DECLARATION   OF

CONDOMINIUM ownership

 

 

 

 

 

 

green street lofts

condominium association

 

 

 

 

 

 

4OO south green street

chicago, IL 60607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMENDED AND RESTATED 1998

reprinted and distributed 10-99


green street LOFTS condominium association

board op directors

4OO south green street

chicago, IL 60607

 

 

 

 

Dear Fellow Unit Owners,

 

Your Condo Board is pleased to distribute this updated version of our official Condominium Declaration. It Is the legal document which can best be described as our building's official "Constitution". In it you'll find detailed explanations of just about everything; including Percentages of Ownership Interests, our By-Laws, definitions of Limited Common Elements, and much more.

 

We suggest you review your Condo Dec and refer to it whenever necessary (along with your copy of our "Rules & Regulations), to answer most questions you may have about The Association and our Building.

 

It is your responsibility to keep this document in a safe place, as you will be required to turn it over to a perspective buyer should you decide to sell your . unit. This is the first thing a real estate attorney will ask for after an offer has been made. You might consider keeping your Newsletters and other Building or Association correspondences with it, to give you a complete record.

 

As a convenience, we have included at the end of the Condo Dec, a copy of both the original Incorporation Papers for the building, as well as the original Plat of Survey, which outlines the original layouts for each floor.

 

If you have any questions or comments about any of the contents of your Condo Dec, please feel free to address a Board Member or our Property Manager.

 

While it'll never make a Best Seller's List, Oprah's Book Club, or be transformed into a TV Movie of the Week... it is one of the most important "works" you own. Take a look! Sorry, no pictures...

 

 

 

 

 

David Lewis-President

GSLCA Board of Directors

October 1999


UPDATED BY STATE LAW IN 1998.

 

THIS DOCUMENT REPLACES THE ORIGINAL CONDOMINIUM DECLARATION DATED 1986.

 

PLEASE RETAIN UNTIL SUCH TIME THAT A NEW

DECLARATION IS ISSUED BY

THE CONDO BOARD.

 

should you sell your unit,

PLEASE TRANSFER THIS DOCUMENT TO THE

NEW OWNER.

 

 

 

 

keep this document, together with your copy of the "rules & REGULATIONS",

IN A SAFE PLACE. IT MAY NOT BE UPDATED AGAIN FOR YEARS.

ADDITIONAL COPIES ARE AVAILABLE FROM THE CONDO BOARD FOR A FEE OF $25.00.



 

AMENDED AND RESTATED

 

DECLARATION OF

 

CONDOMINIUM OWNERSHIP

 

     FOR

 

GREEN STREET LOFT

 

CONDOMINIUM ASSOCIATION

 


400-418 South Green Street

Chicago, Illinois

 

 

This document prepared by and after

recording to be returned to:

 

ROBERT P. NESBIT

Kovitz Shifrin & Waitzman

750 Lake Cook Road, Suite 350

Buffalo Grove, IL   60089 — (847) 537-0500


The Amended and Restated

Declaration of Condominium Ownership

For

Green Street Loft Condominium Association

 

400-418 South Green Street. Chicago. Illinois

 

 

TABLE OF CONTENTS

 

 

Page

 

1.         Certain Definitions …………………………………………….      1

(a)       Act ……………………………………………………….    1

(b)       Association   ……………………………………………     1

(c)        Board ……………………………………………………    1

(d)       Building   ………………………………………………..     1

(e)       By-Laws …………………………………………………    1

(f)         Common Elements   ……………………………………    1

(g)       Common Expenses ……………………………………     2

(h)        Declaration ……………………………………………..     2

(i)         Garage ………………………………………………….     2

(j)         Limited Common Elements ……………………………    2

(k)        Majority or Majority of Unit Owners  ………………….      3

(I)         Occupant  ………………………………………………..    3

(m)      Parcel …………………………………………………….   3

(n)        Person ……………………………………………………   3

(o)       Plat ……………………………………………………….   3

(p)       Property ………………………………………………….   3

(q)       Record or Recording …………………………………..     3

(r)        Unit   ……………………………………………………..    3

(s)        Unit Owner ………………………………………………    4

2.         Submission to Act  ………………………………………………   4

3.        Plat   ………………………………………………………………   4

4.        Units ……………………………………………………………..     4

5.        Administration and Operation   ……………………………….      4

(a)   Association and Board ……………………………………    4

 

 

 

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(b)       Managing Agent ………………………………………….  5

(c)        Non-Liability ………………………………………………  5

6.        Ownership of Common Elements  ……………………………..    5

7.        Use of Common Elements ………………………………………5

8.        Reciprocity of Use and Support - Parcel and Other Parcel ..       6

9.        Limited Common Elements, Easements, Etc. ………………..    6

(a)       Limited Common Elements …………………………….   6

(b)       Transfer of Limited Common Elements ……………….   6

(c)        Dedications  ……………………………………………… 7

(d)       Cable Television Easements …………………………..   7

(e)       Redesignation of Common Elements  ………………..    7

(f)         Utility Easements ………………………………………..   7

10.       Common Expenses ……………………………………………..   7

11.       Mortgages and Other Liens ……………………………………    8

12.      Real Estate Taxes ………………………………………………    9

13.      Insurance …………………………………………………………   9

14.      Casualty and Eminent Domain   ………………………………     11

15.      Maintenance, Repair and Replacements ……………………      13

16.       Alterations, Additions and Improvements   …………………..     14

17.      Decorating ……………………………………………………….   14

18.      Encroachments  …………………………………………………    15

19.      Leasing of Units …………………………………………………    15

(a)       Right to Lease ……………………………………………  15

(b)       Terms of Lease  …………………………………………   15

(c)        Notice …………………………………………………….   15

(d)       Copy to Board ……………………………………………  16

(e)       Subject to Condominium Documents …………………    16

(f)         Subsequent Parties …………………………………….    16

20.      Transfers of Limited Common Elements ……………………..     16

(a)       Amendment ………………………………………………  16

(b)       Content  …………………………………………………..   16

(c)        Approval …………………………………………………..  17

(d)       Recording   ……………………………………………….  17

21.      Combinations of Units  ………………………………………….   17

(a)       Amendment ………………………………………………  17

 

