Master Deed for Legend Hills Condominium Association, Inc.
This Master Deed made this ____________ day of _________________, 2000 by KP Development Associates, L.P. with offices at 1638 Avenue, Fort Lee, Bergen County in the State of New Jersey (hereinafter referred to as the “Developer” or “Sponsor”).
WHEREAS, Sponsor intends to create a Condominium, which Condominium is hereinafter referred to as “Legend Hills Condominium”, said Condominium to consist of forty- eight (48) residential Condominiums Units contained in three (3) buildings, including Common Elements for the benefit of such Condominium, out of the land described in Exhibit 2 attached hereto; and
WHEREAS, Sponsor desires to provide for the conservation, preservation and enhancement of the property values, amenities and opportunities in the Legend Hills Condominium, so as to contribute to the personal and general health, safety “and welfare of the residents, and for the conservation and maintenance of the land, and improvements thereon and to be made thereto, and desires to subject the real property described in Exhibit 2 attached hereto, to the Condominium Act, N.J.S.A. 46:8B-1 et seq., and to the covenants, restrictions, easements, charges and liens hereinafter set forth, each and all of which is and are for the benefit of such property and each owner thereof; and
WHEREAS, Legend Hills Condominium is an area of unique natural beauty, featuring distinctive terrain, and it is the desire of Sponsor to create a community in which such beauty shall be substantially preserved and the enjoyment and convenience of the persons living shall be enhanced by the installation and operation of improvements and amenities. To this end, Grantor desires to subject the real property, described in Exhibit 2 hereto annexed, to the covenants restrictions, easements, charges and liens hereinafter set forth, each and all of which is and are hereby declared to be for the benefit of said real property and the owners of the parts thereof; and
WHEREAS, Sponsor has deemed it advisable, for the efficient preservation of the values and amenities in said community, to create an agency to which shall be delegated and assigned the power and authority to manage and administer Legend Hills Condominium, and to administer and enforce the covenants, conditions and restrictions governing the same, and to collect and disburse all expenses and receipts necessary for such management, administration, and enforcement, as hereinafter provided; and
WHEREAS, Sponsor has caused to be incorporated, under the lawsof the State of New Jersey, a non-profit corporation known and designated as “Legend Hills Condominium Association, Inc.”, having its principal office initially located at 523 River Road, Edgewater, New Jersey, 07020, hereinafter alternatively referred to as the “Condominium Association”, as the agency to perform the functions aforesaid, and which are hereinafter more fully set forth; and
WHEREAS; these covenants, conditions and restrictions, all of which are hereinafter included in the term “Master Deed”, are intended to secure the above objectives.
THEREFORE, WITNESSETH THAT:
Sponsor does hereby make, declare and publish its intentions and desires to submit and does hereby submit the real property described in Exhibit 2, attached hereto and identified as Legend Hills Condominium to the provisions of N.J.S.A. 46:8B-1 et seq., and to be held, transferred, sold, conveyed, leased, occupied and used subject to covenants, restrictions, conditions, easements, charges, assessments, obligations, and liens (hereinafter generally referred to as “Covenants, Conditions and Restrictions” or alternatively as “Restrictions”) hereinafter set forth and to the Certificate of Incorporation and By-Laws of Legend Hills Condominium Association Inc., for the specific purpose of the administration and management of Legend Hills Condominium Association, Inc.
1. APPLICABILITY AND INTERPRETATION: This Master Deed shall be applicable to the property known as Legend Hills Condominium Association, Inc. All present and future owners and tenants, their guests, licensees, servants, agents, employees and any other person who shall be permitted to use the common elements of Legend Hills Condominium Association, Inc. shall be subject to this Master Deed, the Certificate of Incorporation, the By-Laws and such Rules as may be issued by the Board, from time to time, to govern the conduct of its members and the use and occupancy of the common elements.
Ownership, rental or occupancy of any unit in Legend Hills Condominium Association, Inc. shall be conclusively deemed to mean that said owner, tenant or occupant has accepted and ratified this Master Deed, the Certificate of Incorporation, the By-Laws and the Rules of the Condominium Association, and shall comply with them.
Nothing in this Master Deed shall prevent the filing of a Supplemental Master Deed, which may contain such complementary additions and modifications to this Master Deed as may be necessary or convenient in the judgment of Sponsor, to reflect and adapt to any change in the Condominium Property and as are not inconsistent with the scheme of this Master Deed. In no event, however, shall such Supplemental Master Deed revoke, modify or add to this Master Deed so as to adversely affect the real property previously subject to this Master Deed or any Supplemental Master Deed and as the same may from time to time be amended unless otherwise expressly provided herein.
In the event of any conflict between the Master Deed, and any Supplemental Master Deed, then the instruments shall control in the order listed. Each of the instruments listed shall be interpreted in such a manner so as to conform to provisions respecting nonprofit entities, it being the intention to preserve the lawful status of the Condominium Association as to a bona fide non-profit entity.
2. DEFINITIONS OF TERMS: For the purposes hereof the following terms shall have the meanings indicated:
a. “Assessments” shall mean those levies, charges or assessments of the Condominium Association as permitted by law.
b. “Association” shall mean the Legend Hills Condominium Association, Inc., a not-for-profit, non-stock membership corporation formed under the Corporation and Association Not For Profit Act of the State of New Jersey comprised exclusively of Unit Owners in Section I to effect the management, maintenance, repair and replacement of the Property pursuant to the Act, this Master Deed and the By-laws.
c. “Beneficiary” shall mean a mortgagee under a mortgage or a beneficiary under a Deed of trust, as the case may be.
d. “Board” or “Board of Directors” shall mean the Board of Trustees or Board of Managers of the Condominium Associations or Association.
e. “Buildings” shall mean the three buildings in which are located at total of forty-eight (48) Units, to be constructed by the Sponsor located on the Land, as indicated on the Survey.
f. “By-Laws” shall mean the By-laws of the Association, a true coy of which is annexed hereto and made a part hereof as Exhibit 5, together with all future amendments or supplements thereto. In the event of a conflict between the provisions of this Master Deed and the By-Laws, this Master Deed shall govern.
g. “Certificate” shall mean the Certificate of Incorporation of the Association as set forth on Exhibit 4 hereto as same may be amended from time to time, to be filed in the office of the Secretary of State of New Jersey. In the event of a conflict between the provisions of this Master Deed and the Certificate, this Master Deed shall control.
h. “Common Elements” shall consist of all parts of the Property other than the Units, including the items set forth in the Condominium Act.
