7I~Cj5, enforcen:en~ of r~l~., ~~nd maintenance of
th~~ c~mmon elements. Ti:~_ ~+sso::iation shall,
t~a~t~t•er, retain at all tir~e~ tt~p ~r~wers and duties
orantt~c~ them t~} the Condc„nis~iu:!. Act, in~luding, but
n~~t 1 i:r.ite~3 to, th~ ::~a};ir.~: -~` ~3~~sessments,
~~r~i~uz~3ation of rul~~~, a~:c3 ~x~cution of contracts
~n i~ehalf of th~ association.
Section 3. T~11 funds and titic to all ~~toF~erties acyuired
b}' th~ %~ssociati~~~ ~-~nc3 th~ E:roceeci~ th~•re.^,~ ~h~~Tl he held only for
the benef i t c~f :1~~ ,~,n^;:,ers ic~ accc~r~lancc• wi ~t: tihe provisions of
th~ condomi~iur~ ~j~~~~~^er~ts, t:c~ c~art ~~f t!:c IRC~~:n~, if any, of the
I:ssociation rf;all !•~• ~iiGtrih~~±~ci to th~ ;•~~-°.:~•r~, directors, and
officers of thc I:~:,~~-iation.
Section 4. ''.'he E~owers of tl~~• ,'~.~-~~~ci.,ti~~: ~:hall r+~ subject
ta and b^ exerc i s~~c~ ir accarc3ancc ~ i~1~. ! hr ~•r~~~: i ~ i~ns of the
Ueclaration whict~ ~~^verns the Lse of tl~~ c~~nci~n~inium property.
11i2'fICLE' 1`:
t1I;lllit:f?5
Sectiori 1. /+11 ~~ni'_ okners i~~ thc•ir C~:~~?^.~inium shall
automaticall}~ t:~ r~•r.'.~cr~ of thn ~~s~~.~ri.~ti~r,, and their nembership
shall autcmatic~~lly terr~inate when tl~e}~ ~~r~• nv lonyer owners of a
un i t. I f a m~m'~•et ~l~au 1 d ~c~ 11 h i s un i t ~~~~~j~> c! he prov i s i ons of
the Ueclarat ion, the arante~ f rom ~:~~ch m~:-:.~~r k i 11 automatical ly
ac~~uire ~r.~t~l~er~hiE in the %+~sociati~n. ~t~•:}:,~rsi~ip certificates
are not reyuirc~~l ancj may not t~~~ iG,uc~~l.
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