 

 

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(b)       Approval ………………………………………………….   17

(c)        Recording   ………………………………………………   17

(d)       Exclusive Use   ………………………………………….    17

22.      Use and Occupancy Restrictions ……………………………..     18

23.       Remedies ………………………………………………………… 19

24.      Amendments …………………………………………………….    22

25.      Notices ……………………………………………………………  23

26.      Binding Determination ………………………………………….    24

27.      Headings …………………………………………………………   24

28.      Number and Gender  ……………………………………………   24

29.      Non-Waiver ………………………………………………………   24

30.      Severability  ………………………………………………………  24

31.      Conflicts ………………………………………………………….    24

32.      Perpetuities ………………………………………………………   24

33.      Rights and Obligations …………………………………………    24

34.      Land Trustee as Unit Owner …………………………………..      25

Exhibit A         Plat of Survey (not attached, see original Declaration)

Exhibit B         Percentages of Ownership Interest

Exhibit C        Percentages of Sharing Common Expenses (Common Elements - Units Not

Situated in the Garage)

Exhibit D        Percentages of Sharing Common Expenses (Limited Common Elements -

Units Situated in the Garage)

Exhibit E         Articles of Incorporation (not attached, see original Declaration)

Exhibit F         By-Laws

Exhibit G        Legal Description and Property Index Numbers

 

 

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THE AMENDED AND RESTATED

DECLARATION OF CONDOMINIUM OWNERSHIP FOR

GREEN STREET LOFT CONDOMINIUM ASSOCIATION

 

This Amended and Restated Declaration is made and entered into by the Board of Managers of the Green Street Loft Association, in accordance with the provisions of Section 27(b) of the Illinois Condominium Property Act which provides that the Association may correct errors or omissions in the Declaration as may be required to conform to the Act, and any other applicable statute by vote of two-thirds of the members of the Board of Managers.

 

1.         CERTAIN DEFINITIONS. For the purpose of brevity and clarity, certain words and terms used in this Declaration are defined as follows:

 

(a)       ACT. The Condominium Property Act of the State of Illinois, as amended from time to time.

 

(b)       ASSOCIATION. The Green Street Loft Condominium Association, an Illinois not-for-profit corporation.

 

(c)        BOARD. The Board of Managers of the Association (also referred to as the "Board of Directors").

 

(d)       BUILDING. Collectively, the buildings and all other structures or structural improvements located on the Parcel and forming part of the Property and containing the Units, the Limited Common Elements, the Common Elements, or any of them, as shown by the survey of such structural improvements included in the Plat attached as Exhibit A to the original Declaration.

 

(e)       BY-LAWS. The By-Laws of the Association, attached to this Amended and Restated Declaration as Exhibit F.

 

(f)         COMMON ELEMENTS. All portions of the Property except the Units, including, but not limited to, the following, if and to the extent the following are now or subsequently part of the Property: the land, foundations, roof, walls and pipes, ducts, flues, shafts, electrical wiring and conduits (except pipes, ducts, flues, shafts, electrical wiring and conduits situated entirely within a Unit and serving only such Unit), public utility lines and all other portions of the Property except the Units. Any references to Common Elements in this Declaration (except such references specifically excluding Limited Common Elements) shall include the Limited Common Elements. Any references to Common Elements appearing on the Plat (except references to Limited Common Elements) shall be deemed solely for purpose of

 

 

 

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general information and shall not be limiting in any way, nor shall any such reference define the Common Elements in any way.

 

(g)       COMMON EXPENSES. The proposed or actual expenses affecting the Property, including reserves, if any, lawfully assessed by the Board. Such Common Expenses shall consist of the expenses of the administration and operation of the Common Elements (other than the Limited Common Elements) and any other expenses incurred in conformance with the Act, this Declaration and the By-Laws, including, but not limited to, the maintenance and repair of any and all replacements and additions to the Property.

 

(h)        DECLARATION. This instrument, by which the Property is submitted to the provisions of the Act, as provided below, and such Declaration as amended from time to time.

 

(i)         GARAGE. The area designated on the Plat located in Tract 2 of the Parcel for the parking of automobiles.

 

(j)         LIMITED COMMON ELEMENTS. All Common Elements serving exclusively a single Unit or one or more adjoining Units (but less than all the Units) as an inseparable appurtenance, the enjoyment, benefit or use of which is reserved to the lawful Occupants of such Unit or Units either in this deck, on the Plat or by the Board. Such Limited Common Elements shall include, but not be limited to:

 

(1)       electrical wiring and conduits situated within a Unit and serving only such Unit but forming part of any system serving any other Unit or the Common Elements;

 

(2)       those portions of the Property situated above the roof upon which roof decks may be constructed, all as more specifically designated on the Plat;

 

(3)       those portions of the Property situated within the Garage serving exclusively such Units, all as more specifically designated on the Plat; and

 

(4)       such portions of the perimeter walls, floors and ceilings, doors and windows and any associated fixtures systems (including air conditioning corridor units located on the roof) and structures as lie outside the Unit boundaries, as shown on the Plat, but which serve exclusive a single Unit or adjoining Unit.