i. “Common Interest” shall mean the proportionate, undivided interest in the fee simple absolute in the Common Elements appertaining to each Unit as set forth in Schedule 6 to the Master Deed. Such interest is expressed as a numerical percentage. The total of all the Common Interest percentages appertaining to all Units equals 100%.
j. “Developers” or “Sponsor” shall mean the person or entity promulgating this Plan.
k. “Eligible Mortgage Holder” shall mean and refer to any holder of a first Mortgage encumbering a Unit who has requested notice of any proposed action by the Association or Unit Owners which requires the consent of a specified percentage of Eligible Mortgage Holders.
l. “Land” shall mean the land situated in Legend Hills, Edgewater, New Jersey as described in Exhibit 2 annexed hereto and made a part hereof.
m. “Limited Common Elements” shall mean the front yard, rear yard, driveway, deck, porch and exterior stairways and exterior walls of such Unit, all of which shall be reserved for the exclusive use of the Owner of the said Unit as an appurtenance thereof.
n. “Ownership Unit”, “Condominium Unit” or “Apartment Unit” shall mean a Unit together with the proportionate undivided interest in the Common Elements and in the Limited Common Elements appurtenant thereto.
o. “Person” shall mean a natural individual, corporation, partnership, trustee or other legal entity capable of holding title to real property.
p. “Plan” shall mean the Offering Plan pursuant to which the Ownership Units are offered for sale by the Sponsor.
q. “Property” shall mean the Land, the Buildings, and other improvements thereon, and all easements, rights and appurtenances belonging thereto.
r. “Survey” shall mean the plan or survey of the Property, a reduced copy of which is annexed hereto as Exhibit 1.
s. “Unit” shall mean any part of a Building designed and intended for independent use as a private dwelling consisting, generally, of a specific townhome residential condominium unit and its appurtenant undivided interest in the Common Elements, including interior walls and partitions which are contained within the private dwelling and the inner decorated and/or finished surfaces of the perimeter walls, floors and ceilings, including drywall, paint, wallpaper, and other surface coverings contained in the dwelling but shall not mean any part of the Common Elements situated within the Unit. All such Units are collectively referred to as Units.
t. (t.) “Unit Owner” shall mean the person or persons whose estates or interests individually or collectively aggregate fee simple absolute ownership of a Unit.
3. DESCRIPTION OF UNIT: The legal description of each Ownership Unit shall consist of the identifying letter, number or symbol of such Ownership Unit as shown on Exhibit 6 hereto. Every deed, lease, mortgage or other instrument may legally describe an Ownership Unit by its identifying letter, number or symbol as shown on the Survey and every such description shall be deemed good and sufficient for all purposes as provided in the Act. Each Unit is intended to contain all space within the area bounded by the interior surface of the perimeter walls of each Unit and the lowermost floor and the uppermost ceiling of each Unit as follows:
a. BOTTOM: The bottom is an imaginary horizontal plane through the lowest point of the exterior surface of each portion of subfloor, if any, within the Unit, and extending in every direction to the point where it closes with a side of such Unit. For those duplex Units including a lower level, the bottom shall be an imaginary plane along and coincident with the unexposed (or lower) surface of such lower level floor.
b. TOP: The top is an imaginary horizontal plane along and coincident with the unfinished and unexposed upper surface of the gypsum board or other material which forms the uppermost ceiling of the Unit, or their outer surface of any skylight, extending in every direction to the point where it closes with every side of such unit.
c. SIDES: The sides of each Unit are imaginary vertical planes along and coincident with the innermost surface of the studding of the perimeter walls. Where no wall exists, the side is an imaginary vertical plane along and coincident with the exterior surface of the windows or doors located on the perimeter of such Unit. The sides of each such Unit are bounded by the bottom and top of the Unit. For those duplex Units including a lower level, the sides of such Unit shall include an imaginary plane along and coincident with the innermost surfaces of the walls of that lower level.
For those Units including a garage located directly below the dwelling level, the Unit also includes all space within the area bounded by an imaginary plane along and coincident with the innermost surfaces of the ceiling joists of such garage, imaginary planes along and coincident with the innermost surfaces of the studding of the perimeter walls of such garage, and an imaginary plane along and coincident with the unexposed (or lower) surface of the floor of such garage.
Each Unit, regardless of type, also includes all appliances, fixtures, doors, windows, interior walls and partitions, interior stairways, gypsum board and/or other facing material on the walls and ceilings thereof, the inner decorated and/or finished surface of the floors (including all flooring tile, ceramic tile, finished flooring, carpeting and padding) and all other improvements located within such Unit described, which are exclusively appurtenant to such Units, although all or part thereof may not be located within the Unit, and shall include, but not be limited to the following individual appurtenances to the extent that same serve each individual Unit only and not any other Unit or any portion of the Common Elements.
a. So much of the common plumbing system as extends from the interior surface of the walls, floors or ceilings into the Unit; and
b. All electrical wires which extend from the interior surface of walls, floors or ceilings into the Units and fixtures, switches, outlets and circuit breakers; and
c. All master antenna or cable television wiring which extends from the interior surface of the walls, floors, or ceilings into the Unit; and
d. Any fireplace, chimney or flue, and
e. All utility meters not owned by the public utility agency supplying the service; and
f. All equipment, appliances, machinery, mechanical or other systems, including HVAC systems and individual hot water heaters, which serve the Unit exclusively whether or not same are located within or without the Unit; and
g. All storage areas located within a Unit which provide exclusive storage for the Unit; and
h. Any utility closet or room located within a Unit or appurtenant to a Unit which houses an HVAC system for that Unit.
4. OWNERSHIP AND USE OF COMMON ELEMENTS: The proportionate undivided interest of each Unit Owner in the Common Elements is set forth in Exhibit F. Each Unit Owner shall have the right to use the Common Elements in common with all other Unit Owners in accordance with the reasonable purposes for which they are intended. Such rights shall extend to the Unit Owner and the members of the immediate family and guests and other authorized occupants and visitors of the Unit Owner. The use of the Common Elements and the rights of the Unit Owners with respect thereto shall be subject to and governed by the provisions of the Act, this Master Deed, the By-laws and rules and regulations of the Association. Notwithstanding the foregoing, the owners of the four (4) “D” type units in the Condominium shall each be assigned a designated parking space for which no charge shall be assessed to compensate them for not having a garage. The right to use such parking spaces shall not be affected by subsequent transfers of these four units.
