HomeMy WebLinkAbout1688 i •
~ f
I
check-in/check-out times, set forth in or promulgated
pursuant to the provisions of Article 22 hereof.
C. PROVISIONS APPLICABLE ONLY TO IINIT WEEKS IN ELOATING
IISE PLAN:
1. An Owner of a Unit Week committed to the
Floating IIse Plan shall own fee title to a specific IInit Week
in a specific Unit. However, such IInit Week Owner shall not
be entitled to possession and use of that specific Unit for
the specific Unit Week owned, but rather, such possession and
use rights are released in consideration for receiving the
right to request annually a reservation for a Floating Use
Period(s) (as defined in Article 3 of this Declaration)
during which the IInit Week Owner may occupy a Unit in
accordance with the terms and conditions of the Floating Use
Plan provided herein and subject to seasonal restrictions and
use restrictions, including but not limited to the
check-in/check-out times, set forth in or promulgated
pursuant to the provisions of Article 22 hereof. To
implement the Floating IIse Plan, the Developer is hereby
granted the exclusive authority to determine the form and
content of the Floating IIse Agreement and to determine and
promulgate initial rules and regulations ("Floating IIse
Rules") to administer the Floating IIse Plan. Once
implemented, the Floating IIse Rules may be amended from time
to time by the Developer or, after IInit Week Owners other
that the Developer are entitled to elect a majority of the
Board of Directors of the Association, by the Board of
Directors of the Association upon a majority vote of the
Board and with the consent of the Developer if the Developer
stills owns and is selling IInit Weeks in the otdinary course
of business. In addition to the foregoing method for
amending the Floating Use Rules, the Developer may authorize
the Manager to suggest, promulgate, adopt and amend the
Floating Use Rules; provided, however, that such amendments
made by the Manager shall be subject to the prior apnroval af
the Board of Directors of the Association. Each Owner of a
IInit Week committed to the Floating Use Plan shall be
required to enter into a Floating Use Agreement with the
Association as agent for Owners of Unit Weeks committed to
the Floating Use Plan. The Developer is also authorized to
make such other agreements, contracts or arrangements with
the Manager of the Condominium Property, Unit Week Owners or
others as it deems necessary for the full implementation and
administration of the Floating Use Plan.
2. For each IInit Week owned and committed to the
Floating Use Plan, the IInit Week Owner shall have the right
to request a reservation for a Floating IIse Period(s)
pursuant to a reservation system in accordance with the
- 8 -
e~x 674 FA~~ 1fi88
` ~ ~ ~ E~