 

 

 

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Such Limited Common Elements shall also include such portions of the Common Elements, or related easements, as may be redesignated as Limited Common Elements by the Board pursuant to Section 9(e), subject to Section 22(b) below.

 

(k)        MAJORITY or MAJORITY OF UNIT OWNERS. The Owners of more than fifty percent (50%) of the undivided ownership of the Common Elements. Any specified percentage of Unit Owners means that the percentage of Unit Owners who in the aggregate own such specified percentage of the entire undivided ownership of the Common Elements.

 

(I)         OCCUPANT. A person or persons in possession of a Unit, regardless of whether any such person is a Unit Owner.

 

(m)      PARCEL. The parcel or tract of real estate, comprised of the lots described above, submitted to the provision of the Act.

 

(n)        PERSON. A natural individual, corporation, partnership, trustee or other legal entity capable of holding title to real property.

 

(o)       PLAT. The plats of survey of the Parcel and of all Units in the Property submitted to the provisions of the Act, such Plat being attached as Exhibit A to the original Declaration which was recorded simultaneously with the recording of the original Declaration.

 

(p)       PROPERTY. All the land, property and space comprising the Parcel, and all improvements and structures erected, constructed or contained in or on the Parcel, including the Building and all easements, rights and appurtenances belonging to the Property, and all fixtures and equipment intended for the mutual use, benefit or enjoyment of the Unit Owners submitted to the provisions of the Act.

 

(q)       RECORD or RECORDING. To record or the act of recording in the Office of the Recorder of Deeds of Cook County.

 

(r)        UNIT. A part of the Property designed and intended for independent use, as set forth on the Plat and listed on Exhibit B attached to this Amended and Restated Declaration. Each Unit consists of the space enclosed and bounded by the horizontal and vertical planes as shown on the Plat. With respect to the Units not situated in the Garage, each such Unit shall consist of all interior walls, plumbing and electrical fixtures and any other realty and fixtures enclosed and bounded by such planes provided, however, that no public utility lines, and no electrical wiring or conduits situated within such Unit and forming part of any system serving any other Unit or the Common Elements, shall be deemed to be part of such Unit. Each such Unit shall be deemed to include an easement appurtenant for the installation, operation, maintenance, repair and replacement of public utility lines, electrical

 

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wiring or conduits which serve exclusively such Unit subject to Section 15(d) below, provided that any replacement facilities shall occupy a substantially similar location and space and shall not create any increased hazard or unsightliness.

 

(s)        UNIT OWNER. The person or persons whose estates or interests, individually or collectively, aggregate fee simple ownership of a Unit and of the Undivided Interest in the appurtenant Common Elements.

 

2.         SUBMISSION TO ACT. The Parcel and the property have been submitted to the provisions of the Condominium Property Act of the State of Illinois, as amended from time to time.

 

3.         PLAT. The Plat sets forth the measurements, elevations, locations and other data, as required by the Act.

 

4.         UNITS. The legal description of each Unit shall consist of the identifying term (whether number, letter, word or any combination) of such Unit as shown on the Plat. Every deed, lease, mortgage or other instrument shall legally describe a Unit by its identifying term as shown on the Plat, and every such description shall be deemed good and sufficient for all purposes, as provided in the Act. Except as provided by the Act or in this Declaration, no Unit Owner shall, by deed, plat, court decree or otherwise, subdivide or in any other manner cause his Unit to be separated into any tracts or parcels different from the whole Unit as shown on the Plat.

 

5.         ADMINISTRATION AND OPERATION. The Property shall be administered and operated pursuant to the following provisions:

 

(a)       ASSOCIATION AND BOARD. There has been formed, pursuant to the Articles of Incorporation attached as Exhibit E to the original Declaration, an Illinois not-for-profit corporation having the name Green Street Loft Condominium Association, which Association shall be the governing body for all the Unit Owners, for the maintenance, repair, replacement, administration and operation of the Property, as provided in the Act, this Declaration and the By-Laws. The By-Laws for this Association shall be the By-Laws attached hereto as Exhibit F. The Board of Directors of the Association shall constitute the Board of Managers provided for in the Act and shall be elected and shall serve in accordance with the provisions of the By-Laws. The fiscal year of the Association shall be determined by the Board and may be changed from time to time as the Board deems advisable. The Association shall not be deemed to be conducting a business of any kind. All activities undertaken by the Association shall be for the sole benefit of the Unit Owners, and all funds received by the Association shall be held and applied by it for the use and benefit of Unit Owners in accordance with the provisions of the Declaration and the By-Laws. Each Unit Owner shall be a member of the Association so long as he is a Unit Owner. A Unit Owner's membership shall

 

 

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automatically terminate when he ceases to be a Unit Owner. Upon the conveyance or transfer of a Unit Owner's ownership interest, the new Unit Owner shall simultaneously succeed to the former Unit Owner's membership in the Association. Upon the conveyance or transfer of a portion of a Unit Owner's ownership interest, he and the new Unit Owner shall be members of the Association in accordance with their percentages of ownership interest as provided below. The aggregate number of votes for all members of the Association shall be one hundred (100) and shall be divided among the respective Unit Owners in accordance with their respective percentages of ownership interest in the Common Elements, as set forth in Exhibit B.

 

(b)       MANAGING AGENT. The Board shall have the authority to engage the services of a professional agent (the "Managing Agent") to maintain, repair, replace, administer and operate the Property, or any part of the Property, to the extent deemed advisable by the Board. The cost of any such services shall be part of the Common Expenses.