5. COMMON EXPENSES: Each Unit Owner shall be required to pay his proportionate share of the expenses of maintenance, repair, replacement, administration and operation of the Common Elements, which expenses are hereinafter referred to collectively as “Common Expenses”. The amounts assessed shall hereinafter be referred to as “Common Charges”. Such proportionate share shall be the same as the proportionate, undivided interest of the Unit Owner in the Common Elements as set forth in Exhibit 6. Payment thereof shall be in such amount and at such times as may be provided in the ByLaws. Notwithstanding the foregoing, title to each unsold Unit will remain in the Sponsor, or its designee, and until the Unit is sold and a deed delivered to the Purchaser, Sponsor shall be responsible for its full share, according to the Common Interest of the Units owned by it, of any items which are added to the budget pursuant to the requirements of any local, municipal or other law or governmental agency and in no event shall the level of services to Unit Owners decrease while the Sponsor owns more than eleven (11) Units. As used in this paragraph, “Sponsor” shall refer to Sponsor or any designee of Sponsor. No bond or other security will be posted by the Sponsor for this obligation and its ability to perform the same will depend upon its financial condition at the time it may be called upon to perform. If the Sponsor fails to pay Common Charges, the Board of Directors will have the same rights and remedies against it as against any other defaulting Unit Owner.
The Association, on behalf of the Unit Owners, shall have a lien on each Ownership Unit for unpaid Common Charges assessed against such Ownership Unit by the Association. Except to the extent to which a priority is given the condominium association by operation of law, all such liens shall be subordinate to the lien of any prior recorded first mortgage to which such Ownership Unit is subject. The liability of each Unit Owner for the payment of Common Charges assessed against his Ownership Unit accruing after a valid permissible sale, transfer or conveyance in accordance with and subject to the provisions of the By-laws. A purchaser or grantee of an Ownership Unit, shall be required to pay unpaid Common Charges assessed against his Unit prior to the acquisition by him of such Ownership Unit, except that a mortgagee who acquires title to the mortgaged unit or a purchaser at a foreclosure sale shall not be liable for unpaid assessments applicable to the period prior to the acquisition of title to such Ownership Unit by such mortgagee or purchaser at a foreclosure sale which are in excess of the amount of the priority of the Association’s Lien. In the event of a foreclosure by the Association of its lien on any Ownership Unit for unpaid assessments and the proceeds of the foreclosure sale shall not be sufficient for the payment of such unpaid assessments, the unpaid balance shall be charged to all Unit Owners as a Common Expense.
6. ASSOCIATION; BOARD OF DIRECTORS, VOTING: The Board of Directors of the Association shall constitute the governing Board referred to in the Act (N.J.S.A. 46:8B-12). Each Unit Owner shall automatically become and be a member of the Association so long as he continues to be a Unit Owner. Upon the termination of the interest of a Unit Owner, his membership shall thereupon automatically terminate and transfer and inure to the new Unit Owner succeeding him in interest. Each Unit Owner in good standing shall be entitled to cast one (1) vote for each Unit to which he holds title in all elections of Directors. In all other questions, each Unit Owner in good standing shall be entitled to cast one (1) vote for each Unit to which he holds title, which vote shall be equal in weight to the percentage of interest in the Common Elements appurtenant to the Unit for which it is cast. The Sponsor shall not be permitted to vote for the purpose of amending this Master Deed or the By-laws or any other documents or for the purpose of changing the permitted use of a Unit or reducing the Common Elements.
7. DETERMINATION OF BOARD TO BE BINDING: Matters of dispute or disagreement between Unit Owners or with respect to the interpretation or application of the provisions of this Master Deed or the By-laws shall be determined by the Board of Directors, which determination shall be final and binding on all Unit Owners.
8. MORTGAGING OF UNITS: Each Unit Owner shall have the right to mortgage or encumber his Ownership Unit provided that such mortgage or encumbrance is made to a bank, trust company, insurance company, savings and loan association, pension fund or other institutional lender, or a purchase money mortgage made to the Sponsor or to the seller of an Ownership Unit. Any permitted first mortgagee of an Ownership Unit shall be permitted to sell or lease such Unit pursuant to its rights as mortgagee without being required to comply with any By-Laws, rules, or regulations of the Association as to the sale or lease of Ownership Units required to be complied with by Unit Owners.
9. PROPERTY TAXES; ASSESSMENTS; CHARGES: All property taxes, special assessments and other charges imposed by any taxing authority are to be separately assessed against and collected on each Ownership Unit as a single parcel, as provided in the Act. In the event that for any year such taxes are not separately taxed to each Ownership Unit, but are taxed on the Property as a whole, then each Unit Owner shall pay his proportionate share thereof in accordance with his proportionate undivided interest in the Common Elements.
10. UTILITIES: Each Unit Owner shall pay for his own telephone, electricity, and other utilities which are separately metered or billed to each user by the respective utility company. Utilities which are not separately metered or billed shall be treated as part of the Common Expenses.
11. INSURANCE: The Board of Directors shall be required to obtain and maintain to the extent obtainable insurance for the Property against loss or damage by fire and other hazards as are covered under standard extended coverage provisions for the full insurable replacement cost of the Common Elements and the Limited Common Elements and the. Units. Such policies shall include coverage for the payment of Common Expenses with respect to damaged Units during the period of reconstruction thereof and if agreeable to the insurer shall provide that, notwithstanding any provision of the policies which gives the insurer an election to restore the Property in lieu of making a cash settlement therefore, such option shall be exercisable in the event the Unit Owners (and their respective mortgagees, if any, as their interests may appear) in the proportion of their respective percentages of ownership interest in the Common Elements. A standard mortgagee endorsement shall be issued to the holder of the first mortgage on any Unit. If agreeable to the insurer, such policies shall include provisions that they be without contribution, that improvements to Units made by Unit Owners shall not affect the valuation of the Property for purposes of insurance, and that the insurer waives its rights of subrogation as to any claims against Unit Owners, the Association and their respective employees, servants, agents and guests.
Damage to or destruction of any improvements on the Property or any part thereof or to the Common Elements or any part thereof covered by insurance required to be maintained by the Board of Directors shall be repaired and restored by the Association using the proceeds of any such insurance. The Unit Owner directly affected shall be assessed on an equitable basis for any deficiency and shall share in any excess.
