2019-05-22 CC Packet - Laserfiche WebLink

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circumstance. The funds shall be deposited into the Association's account, and may be used to pay or defray the expenses of the Association in connection with any Unit transfer, any other operating expense of the Association, or as a contribution to the Association's reserves. SECTION 7 RESTRICTIONS ON USE OF PROPERTY All Owners and Occupants, and all secured parties, by their acceptance or assertion of an interest in the Property, or by their occupancy of a Unit, covenant and agree that, in addition to any other restrictions which may be imposed by the Governing Documents, the occupancy, use, operation, alienation and conveyance of the Property shall be subject to the following restrictions. 7.1 General. The Property shall be owned, conveyed, encumbered, leased, used and occupied subject to the Governing Documents, as amended from time to time. All covenants, restrictions and obligations set forth in the Governing Documents are in furtherance of a plan for the Property, and shall run with the Property and be a burden and benefit to all Owners and Occupants and to any other Person acquiring or owning an interest in the Property, their heirs, personal representatives, successors and assigns. 7.2 Compliance with Law. No use shall be made of the Property which would violate any then existing municipal codes or ordinances, or state or federal laws, nor shall any act or use be permitted which could cause waste to the Property, cause a material increase in insurance rates on the Property, or otherwise cause any unusual liability, health or safety risk, or expense, for the Association or any Owner or Occupant. 7.3 Subdivision Prohibited. Unless otherwise provided herein, no Unit or any part of the Common Elements may be subdivided or partitioned without the prior written approval of all Owners and all secured parties holding first mortgages on the Units. 7.4 Residential Use. Each Unit shall be used by the Owner(s) and Occupant(s) and their guests exclusively as private, single family residential dwellings, and not for transient hotel, commercial, business or other non-residential purposes, except as specifically permitted. Any lease of a Unit (except for occupancy by guests with the consent of the Owner) for a period of less than 7 days, or any occupancy which includes services customarily furnished to hotel guests, shall be presumed to be for transient purposes. A Homebuilder may own a Unit for the purpose of construction of a Dwelling and resale. 7.5 Quiet Enioyment; Interference Prohibited. All Owners and Occupants and their guests shall have a right of quiet enjoyment in their respective Unit, and shall use the Property in such a manner as will not cause a nuisance, nor unduly restrict, interfere with or impede the use of the Property by other Owners and 16 Version for Council 05/22/2019