 

(c)        NON-LIABILITY. Neither the directors or officers of the Association shall be personally liable to the Unit Owners for any mistake of judgment or for any other acts or omissions of any nature whatsoever as such directors or officers, except for any acts or omissions found by a court of competent jurisdiction to constitute gross negligence or fraud. The Unit Owners shall indemnify and hold harmless each of the directors or officers and their respective devisees, legatees, heirs, executors, administrators, legal representatives, successors and assigns, in accordance with the provisions of Article IX of the By-Laws.

 

6.         OWNERSHIP OF COMMON ELEMENTS. Each Unit Owner shall be entitled to the percentage of ownership in the Common Elements allocated to the respective Unit owned by each Unit Owner as set forth in Exhibit B. The percentages of ownership interests set forth in Exhibit B have been computed and determined in accordance with the Act, and shall remain constant unless subsequently changed by a recorded Amendment to this Declaration, executed and recorded in accordance with the Act, Section 24 below, and any other applicable paragraphs of this Declaration. Such ownership interest in the Common Elements shall be an Undivided Interest and the Common Elements shall be owned by the Unit Owners as tenants in common in accordance with their respective percentages of ownership. The ownership of each Unit shall not be conveyed separately from the percentage of ownership in the Common Elements corresponding to such Unit. The undivided percentage of ownership in the Common Elements corresponding to any Unit shall be deemed to be conveyed or encumbered with that Unit, even though the legal description in the instrument conveying or encumbering such Unit may refer only to the fee title to that Unit.

 

7.         USE OF COMMON ELEMENTS. Each Unit Owner shall have the right to use the Common Elements, except the Limited Common Elements, in common with all other Unit Owners, as may be required for the purposes of access, ingress to, egress from,

 

 

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use, occupancy and enjoyment of the Unit owned by such Unit Owner. Such right to use the Common Elements shall extend not only to each Unit Owner, but also to his agents, servants, tenants, family members, invitees and licensees. However, each Unit Owner shall have the right to the exclusive use and possession of the Limited Common Elements serving such Unit alone or with adjoining Units, subject to the reservation of right of the other Unit Owners for the purposes of access, ingress to, egress from, use, occupancy and enjoyment of the Limited Common Elements appurtenant to such Unit. Such rights to use the Common Elements, including the Limited Common Elements, shall be subject to and governed by the provisions of the Act, the Declaration, the By-Laws and the rules and regulations of the Association. In addition, the Association shall have the authority to grant easements with respect to parts of the Common Elements, subject to the provisions of this Declaration and By-Laws. All income derived by the Association from easements and other sources, whether from Unit Owners or others, shall be held and used for the benefit of the members of the Association, pursuant to such rules, resolutions and regulations as the Board may adopt or prescribe.

 

8.         RECIPROCITY OF USE AND SUPPORT - PARCEL AND OTHER PARCEL.

A Declaration of Easements, Restrictions and Operating Agreements dated May 29,1986 has been recorded against the Property with the Cook County Recorder as Document Number 86266024 (the "Other Declaration"). This Other Declaration sets forth certain rights and duties pertaining to adjacent commercial property (the "Other Parcel"). Pursuant to the Other Declaration:

 

(a)       The Unit Owners shall share with the owner of the Other Parcel the cost of the maintenance, repair and replacement of certain physical components and other mechanical systems mutually serving the Parcel and the Other Parcel; and

 

(b)       Each Unit Owner, his agents, servants, tenants, family members, invitees and licensees shall have the right to use all stairwells, elevators or other means of ingress and egress to and from the Parcel over and upon the Other Parcel as may be required for the purposes of access, ingress to, egress from, use, occupancy and enjoyment of the Unit owned by such Unit Owner and the Common Elements.

 

9.        LIMITED COMMON ELEMENTS. EASEMENTS. ETC.

 

(a)       LIMITED COMMON ELEMENTS. The Limited Common Elements shall consist of all portions of the Common Elements set aside and allocated for the restricted use of a particular Unit or Units.

 

(b)       TRANSFER OF LIMITED COMMON ELEMENTS. The rights relating to the Limited Common Elements shall be appurtenant to and run with ownership of the Unit to which such Limited Common Elements are assigned. The use of

 

 

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Limited Common Elements shall be transferred only together with a transfer of a Unit in accordance with the terms of this Declaration. The rental of the right to use Limited Common Elements is not permitted except in conjunction with the lease of the Unit to which such Limited Common Elements are assigned.

 

(c)        DEDICATIONS. A two-thirds (2/3) majority of the Unit Owners, at a meeting of Unit Owners duly called for such purpose, may elect to dedicate a portion of the Common Elements to a public body for use as, or in connection with, a street or a utility.

 

(d)       CABLE TELEVISION EASEMENTS. A majority of the Unit Owners, at a meeting of Unit Owners duly called for such purpose, may authorize the granting of an easement for the laying of cable television cable, according to the terms and conditions of the local ordinance providing for cable television in Chicago.

 

(e)       REDESIGNATION OF COMMON ELEMENTS. The Board may from time to time redesignate portions of the Common Elements as Limited Common Elements serving exclusively any Unit, for such purposes as to enhance the use and enjoyment of such Unit, provided that (1) any such purpose shall not interfere with the use and enjoyment or the value of any other Unit or the Common Elements; (2) such redesignation shall first be consented to in writing by Unit Owners owning not less than one hundred percent (100%) of the total ownership of the Common Elements, and (3) such redesignation shall be approved unanimously by all Board members.

 

(f)         UTILITY EASEMENTS. ETC. The Board may from time to time grant easements, permits and licenses for private and public utilities, roads and other similar purposes for the benefit of the Property or any portion of the Property, over, under, along and on any portion of the Common Elements as may be reasonably necessary or useful for the proper maintenance or operation of the Property.