If the proceeds of such insurance shall be inadequate to cover the estimated cost of restoration of an essential improvement or Common Element by a sum equal to fifty (50%) percent of the aggregate annual Common Expenses chargeable to Unit Owners directly affected by the damage or destruction for the fiscal year in which the damage or destruction shall occur, or if such damage or destruction shall constitute substantially total destruction of the Property or if seventy-five (75%) percent of the Unit Owners voting in accordance with the procedures established by the By-laws, shall determine not to repair or restore, the Association shall proceed to realize upon the salvage value of that portion of the Property so damaged or destroyed either by sale or such other means as the Association may deem advisable and shall collect the proceeds of any insurance. Thereupon the net proceeds of such sale, together with the net proceeds of such insurance shall be considered as one fund to be divided among the Unit Owners in proportion to their respective undivided ownership of the Common Elements. Any liens or encumbrances on any affected Unit shall be relegated to the interest in the fund of the Unit Owners.
The Board of Directors shall also maintain comprehensive public liability and property damage insurance in such limits as it shall deem desirable and worker’s compensation insurance and other insurance as it may deem desirable, insuring each Unit Owner and the Association, Board of Directors, manager and managing agent from liability in connection with the Common Elements. Where agreeable to the insurer, all liability insurance policies shall contain cross liability endorsements to cover liabilities of the Unit Owners collectively to a Unit Owner individually. All such insurance shall contain the same waiver of subrogation referred to hereinabove, if available.
Each Unit Owner shall be responsible for his Unit, his additions and improvements thereto, his decorating and furnishing thereof and any of his personal property therein or stored elsewhere on the Property. The Association shall not be responsible for any claims asserted by any party against any Unit Owner, or occupants of his Unit, or his agents, servants, employees, licensees or invitees, arising as a result of any alleged negligence, act or omission of any of the foregoing persons, except to the extent covered by the liability insurance for all of the Unit Owners obtained as part of the Common Expenses as above provided.
If all or any part of the Common Elements shall be taken by Eminent Domain, each Unit Owner shall be entitled to notice of such taking and to participate through the Association in the proceedings incident thereto. Any damages shall be for the taking as a whole and shall be collected by the Association and distributed by it among the Unit Owner’s in proportion to each Unit Owner’s undivided interest in such Common Elements, except to the extent that the Association deems it necessary or appropriate to apply them to the repair or restoration of any such injury or destruction.
12. MAINTENANCE, REPAIRS AND REPLACEMENTS: Each Unit Owner shall furnish and be responsible for, at his own cost and expense, all of the maintenance, repairs and replacements within his own Unit; provided, however, such maintenance, repairs and replacements as may be required for the functioning of the plumbing within the Unit shall be furnished by the Association as part of the Common Expenses. Maintenance, repairs and replacements of the refrigerators, ranges, other kitchen appliances and lighting, heating, and air conditioning fixtures and other electrical appliances and plumbing fixtures of any Unit Owner shall be at his sole expense. Maintenance, repairs and replacements of the Common Elements shall be furnished by the Association as part of the Common Expenses. The Association may, in its discretion, provide by its rules and regulations for ordinary maintenance and minor repairs and replacements to be furnished to Units by Association personnel and charged as a Common Expense.
If, due to the negligent act or omission of a unit Owner, or of a member of his family or household pet or of a guest or other authorized occupant or visitor of such Unit Owner, damage shall be caused to the Common Elements, the Limited Common Elements, or to a Unit or Units owned by others, or maintenance, repairs or replacements shall be required which would otherwise be at the Common Expense, then such Unit Owner shall pay for such damage and such maintenance, repairs and replacements, as may be determined by the Association. Maintenance, repairs and replacements to the Common Elements, the Limited Common Elements, or the Units shall be subject to the By-laws and the rules and regulations of the Association.
To the extent that equipment, facilities and fixtures within any Unit or Units shall be connected to similar equipment, facilities or fixtures affecting or serving other Units of the Common Elements, then the use thereof by the individual Unit Owners shall be subject to the By-laws and the rules and regulations of the Association. The authorized representatives of the Association or Board of Directors, or of the manager or managing agent for the Property, shall be entitled to reasonable access to the individual Units as may be required in connection with maintenance, repairs or replacements of or to the Common Elements or Limited Common Elements or any equipment, facilities or fixtures affecting or serving other units, the Common Elements, or the Limited Common Elements.
Each Unit Owner shall be responsible for the maintenance, repair and replacement of all windows of his Unit and also the doors leading to the Limited Common Elements.
13. DECORATING: Each Unit Owner shall furnish and be responsible for, at his own expense, all of the decorating within his own Unit from time to time, including but not limited to painting, wall papering, washing, cleaning, paneling, floor covering, draperies, window shades, curtains, lamps and other furnishings and interior decorating. Each Unit Owner shall be entitled to the exclusive use of the interior surfaces of the perimeter walls, floors and ceilings, which constitute the exterior boundaries of the respective Unit owned by him, and such owner shall maintain such interior surfaces in good condition at his sole expense, and each such unit Owner shall have the right to decorate such interior surfaces from time to time as he may see fit and at his sole expense.
14. ALTERATIONS, ADDITIONS AND IMPROVEMENTS: No Unit Owner (other than the Sponsor) may make any structural additions, alterations or improvements in his Unit or of the Common Elements or Limited Common Elements without the prior written approval of the Association or impair any easement without the written consent of the association or of the Unit Owner or Owners for whose benefit such easement exists. While the Sponsor maintains a majority of the Board of Directors, it shall make no additions, alterations, improvements or purchases not contemplated in this offering which would necessitate a special assessment or a substantial increase in the monthly assessment unless required by a government agency, title insurance company, and mortgage lender or in the event of an emergency. While the developer maintains control of the executive board, he shall take no action which adversely affects a homeowner’s rights under N.J.A.C. 5:25-5.5. Claims relative to defects in commons elements shall be processed in accordance with N.J.A.C. 5:25-5.5. Nothing herein shall be construed to prohibit the reasonable adaptation of any unit for handicapped use.
15. ENCROACHMENTS: If any portion of the Common Elements shall actually encroach upon any Unit or if any Unit shall actually encroach upon any portions of the Common Elements, there shall be deemed to be mutual easements in favor of the Common Elements and the respective Unit Owners involved to the extent of such encroachments so long as the same shall exist.
16. AMENDMENTS: The provisions of the Master Deed may be amended from time to time upon the approval of such amendment or amendments by the Association pursuant to a resolution or written consent approving such amendment or amendments adopted or given by the owners of not less than seventy-five (75%) percent of the aggregate number of Units; provided, however, if the Act or this Master Deed shall require the consent or agreement of all Unit Owners or of all lien holders for any action specified in the Act of in the Master Deed, then any amendment or amendments with respect to such action shall require unanimous consent or agreement as may be provided in the Act or in this Master Deed. All amendments to this Master Deed shall be recorded. Notwithstanding any contrary provision of this Article 16, so long as Sponsor, or any successor or any assignee of substantially all of Sponsor’s interest in the Property owns at least one (1) Unit, the provisions of the Master Deed may not be amended without the prior written consent of the sponsor.
