HomeMy WebLinkAbout0985 tion pursuant to appraved plans as provided in '
this subparagraph within the two (2) year
period, failure to pr~ceed with co~atruction
continuou~ly (which shall include any inter-
ruption of twenty-one (21) days or more,
except those cauaed by casualty to the
i~provementa), or failure to complete con-
atruction within nine (9) montha shall result
in Declarant having an option to repurchase
the Lot for the same price and on the same
terms paid by the Lot Owner who first pur-
chased it from Declarant (or Declaran t's
affiliate or assignee). The option to
. purchaee muat be exercised vithin one hundred
twenty (120) days after the expiration ~f the
tWO (2) year eomanencement period, or the
~ twenty-one (21) or more day period of inter-
ruption~ or the r~ine (9) month conatruction
period by~written notice to the then Lot Owner
at the address last appearing on Declarant's
recorda. The option price 8ha11 be increased
for the minimum aalvage value bf improvements
and work in progresa, as determined by an
appraiser chosen aolely by neclarant, and th~
option price shall be decreased by the amount
of any liens and Declarant'8 costs and
expenses of exercising its option. Declarant
has the right to assign this purchase option
to any third party who may become the devel-
opex of the Lots. Failure of the Declarant or
Declarant's auccessora or assigns to exercise
the option to repurchase any Lot ehall not bar
exercise of the option to repurchase any other
L•ot.
4. The following is hereby added to the end of
Article XI, Section I, af the Declaration:
The Architectural Committee has the right
to make reasonable inquiries into the back-
ground, experience and qualifications of all
contractors proposing to Work at Monte Carlo,
and to withhold permisaion for improvements to
be made by unqualified contractors. This
I~ provision shall not apply to Lot or Yilla
{ Ownere who act as their oWn general contrac-
tors, but shall apply to their subcon-
~ tractors.
5. Article XII, Section E, of the Declaration is
hereby deleted in its entirety and the folloKing is substituted
therefor:
E. Unless otherWise approved by the Archi-
tectural Committee~ constructio~ of appraved
;
improvements to be loca~ed on a Lot• shall
commence Within one hundred twenty (120) days
from the date of approval by the Architectural
Committee and conatruction sh~ll proceed
continuously and be completed Within nine (9)
months.
~ 6. Article XII, Section L, of the Declaration is
; hereby deleted in its entirety and the following is substituted
~ therefor:
~ L. No trucks, commercial vehiclea~ boats, trailera,
~ recreational vehicles, vans (other than cusCom passenger windAw
vana) or vehicles of any type in a substantially deteriorated
condition ahall be kept~ unless the same are kept in a garage
With doors cloaed. No u?otorcylea or loud or noisy vehicles
shall be operated or used anywhere on MONTS CARLO; provided
however, that this provision ghall not preclude the use of
£
s-- 2 ~~499 ~ 985
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