 

Each Unit Owner grants to the Board an irrevocable power of attorney coupled with an interest to execute, acknowledge and record in the names of all Unit Owners any and all instruments as may be necessary or appropriate to effectuate any of the easements, licenses, dedications and reallocations made pursuant to Sections 9(c), (d), (e) and (f) above.

 

10.       COMMON EXPENSES. Each Unit Owner shall pay his proportionate share of the Common Expenses as more specifically set forth in this Declaration and in the By-Laws. Such proportionate share of the Common Expenses for each Unit Owner shall be accordance with the percentages set forth on Exhibits C and D. Payment of the Common Expenses, including any prepayment required by contract for sale of a Unit shall be in such amounts and at such times as determined in the manner provided in the By-Laws. No Unit Owner shall be exempt from payment of his proportionate share of the Common Expenses

 

 

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by waiver or non-use or non-enjoyment of the Common Elements or by abandonment of his Unit. If any Unit Owner fails or refuses to make any such payment of the Common Expenses when due, the amount of such payment, together with late charges of five percent (5%) of each and every monthly payment of Common Expenses not paid within ten (10) days after it is due, and interest thereon at the rate of twelve percent (12%) per year or the maximum applicable legal contract rate of interest then in effect under Illinois law, whichever is higher, but in any event not to exceed eighteen percent (18%) per year, attorneys' fees and costs of collection, shall constitute a lien on the interest of such Unit Owner in the Property as provided in the Act; provided, however, that such lien shall be subordinate to the lien of any mortgage recorded prior to the date such payment was due, on the Property or any part of the Property or on any or all of the Units and the appurtenant Common Elements, or on the interest of such Unit Owner, which mortgage is owned or held by a bank, insurance company, savings and loan association, other lending institution, institutional investor or other lender, except for the amount of the proportionate share of Common Expenses that become due and payable from and after the date on which such mortgage owner or holder either takes possession of all or any part of the security described in such mortgage, accepts a conveyance of any interest (other than as security), or causes a received to be appointed in a suit to foreclose its mortgage. This provision shall not be amended, changed, modified or rescinded without the prior written consent of all lien holders of record.

 

11.      MORTGAGES AND OTHER LIENS.

 

(a)       Each Unit Owner shall have the right, subject to the provisions of this Declaration, to make separate mortgages for his Unit together with the Limited Common Elements pertaining to his Unit and his ownership interest in the Common Elements. No Unit Owner shall have the right or authority to make or create, or cause to be made or created, from the date this Declaration is recorded, any mortgage or other lien on or affecting the Property or any part of the Property, except only to the extent of his own Unit and the Limited Common Elements and the respective percentage interest in the corresponding Common Elements.

 

(b)       Subsequent to the recording of this Declaration, no liens of any nature shall be created or arise against any portion of the Property except against an individual Unit or Units. No labor performed or materials furnished with the consent or at the request of a particular Unit Owner shall be the basis for the filing of a mechanics' lien claim against any other Unit. If the performance of the labor or furnishing of the materials is expressly authorized by the Board, each Unit Owner shall be deemed to have expressly authorized it and consented, and shall be liable for the payment of his Unit's proportionate share of any due and payable indebtedness as set forth in the Act. A Unit Owner shall not be liable for any claims, damages or judgments entered as a result of any action or inaction of the Board other than for mechanics' liens as set forth above. Each Unit Owner's liability for any judgment entered against the Board of the Association shall be limited to his

 

 

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proportionate share of the indebtedness as set forth in the Act, whether collection is sought through assessment or otherwise.

 

12.       REAL ESTATE TAXES. Real estate taxes shall be separately taxed to each Unit Owner for his Unit and his corresponding percentage of ownership in the Common Elements, as provided in the Act. In the event that such taxes for any year are not separately taxed to each Unit Owner, but rather are taxed on the Property as a whole, then each Unit Owner shall pay his proportionate share of such taxes in accordance with his respective percentage of ownership in the Common Elements, and, in such event, such taxes shall be part of the Common Expenses.

 

13.      INSURANCE.

 

(a)       The Board shall have the authority to, and shall, obtain insurance for the Property (exclusive of the additions within, improvements to and decorating of the Units and the Limited Common Elements by the Unit Owners), against loss or damage by fire, vandalism, malicious mischief and such other hazards as are covered under standard extended coverage provisions for the full insurable replacement cost of the Common Elements and the Units, and against such other hazards and for such amounts as the Board may deem advisable. Insurable replacement cost shall be deemed the cost of restoring all or any part of the Common Elements or Units, to substantially the same condition in which they existed prior to damage or destruction. Such insurance coverage shall be written in the name of, and the proceeds of such insurance shall be payable to, the Board, as the trustee for each of the Unit Owners in direct ratio to each such Unit Owner's respective percentage of ownership in the Common Elements, as set forth in this Declaration, and for the holders of mortgages on each Unit, if any. The policy of insurance shall also contain, if possible, a waiver of subrogation rights by the insurer against individual Unit Owners. The premiums for such insurance shall be part of the Common Expenses. However, at the option of the Board, and upon written notice to all Unit Owners, premiums for such insurance shall be separately billed to each Unit Owner for his Unit and his corresponding percentage of ownership in the Common Elements. Notwithstanding the foregoing, upon agreement between the Board and any Unit Owner, the Board may include under such insurance coverage any additions within, improvement to, and decorating of the Limited Common Elements of such Unit Owner, and in such even the Unit Owner shall pay the additional premiums for such coverage and the Board shall allocate an equitable portion of any insurance proceeds to the restoration of such additions, improvements and decorating. The Board shall notify all Unit Owners in the event of any cancellation of such insurance.