17. NOTICES: Notice provided for in the Act, Master Deed or By-Laws shall be in writing, and shall be addressed to the Association or to any Unit Owner, at the appropriate street address in Edgewater, New Jersey, or at such other address as hereinafter provided. The Association or Board of Directors may designate a different address or addresses for notices to them, respectively, by giving written notice of such change of address to all Unit Owners at such time. Any Unit Owner may also designate a different address or addresses for notices to him by giving written notice of his change of address to the Association. Notices addressed as above shall be deemed delivered when mailed by United States registered or certified mail or when delivered in person with written acknowledgement of the receipt thereof, or, if addressed to a Unit Owner, when deposited at the door of his Unit.
18. SEVERABILITY; RULE AGAINST PERPETUITIES: If any provision of the Master Deed or the By-Laws shall be held invalid it shall not affect the validity of the remainder of the Master Deed and the By-Laws. If any provision of the Master Deed or Bylaws would otherwise violate the rule against perpetuities or any other rule, statute or law imposing time limits, then such provision shall be deemed to remain in effect until the death of the last survivor of the now living descendants of ROBERT F. KENNEDY, deceased, ex-Senator of the State of New York, and SENATOR EDWARD M. KENNEDY of the State of Massachusetts, plus twenty-one (21) years thereafter.
19. RATIFICATION, CONFIRMATION AND APPROVAL OF AGREEMENTS: The fact that some or all of the officers, directors, members or employees of the Association and the Sponsor are identical, and the fact that the Sponsor or its nominees, have heretofore or will hereafter enter into agreements with the Association or with third parties, will not violate or vitiate any such agreements and the Association and its members, from time to time, will be obligated to abide by and comply with the terms and conditions thereof. The purchase of an Ownership Unit, and the acceptance of the deed therefore by any party shall constitute the ratification, confirmation and approval by such purchaser, his heirs, legal representatives, successors and assigns, of the proprietary and legality of said agreement or said agreement, or any other agreements authorized and permitted by the Act, this Master Deed and the By-Laws.
20. BY-LAWS AND ADMINISTRATION; CHANGES IN DOCUMENTS; POWER OF ATTORNEY; RIGHTS OF SPONSOR:
a. The administration of the Common Elements of the Condominium and other common facilities shall be by the Association in accordance with the provisions of the Condominium Act, and of this Master Deed, the Certificate of Incorporation of the Association, the By-Laws, and of any other documents, amendments or supplements to the foregoing which may subsequently be required by a bank, mortgage banker or other institutional lender designated by the Sponsor to make mortgage loans on the Property or any portion thereof, or by any governmental agency having regulatory jurisdiction over the Condominium or by any title insurance company selected by Sponsor to insure title to any Ownership Unit(s). The Sponsor hereby reserves for itself, its successors and assigns, for a period of three (3) years from the date the first Ownership Unit is conveyed to an individual purchaser, the right to execute on behalf of all contract purchasers, Unit Owners, mortgagees, other lien holders or parties claiming a legal or equitable interest in the Property or any portion thereof, any such agreements, documents, amendments or supplements to the above described documents as may be required; provided, however, that no such agreement, document, amendment or supplement shall effect a material, physical modification of a Unit without the prior written consent of the Unit Owner and his mortgagee or adversely affect the priority or invalidity of a purchase money lien on an Ownership Unit sold hereunder, without the prior written consent of the mortgagee or any institutional holder of a first mortgage.
b. By acceptance of a deed to any Ownership Unit or by the acceptance of any other legal or equitable interest in the Property or any portion thereof, each and every contract purchaser, Unit Owner or occupancy, holder of any mortgage or other lien, does automatically and irrevocably name, constitute, appoint and confirm (i) the Sponsor, its successors and assigns, as attorney-in-fact for the purpose of executing any amended Master Deed(s) and any other instrument (s) necessary to effect any of the foregoing provisions of this Article 20 (provided that such power of attorney may not be used to adversely affect the priority or validity of any lien); and (ii) the Association as attorney-in-fact to acquire title to or lease any Ownership Unit the owner of which desires to surrender, sell or lease the same, in the name of the Association or its designees, corporate or otherwise, on behalf of all Unit Owners and to convey, sell, lease, mortgage (but not to vote the votes appurtenant thereto) or otherwise, dispose of any such Ownership Units so acquired or to sublease any Ownership Units so leased by the Association.
The powers of attorney aforesaid are expressly declared and acknowledged to be coupled with an interest in the subject matter hereof and the same shall run with the title to any and all Ownership Units and be binding upon the heirs, personal representatives, successor and assigns of any of the foregoing parties. Further, said powers of attorney shall not be affected by the death or disability of any principal and are intended to deliver all right, title and interest of the principal in and to said powers.
Sponsor may use the power granted in this Section, without limitation, to:
a) Add to and alter Common Elements and provide additional Limited Common Elements, the use of which said Limited Common Elements shall be restricted to individual Units; provided, however, that the right to the use of any Limited Common Elements shall not be affected as to any Unit for which a purchase agreement is in effect with a party other than a Developer.
b) Alter the type, respective location and approximate dimensions of any Unit for which a purchase agreement is not then in effect with a party other than a Developer.
c) Comply with the requirements of the Federal National Mortgage Association, the Federal Home Mortgage Corporation, the Government National Mortgage Association or any similar or successor entities in order to make mortgage loans available to purchasers of Units or render them eligible for purchase by all or any of the foregoing entities.
d) Divide any Unit into two or more Units and/or combine any two or more Units so as to create a single Unit; provided, however, that no Unit for which a purchase agreement is in effect with a party other than a Developer shall be so divided or combined and the percentage interest of such unit shall not be effected.
e) Amend, supplement and correct this Master Deed and any Supplemental Master Deeds hereof.
The Sponsor shall not be permitted to cast any votes held by Sponsor for unsold lots, parcels, Units, or interests for the purpose of amending the master deed, by-laws or any other document so as to change the permitted use of a lot, parcel, Unit or interest or reduce the common elements or facilities.
