1976_0712_CC_packet - Laserfiche WebLink

Home

; ., . ,,..... . ...... . . � :., ... • -'t= . . .. .... � 4. by act or OIR1SSZp11 i seek to abandan, par�tita.on, subdivi.de, encumber, seli or transfer the common areas and facilities. (The granting of ease- ments far publzc utilz�ies a� for other public purposes eonsistent with the intended use o� the common areas and faciliiies by the Condominium shal]. nat be deemed a transfer within the meaning of this clause); 5, use hazard i�.surance proceeds for losses to any Condominium property (whe�her to apartments or to common areas and faci.li.ties) for ofiher �han the repaix, replacement or reconstruc- tion of such Condominium property, except as px'ovided by statute i.n case of substantial loss to the apartments and/or common areas and facilities ot the CondQminium. E. �Fi.rst mortgagees of apar.�ments and their successors z.n interest shall have the ri.gh� to examine the books and records of the Associa�ion or the Condominium. F. Condominium a.ssessments agains� apartment owners £or comman expenses sha11. a.nclude an adequate reserve fund for main�.enance, repairs and replacement of those comznon areas and facilities that must be replaced on a periodi.c basis, and shall. be payable in regu�a� ins�all- ments rather than by special assessments. G. All taxes and assessments which may become liens prior to the first moxtgage on an apart- ment under local law shaJ.l relat� on1� to the individual apartments and not to the Condozni.nium as a" whoJ.e . H. Na pravision o� this Declaration or of the By-Laws sha1.I be deemed to q�.ve an apartment owner, ar any other party, priari.ty over any ra.ghts of first martgagees of apartments, br their successars in interest, pu�suant to their mortgages in the case of a distri}aution to the apartment owners of insurance proceeds or condemna�ion awards far losses to or a taking of apartments and/or common a�eas and facilitzes. 15. Article 72. Section 2 of the By-Laws �s hereby aznended to read as fol.lows : Annual Meeting . An annual meetz.rzg of the Associatian shaZl be held on the second Manday in January in each year, a� such hours as may be na..med by the S�cre-�ary in the Notice of the meeting. The members sha].� elect a Board of Directors to serve un�il the next annua� meeting, and sha11 transact such other business as may properly b� brought before the r�eeting. The �