(b)       The Board shall also have authority to, and shall, obtain comprehensive public liability insurance and such other liability insurance, in such amounts as it deems desirable, insuring each Unit Owner, any mortgagee of record,

 

 

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the Association and its officers and directors from liability in connection with the property; provided, however, that Unit Owners may be included as additional insureds with respect only to that portion of the Property not reserved for their exclusive use. The policy of insurance shall also contain a waiver of subrogation rights by the insurer against such insured persons. The premiums for such insurance shall be part of the Common Expenses. However, at the option of the Board, and upon written notice to all Unit Owners, premiums for such insurance shall be separately billed to each Unit Owner for his corresponding percentage of ownership in the Common Elements.

 

(c)        The Board shall also have authority to, and shall to the extent required by the Act, and/or as the Board may otherwise deem appropriate, obtain a fidelity bond indemnifying the Association, the Board and the Unit Owners for loss of funds resulting from fraudulent or dishonest acts of any agent of the Association, or of any other person handling the funds of the Association, the Board, or the Unit Owners, for the maximum amount of coverage available to protect funds in the custody or control of the Association, plus the Association's reserve fund. Such fidelity bond shall contain a waiver of any defense based on the exclusion of persons who serve without compensation from the definition of "employee" or similar expressions. The premium for such fidelity bond shall be part of the Common Expenses.

 

(d)       The Board shall also have authority to, and shall, to the extent required by the Act, and/or as the Board may otherwise deem appropriate, obtain errors and omissions insurance and such other insurance as it deems desirable, in such amounts, from such sources, and in such forms as it deems desirable, insuring the Property, each member of the Board, each officer of the Association, and each member of any committee appointed pursuant to the By-Laws from liability arising from the fact that such person is or was a director or officer of the Association, or a member of such committee. The premiums for such insurance shall be part of the Common Expenses.

 

(e)       All of the above described insurance policies and any such fidelity bond obtained by the Board shall, to the extent possible, provide that coverage under such policies shall not be canceled for nonpayment of premium or otherwise substantially modified without thirty (30) days prior written notice to the Board. The Board shall notify all persons insured under any such policy or bond in the event of any cancellation or substantial modification.

 

(f)         All of the above described insurance policies and any such fidelity bond obtained by the Board shall comply with the then current FNMA Lending Guide Insurance Requirements.

 

(g)       A Unit Owner shall be liable for any claim, damage or judgment entered as a result of the use or operation of his Unit and appurtenant Limited

 

 

 

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Common Elements or caused by his own conduct. Each Unit Owner shall be responsible for obtaining his own insurance on the contents of, additions within, improvements to and decorating of his Unit and the Limited Common Elements serving his Unit except to the extent the Association, at its option, maintains insurance on such Limited Common Elements, as well as his additions and improvements, decorating, furnishings and personal property, and personal property stored elsewhere on the Property. In addition, in the event a Unit Owner desires to insure against his personal liability and loss or damage by fire or other hazards above and beyond the extent that his liability, loss or damage is covered by the liability insurance and insurance against loss or damage by fire or other hazards obtained by the Board for all of the Unit Owners as part of the Common Expenses, such Unit Owner may, at his option and expense, obtain additional insurance.

 

14.      CASUALTY AND EMINENT DOMAIN.

 

(a)       In the event of a fire or any other disaster causing loss, damage or destruction to or of the Property, the proceeds of any policy insuring against the same and payable by reason of such fire or other disaster, if sufficient to reconstruct the Property, shall be applied to such reconstruction. As used throughout this Section 14, reconstruction means restoration of the Property to substantially the same condition in which it existed prior to the fire or other disaster, with each Unit and the Common Elements having the same vertical and horizontal boundaries as prior to such fire or other disaster.

 

(b)       If a fire or any other disaster occurs causing loss, damage or destruction to or of the Property, and if the Property is not insured against the peril causing the same or the proceeds of any policy insuring against the same and payable by reason of such cause are insufficient to reconstruct the Property, and fewer than fifty percent (50%) of the Units are rendered uninhabitable by such fire or other disaster, provision for reconstruction of the Property may be made by the affirmative vote of not less than seventy-five percent (75%) of the Unit Owners voting at a meeting called for such purpose. Any such meeting shall be held within thirty (30) days following the final adjustment of insurance claims, if any, or otherwise within ninety (90) days after such fire or other disaster. At any such meeting, the Board or its representative shall present to the Unit Owners an estimate of the cost of such reconstruction and the estimated amount of necessary special assessments of Common Expenses against each Unit Owner. If the Property is reconstructed, any such insurance proceeds shall be so applied and special assessments may be made against the Unit Owners.

 

(c)        If a fire or any other disaster occurs causing loss, damage or destruction to or of the Property, and if the Property is not insured against the peril causing the same or the proceeds of any policy insuring against the same and payable by reason of such cause are insufficient to reconstruct the Property, and

 

 