(c) Notwithstanding anything in so long as the Sponsor shall Unit: this Master Deed to the own at least one (1) Ownership Unit:
i. The Sponsor shall have the right to:
1) transact any business on the Property in connection with the sales promotion and exhibition of Ownership Units and the consummation of sales of Ownership Units, including, but not limited to, the right to maintain models, maintain signs identifying the Property and advertising the sale of Ownership Units, maintain employees in sales offices on the Property, use the Common Elements, and show Ownership Units for sale or lease;
2) sell or lease Ownership Units to any purchaser or lessee approved by it without the necessity to comply with any By-Law, rules or regulations of the Association as to the sale or lease of Ownership Units required to be complied with by other Unit Owners;
3) enforce at law or equity, including without limitation by way of seeking injunctive relief, any By-Laws, rules or regulations adopted by the Association relating to the sale, lease or other disposition of Ownership Units or the use thereof; and
ii. No amendment to the By-Laws or any rules or regulations of the Association shall be adopted by the Association or the other Unit Owners without the prior written consent of the Sponsor interfering with or restricting the Sponsor’s rights under the By-Laws or use of Ownership Units owned by it as model units for sales promotion and exhibition.
21. EASEMENTS:
a. Unit Owner Easements. Every unit owner, his successors and assigns, shall have easements with respect to the Property:
i. A non-exclusive easement in, upon, over, under, across and through the Common Elements to keep, maintain, use, operate, repair and replace his Unit in its original position and in every subsequent position to which it changes by reason of the gradual forces of nature and the elements; and
ii. An exclusive easement for the existence and continuance of any encroachment by his Unit upon any adjoining Unit or upon any Common Elements, now existing or which may come into existence hereafter as a result of construction, reconstruction, repair, shifting, settlement or movement of any portion of a Building or a Unit, or as a result of condemnation or eminent domain proceedings, so that any such encroachment may remain undisturbed so long as the Building stands; and
iii. A non-exclusive egress to his Unit in, and through the General easement for ingress and upon, under! over, across Common Elements; and
iv. An exclusive easement to use and enjoy the surfaces of the main walls, (including any windows, skylights, doors, fireplace, and chimney therein), ceilings, floors, stairway and foyer of his Unit; and
v. An easement in common with the owners of all other Units to use all pipes, wires, ducts, cables, conduits, public utility lines, television systems, master antenna facilities or other Common Elements located within any of the other Units or Common Elements and serving his Unit; and
vi. A perpetual and non-exclusive easement in, over and through the Common Elements to use the driveways, walks, and other common facilities within the Condominium subject to the right of the Board to:
1. promulgate rules and regulations for the use and enjoyment thereof; and
2. suspend the enjoyment and voting rights of any Unit Owner for any period during which any assessment for Common Expenses remains unpaid, or for any period during which any infraction of its published Rules and Regulations continues, it being understood that any suspension for either nonpayment of any assessment or a breach of the rules and regulations of the Association shall not constitute a waiver or discharge of the Unit Owner’s obligation to pay the assessment.
b. Sponsor’s Easements. The sponsor, his respective successors and assigns, shall have the following easements with respect to the Property:
i. A blanket and non-exclusive easement in, upon, through, under and across the Common Elements for the purpose of construction, installation, maintenance and repair of any improvements to the Units or the Common Elements, for ingress and egress for the use of all driveways, parking areas, and for the utilization of existing and future model Units for sales promotion and exhibition, until the expiration of one (1) year from the date the last Unit is sold and conveyed in the normal course of business, but in no event more than seven (7) years from the date of recording of this Master Deed. In addition, the Sponsor hereby reserves the irrevocable right to enter into, upon, over or under any Unit for such purposes as may be reasonably necessary for him or his agents to service such Unit or any part of a Building provided that requests for entry are made in advance and that such entry is at a time reasonably convenient to the Unit Owner. In case of an emergency, such right of entry shall be immediate whether the Unit Owner is present at the time or not; and
ii. A perpetual, blanket and non-exclusive easements in, upon, over, under, across and through the Common Elements for surface water runoff and drainage caused by natural forces and elements, grading, and/or the improvements located upon the Property. No individual Unit Owner shall directly or indirectly interfere with or alter the drainage and runoff patterns and systems within the Condominium.
c. Association Easements. The Property shall also be subject to the following easements:
i. The Association shall have a perpetual and exclusive easement for the maintenance of any Common Elements, including those which presently or may hereafter encroach upon a Unit; and
ii. The Association, through the Board or any manager, or managing agent, or their respective agents or employees shall have the perpetual and non-exclusive right of access to each Unit (i) to inspect same, (ii) to remedy any violation of the provisions of this Master Deed, and By-Laws or any Rules and Regulations of the Association, and (iii) to perform the operations required in connection with the maintenance, repairs or replacements of or to the Common Elements, or any equipment, facilities or fixtures affecting or serving other Unit(s) or the Common Elements; provided that requests for entry are made in advance and that any such entry is at a time reasonably convenient to the Unit Owner. In case of an emergency, such right of entry shall be immediate, whether the Unit Owner is present at the time or not.
d. Governmental Easement. A blanket, perpetual and non-exclusive easement of unobstructed ingress and egress in, upon, over, across and through the Common Elements to the Borough of Edgewater, its respective officers, agents and employees (but not the public in general) and all police, fire and ambulance personnel in the proper performance of their respective duties, (including but not limited to emergency or other necessary repairs to a Unit which the Unit Owner has failed to perform), and for repair and maintenance of the Common Elements. Except in the event of emergencies, the rights accompanying the easements provided for in this subparagraph shall be exercised only during reasonable daylight hours and then, whenever practicable, only after advance notice to and with permission of the Unit Owner(s) directly affected thereby. All multiple dwelling, even if they are under a condominium or cooperative form of ownership, are subject to Hotel and Multiple Dwelling Law ( N.J.S.A. 55:13A-l et. seq.). the condominium association or cooperative corporation is considered as the owner for purposes of the Hotel and Multiple Dwelling Law and is held responsible for the abatement of all violations which it has the power to abate and for the payment of registration and inspection fees. Unit owners may be required to abate violations within their units.