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if provision for reconstruction of the Property is not made pursuant to Section 14(b) above, then provision for withdrawal of any portion of the Property from the provisions of the Act may be made by the affirmative vote of at least two-thirds (2/3rds) of the Unit Owners voting at a meeting called for such purpose. Any such meeting shall be held within sixty (60) days following the final adjustment of insurance claims, if any, or otherwise within ninety (90) days after the Unit Owners are unable to agree on provision for reconstruction pursuant to Section 14(b) above. Upon any such withdrawal of any Unit or portion of any Unit, the percentage of ownership in the Common Elements appurtenant to such Unit or Units or portion of such Unit or Units shall be reallocated among the remaining Units not so withdrawn on the basis of the percentage of ownership of each remaining Unit. If only a portion of a Unit is withdrawn, the percentage of ownership in the Common Elements appurtenant to such Unit shall be reduced in proportion to the diminution in market value of such Unit, as determined by the Board. Any such insurance proceeds shall be allocated, on the basis of diminution in market value or such other equitable basis as the Board may determine, among the Units or portions of Units, the portions of the Limited Common Elements and the portions of the Common Elements, other than the Limited Common Elements withdrawn. As compensation for such withdrawals, (1) such proceeds allocated to withdrawn Units or portions of Units shall be applied in payment to the Unit Owners of such Units in proportion to their relative percentages of ownership in the appurtenant Common Elements; (2) such proceeds allocated to withdrawn portions of the Limited Common Elements shall be applied in payment to the Unit Owners entitled to their use in proportion to their relative percentages of ownership in the Common Elements appurtenant to the Units served by such Limited Common Elements; and (3) such proceeds allocated to withdrawn portions of the Common Elements, other than the Limited Common Elements, shall be applied in payment to all Unit Owners in proportion to their relative percentages of ownership in the Common Elements. Upon withdrawal of any Unit or portion of any Unit, the Unit Owner shall be relieved of any further responsibility or liability for the payment of any assessments if the entire Unit is withdrawn, or for a portion of such assessments proportional to the diminution in market value of such Unit.

 

(d)       In the event of a fire or any other disaster causing loss, damage or destruction to or of the Property, if the Property is not insured against the peril causing the same or the proceeds of any policy insuring against the same and payable by reason of such cause are insufficient to reconstruct the Property, and if provision for neither reconstruction nor withdrawal is made pursuant to Sections 14(b) and (c) above, then the provisions of the Act shall apply.

 

(e)       In the event any portion of the Property is take by condemnation or eminent domain proceedings, provision for withdrawal from the provisions of the Act of such portion so taken may be made by the Board. Upon any such withdrawal of either Unit or portion of any Unit, the percentage of ownership in the Common

 

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Elements appurtenant to such withdrawn Unit or portion shall be reallocated, with relief or responsibility or liability for payment of all or a portion of assessments, and any condemnation award or other proceeds resulting from such proceeding shall be allocated and paid, in the manner as provided by Section 14(c) above with respect to casualty to the Property and the resulting insurance proceeds.

 

(f)         The provisions of this Section 14 shall be subject to rights, if any, of the holders of mortgages on the Property or any part of the Property or on any or all of the Units and the appurtenant Common Elements, and, upon written request to the Board, any such mortgagee shall be entitled to timely written notice by the Board in the event of any substantial loss, damage or destruction to or of any Unit or any part of the Common Elements, or in the event any Unit or any part of the Common Elements is made the subject of a condemnation or eminent domain proceeding or is otherwise sought to be acquired by a condemning authority. The withdrawal and reapportionment contemplated by Sections 14(c) and (e) above shall be effective upon execution and recordation of an amendment to this Declaration, and an amended Plat, in accordance with the provisions of Section 24(b) below.

 

15.      MAINTENANCE. REPAIR AND REPLACEMENTS.

 

(a)       Each Unit Owner, at his own expense, shall furnish and be responsible for all maintenance of, repairs to and replacements with respect to his Unit. Maintenance of, repairs to and replacements within the Common Elements (including the Limited Common Elements) shall be the responsibility of, and shall be furnished by, the Association. The cost of maintenance of, repairs to and replacements within the Common Elements (other than the Limited Common Elements) shall be part of the Common Expenses, subject to the By-Laws and the rules and regulations of the Association and shall be paid by the Unit Owners of the Units, exclusive of those owning Units situated in the Garage, in the percentages shown on Exhibit C. Unless otherwise determined by the Board, maintenance of, repairs to and replacements within the Limited Common Elements shall be the sole financial responsibility of the Unit Owner of the Unit to which such Limited Common Elements pertain. The cost of maintenance of, repair and replacements within the Limited Common Elements situation within the Garage serving exclusively such Units shall be paid by the Unit Owners of the Units situated in the Garage in the percentages shown in Exhibit D of the original Declaration.

 

(b)       If, due to the act or neglect of a Unit Owner, or of his agent, servant, tenant, family member, invitee, licensee or household pet, damage is caused to the Common Elements, the Limited Common Elements or to a Unit or Units owned by another, or maintenance, repair and replacement is required, the cost of which would otherwise be part of the Common Expenses, then such Unit Owner shall pay for such damage or such maintenance, repair and replacement as may be

 

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determined by the Association, to the extent not covered by the Association's insurance.

 

(c)        The authorized representatives of the Association or the Board, shall be entitled to reasonable access to the individual Units and the Limited Common Elements as may be required in connection with the preservation of any individual Unit or the Limited Common Elements in the event of an emergency, or in connection with maintenance of, repairs to or replacements within the Common Elements or the Limited Common Elements or maintenance of, repairs to or replacements of any equipment, facilities or fixtures affecting or serving any other Unit, the Common Elements or the Limited Common Elements, or in connection with the making of any alteration required by any governmental authority.

 

(d)       Each Unit Owner shall be entitled to reasonable access to any public utility lines, electrical wiring or conduits as serve exclusively his Unit and are deemed to be a part of his Unit but are located outside the horizontal and vertical planes of his Unit as shown on the Plat, whether such facilities are located within the horizontal and vertical planes of the Common Elements or of any other Unit as shown on the Plat, as may be required in connection with the preservation of such facilities in the event of an emergency, or in connection with the maintenance of, repairs to or replacements within such facilities, or in connection with the making of any alteration required by any governmental authority. If such facilities are located within such boundaries of another Unit, the Unit Owner seeking such access shall give prior written or verbal notice to the Unit Owner of the Unit within which such facilities are located, except in the case of an emergency.