22. RESTRICTIONS: covenants, restrictions following restrictions: This and Condominium easements of is subject record and to all the
a. No Unit, except those Units owned by the Sponsor and used by it as sales offices, administrative offices or models, shall be used for any purpose other than as a private single family residence, and for any ancillary use which does not interfere with the residential character of the Property and the use and quiet enjoyment of the other unit owners of their Units.
b. There shall be no obstruction of the Limited Common Elements. The use of storage areas, if any, shall be in accordance with rules and regulations promulgated by the Association.
c. No Unit Owners or occupant shall build, plant, or maintain any matter or thing upon, in, over or under the Limited Common Elements including but not limited to plants and flowers in any Unit entrance or rear yard without the prior written consent of the Association.
d. No person shall place trash, garbage, excess materials of any kind on or about the Common Elements except in receptacles in the designated areas, nor burn, chop, cut anything on, over Or above the Common Elements. Unit Owners shall not have any right to paint or otherwise decorate or change the appearance of any portion of the exterior of any Building or fences including, but not limited to storm doors without the prior written consent of the Association. It is the Unit Owner’s responsibility to promptly report to the Board or management any defect or need for repairs for which the Association is responsible.
e. If, due to the negligent act or omission of or misuse by a Unit Owner, or a member of his family, his guest, occupant or visitor (whether authorized or unauthorized by the Unit Owner), damage shall be caused to the Common Elements or Limited Common Elements or to a Unites) owned by others, or maintenance, repairs or replacements shall be required which would otherwise be a Common Expense, then such Unit Owner shall pay for such damage and be liable for any damages, liability, costs, and expenses, including attorneys’ fees, cause by or arising out of such circumstances, and such maintenance, repairs and replacements to the Common Elements or Limited Common Elements or the Units shall be subject to the By-Laws and the rules and regulations of the Association.
f. To the extent that equipment, facilities and fixtures within any Unites) shall be connected to similar equipment, facilities or fixtures affecting or serving other Unites) or the Limited Common Elements, then the use thereof by the individual Unit Owners shall be subject to the By-Laws and the rules and regulations of the Association. The authorized representatives of the Association, or of the manager or managing agent for the Association, shall be entitled to reasonable access to the individual Unit(s) as may be required in connection with maintenance, repairs and replacements of or to the Common Elements or Limited Common Elements or any equipment, facilities or fixtures affecting or serving other Unites) or such Common Elements.
g. Nothing shall be done or kept in any Unit or in or upon the Common Elements or Limited Common Elements which will increase the rates of insurance of the Buildings or the contents thereof beyond the rates applicable for Units, without the prior written consent of the Association. No Unit Owner shall permit anything to be done or kept in this Unit or in or upon the Common Elements which will result in the cancellation of insurance on any of the Buildings or the contents thereof, or which will be in violation of any law.
h. No clothes poles or lines shall be installed or maintained, sheets, blankets, laundry of any kind or plants or other hanging items, objects or any other articles shall be attached, hung out or exposed on any part of the Common Elements or the Limited Common Elements, including but not limited to railings or fences, nor shall anything be hung, painted or displayed on the outside surfaces of doors of any of the Buildings, and no signs, awnings, canopies, or shutters shall be affixed or placed upon the exterior walls or roofs or any part thereof, not relocated or extended, without the prior written consent of the Association. Notwithstanding the foregoing, the Sponsor shall have the right to display signs for promotional, sales, exhibit and administrative purposes upon any portion of the Common Elements or Limited Common Elements or within any Unit owned by it until the last Unit in the Property or the Additional Condominium is sold and conveyed, Unit Owners shall not cause or permit any signs to be displayed on the Property advertising the sale or lease of their Units.
i. No rabbits, livestock, fowl, reptiles, or other animals of any similar kind shall be raised, bred or kept in any Unit or in the Common Elements or Limited Common Elements. The foregoing shall not prohibit the harboring of dogs, cats or birds as household pets.
j. No noxious or offensive activities shall be carried on, in or upon the Common Elements or Limited Common Elements or in any Unit, nor shall anything be done therein either willfully or negligently which may be or become an annoyance or nuisance to the other residents in the Condominium.
k. No commercial vehicles nor any boats, trailers, campers or mobile homes may be parked on any part of the Property except in a garage, except for those vehicles temporarily (defined as 24 hours) on the Property for purposes of servicing the Property itself or one of the Units. In the case of abandoned or disabled vehicles on the Property for more than 24 hours, the Association shall have the option to remove the vehicle from the Property at the sole expense of the vehicle owner. If such owner refuses to pay the cost of removal, the Association may charge an assessment against the Unit. No activity, use or practice shall be permitted on the Property which is a source of annoyance to residents or which interferes with the peaceful possession and property use of the Property by its residents. All valid laws, zoning ordinances and regulations of all governmental bodies having jurisdiction thereof shall be observed.
l. The Common Elements and Limited Common Elements shall be used only for the furnishing of the services and facilities for which they are reasonably intended and suited and which are incident to the use and occupancy of the Units.
m. No Unit shall be used or rented by the Owners thereof (except a lender in possession of such Unit following a default in a first mortgage, a foreclosure proceeding or any deed or other arrangement in lieu of foreclosure) for transient or hotel purposes, which shall be defined as “(i) rental for any period less than one (1) year, or (ii) any rental if the occupants of the Unit are provided customary hotel services, such as room service for food and beverages, maid service, furnishing of laundry and linen, and bellboy service.” No Unit Owner may lease less than an entire Unit. Subject to the foregoing restrictions, the Unit Owners shall have the right to lease same provided that said lease is in writing and is in a form approved by the Association and made subject to all provisions of this Master Deed, the By-Laws of the Association and other documents referred to herein, and provided further that any failure of the lessee to fully comply with the terms and conditions of such documents shall constitute a default under the lease. The Association must be notified and provided with a copy of the lease and any riders within five (5) days after execution by the parties. No subleasing or sub-renting by a Lessee of a Unit shall be permitted.
In the event a tenant of a Unit defaults under his lease by failure to comply with the provisions of this Master Deed, the Bylaws or rules and regulations of the Association, then, in addition to all other remedies which it may have, the Association shall notify the Unit Owner of such default(s) and demand that the same be cured through the Unit Owner’s efforts within thirty (30) days after such notice. If such default(s) is not cured within said thirty (30) day period, then the Unit Owner shall immediately thereafter, at his own cost and expense, institute and diligently prosecute an eviction action against his tenant on account of such default(s). Such action shall not be comprised or settled without the prior consent of the Association. In the event the Unit Owner fails to fulfill the foregoing obligation, then the Association shall have the right, but not the duty, to institute and prosecute such action as attorney-in-fact for the Unit Owner and at the Unit Owner’s sole cost and expense, including all legal fees incurred. Said costs and expenses shall be deemed to constitute a lien on the particular Unit involved, and collection thereof may be enforced by the Association in the same manner as the Association is entitled to enforce collection of Common Expenses. By acceptance of a deed to any Unit, each and every Unit Owner does thereby automatically and irrevocably name, constitute, appoint and confirm the Association as his attorney-in-fact for the purposes described in this subparagraph (m).
n. The Association shall have the power to make such rules and regulations as may be necessary to carry out the interest of these use restrictions and shall have the right to bring lawsuits to enforce the rules and regulations promulgated by it. The Association shall further have the right to levy fines for the violation of such regulations, provided that the fine for a single violation may not, under any circumstances, exceed $50.00. For each day a violation continues after notice it shall be considered a separate violation. Any fine so levied is to be considered as a Common Charge to be levied against the particular Unit Owner involved, and collection may be enforced by the Association in the same manner as the Association is entitled to enforce collection of Common Charges. Fines may be levied against a Unit Owner’s tenant, and the Unit Owner shall be jointly and severally liable with his tenant for the payment of same. In the event the Association institutes legal action for collection of any fines, then the defendant Unit Owner shall be responsible for payment of reasonable attorney’s fees of the Association, plus interest and costs of suit.
o. No tree, bush, shrub or other plant shall be removed or displaced from the Common Elements or Limited Common Elements without the consent of the Board.
p. No immoral, improper, offensive or unlawful use shall be made of any Unit; and all laws, zoning ordinances and regulations of all governmental bodies having jurisdiction there over shall be observed.
23. PROTECTIVE PROVISIONS FOR THE BENEFIT OF ELIGIBLE MORTGAGE HOLDERS:
a. General. Anything to the contrary in this Master Deed or the By-Laws or Certificate of Incorporation notwithstanding, the provisions of this Article 24 shall apply with respect to each Eligible Mortgage Holder.
b. Notice. Any Eligible Mortgage Holder shall be entitled to timely written notice of:
i. any condemnation or casualty loss that affects either a material portion of the Condominium or the Unit securing the Eligible Mortgage Holder’s mortgage; and no Unit Owner or other party shall have priority over such Eligible Mortgage Holder with respect to the distribution to such Unit(s) of the proceeds of any condemnation award of settlement in the event of condemnation or with respect to the distribution to such Unit(s) of any insurance proceeds in the event of casualty loss; and
ii. any sixty (60) day delinquency in the payment of Common Expense assessment installments or other assessments or charges owed to the Association by a Unit Owner of any Unit on which the Eligible Mortgage Holder holds a mortgage; and
iii. a lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association; and
iv. any proposed action that requires the consent of a specified percentage of Eligible Mortgage Holders.
c. Prior written Approval of 51% of Eligible Mortgage Holders. The prior written approval of at least fifty-one percent (51%) of the Eligible Mortgage Holders is required for any material amendment to the Master Deed or to the By-Laws or Certificate of Incorporation including, but not limited to, any amendment which would change any provision relating to:
i. voting rights;
ii. reserves for maintenance, replacement of Common Elements; repair and
iii. responsibility for maintenance and repairs;
iv. reallocation of interests in the General or Limited Common Elements or rights to their use (except as expressly contemplated by Articles VI and XV of this Master Deed) ;
v. boundaries of any Unit;
vi. convertibility of Units into Common Elements or vice versa (except as expressly contemplated by Article XV of this Master Deed) ;
vii. insurance or fidelity bonds;
viii. leasing of Units;
ix. imposition of any restrictions upon a Unit Owner’s right to sell or transfer his or her Unit;
x. a decision self-management management; by the Association rather than to establish professional
xi. restoration or repair of the Condominium (after damage, destruction or condemnation) in a manner other than that specified in this Master Deed;
xii. An action to terminate the legal Condominium after substantial condemnation occurs; or status of the damage or
xiii. any provisions that expressly benefit Eligible Mortgage Holders.
d. Prior Written Approval of 67% of Eligible Mortgage Holders. The prior written approval of at least sixty-seven percent (67%) of the Eligible Mortgage Holders is required before the effectuation of any decision by the Unit Owners to terminate the legal status of the Condominium as a Condominium for reasons other than substantial destruction or condemnation of the Property.
e. Notice of Non-Material Amendment. Any Eligible Mortgage Holder who requests same shall be entitled to receive thirty (30) days advance notice from the Association of any proposed non-material amendment to the Master Deed, the By-Laws or the Certificate of Incorporation permitted by same, which notice shall include a copy of the proposed Mortgage Holder shall be deemed to have as proposed unless it states in a Association its objections or comments change. change; and any Eligible implicitly approved change written response to the relative to such proposed.
f. No Partition. No Unit in the Condominium may be partitioned or subdivided without the prior written approval of any Eligible Mortgage Holder for such Unit.
g. Common Expense Lien Subordinate. Except for priority provided by law to the Association, any lien the Association may have on any Unit in the Condominium or the payment of Common Expense assessments attributable to each Unit in excess of the statutory priority is subordinate to the lien or equivalent security interest of any first mortgage on the Unit recorded prior to the date any such Common Expense assessment became due.
h. Inspection of Records. Any Eligible Mortgage Holder shall upon request, (a) be permitted to inspect the books and records of the Association during normal business hours; and (b) receive an annual audited financial statement of the Association within ninety (90) days following the end of any fiscal year of the Association. The Association shall maintain current copies of the Master Deed, Certificate of Incorporation, By-Laws and Rules and Regulations, and any respective amendments thereto.
i. Notice of Meetings. Any Eligible Mortgage Holder shall receive written notice of all meetings of the Association and be permitted to designate a representative to attend all such meetings.
j. Liability for Common Expense Assessments. Any Permitted Mortgage Holder holding a first mortgage lien on a Unit that obtains title to the Unit as a result of foreclosure of the first mortgage, or by deed or assignment in lieu of foreclosure, or any purchaser in a foreclosure sale, or their respective successors and assigns, is not liable for the share of Common Expenses or other assessments by the Association pertaining to such Unit or chargeable to the former Unit Owner which became due prior to acquisition of title. Such unpaid share of Common Expenses and other assessments shall be deemed to be Common Expenses collectible from all of the remaining Unit Owners including such acquirer, his successors and assigns.
k. Management Agreements. Any management agreement for the Condominium will be terminable by the Association with or without cause upon thirty (30) days prior written notice thereof, and the term of any such agreement shall not exceed one (1) year.
l. Common Expense Default. Notwithstanding the absence of any express provisions to such effect in the mortgage instrument, in the event that there is any default in the payment of any installment of a Common Expense assessment with respect to any Unit, either regular or special, any Permitted Mortgage Holder holding a mortgage which encumbers such Unit shall be entitled to declare such mortgage in default in the same manner that is permitted by such mortgage with respect to any default in the payment of real estate taxes.