 

16.       ALTERATIONS,  ADDITIONS AND IMPROVEMENTS. Except as provided in Section 22(b) below, no alteration of or any additions or improvements to any Common Elements shall be made by any Unit Owner without the prior written approval of the Board. The Board may authorize and charge for, as part of the Common Expenses, alterations of, additions to and improvements of the Common Elements (other than the Limited Common Elements) as provided in the By-Laws. Subject to any applicable Rules and Regulations, any Unit Owner may make alterations, additions or improvements within his Unit without the prior written approval of the Board or to the Limited Common Elements pertaining to his Unit with the prior written approval of the Board, but such Unit Owner shall in either case be responsible for any damage to all or any part of any other Units, the Common Elements or the Limited Common Elements or the Property, resulting from such alterations, additions or improvements.

 

17.       DECORATING. Each Unit Owner, at his own expense, shall furnish and be responsible for all decorating within his own Unit and the Limited Common Elements serving his Unit as may be required from time to time, including, but not limited to, painting, wall papering, paneling, floor covering, draperies, window shades, curtains, lighting and other decorating. Each Unit Owner shall be entitled to the exclusive use of the interior

 

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surfaces of the perimeter walls, floor and ceilings of his Unit, and such Unit Owner shall maintain the same in good condition at his sole expense. Such maintenance and use shall be subject to the rules and regulations of the Association, but each such Unit Owner shall have the right to decorate interior surfaces of the walls, floors and ceiling of his Unit from time to time as he may see fit and at his sole expense. Decorating of the Common Elements, other than the interior surface of the common wall between the Units and other than Limited Common Elements and any redecorating of Units to the extent such redecorating of Units is made necessary by damage to Units caused by maintenance, repair and replacement of the Common Elements by the Association, shall be furnished by the Association as part of the Common Expenses. All windows forming part of a perimeter wall of a Unit shall be cleaned and washed at the expense of the Unit Owner of such Unit.

 

18.       ENCROACHMENTS. If, now or subsequently, any portions of the Common Elements actually encroach upon any Unit, any Unit actually encroaches upon any portions of the Common Elements, or any Unit actually encroaches upon another Unit, as the Common Elements and Units are shown by the surveys comprising the Plat, as a result of the construction, repair, reconstruction, settlement, or shifting of any building, there shall be deemed to be mutual easements in favor of the owners of the Common Elements and the respective Unit Owners involved, to the extent of such encroachments, so long as the same shall exist; provided, further, that no such easement shall arise in favor of any Unit Owner who creates an encroachment by his intentional, willful or negligent conduct or that of his Agent.

 

19.      LEASING OF UNITS.

 

(a)       RIGHT TO LEASE. Subject to the provisions of this Section 19 and the rules and regulations of the Association, a Unit Owner may, from time to time, lease his Unit or an interest in such Unit.

(b)       TERMS OF LEASE. No Unit Owner shall lease less than his entire Unit, and without the prior written consent of the Board, no Unit Owner shall lease his Unit or interest in such lease for less than one (1) year nor more than two (2) years to any person or entity whomever; provided, however, that a lease of ninety (90) days or less may be entered into by a Unit Owner who is an occupant for a period during which he is on vacation or otherwise temporarily absent from his Unit. Each and every lease of a Unit, other than a lease of ninety (90) days or less, shall be in writing.

(c)        NOTICE. Prior to entering into any lease of his Unit, a Unit Owner shall, in accordance with such rules and regulations as the Board may from time to time adopt, submit to the Board, within a reasonable time prior to the proposed commencement of the lease term, the name, address, telephone number, employer or business and financial and character references of the proposed lessee; the

 

 

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identities of and such other information as the Board may reasonably request regarding any other proposed occupants, and a copy of the proposed lease.

 

(d)       COPY TO BOARD. A copy of each and every written lease of a Unit, as and when executed, shall be furnished to the Board, not later than the date of occupancy or ten (10) days after the lease is signed, whichever occurs first.

 

(e)       SUBJECT TO CONDOMINIUM DOCUMENTS. The lessee under such lease shall be bound by and subject to all of the obligation under the Declaration, the By-Laws and the rules and regulations of the Association, of the Unit Owner making such lease, and each and every lease of a Unit shall expressly so provide, but the failure of any lease so to provide shall not relieve the lessee of such obligations. Such lease shall also specifically limit occupancy of the Unit to the lessee and any other occupants identified in such lease. Each and every such lease shall further provide that any failure by the lessee to comply with the terms and conditions of the lease, the Declaration, the By-Laws or such rules and regulations shall constitute a default under the lease and a violation of this Declaration, and that the Association may exercise against such lessees any and all remedies available to it under Section 23 below, including, but not limited to, the right to take possession of the Unit leased. The Unit Owner making such lease shall not be relieved from any of such obligations.

 

(f)         SUBSEQUENT PARTIES. The provisions of this Section 19 shall apply to assignments of, and subleases under, leases of Units, and in such cases references to the Unit Owner shall mean the lessee who wishes to assign or sublet.

 

20.       TRANSFERS OF LIMITED COMMON ELEMENTS. The use of portions of the Limited Common Elements may be transferred between Unit Owners having rights to such Limited Common Elements at their expense, provided that such transfer is made in compliance with the Act and the following provisions:

 

(a)       AMENDMENT. Each such transfer shall be made by an amendment to this Declaration executed by all Unit Owners who are parties to the transfer and consented to by all other Unit Owners who, in the opinion of the Board, have any right to use the Limited Common Elements affected by such transfer.

 

(b)       CONTENT. Such amendment shall contain a certificate showing that a copy of the amendment has been delivered to and approved in writing by the Board, and shall contain a statement from the Unit Owners involved in the transfer setting forth any reapportionment of their respective percentages of ownership in the Common Elements resulting from such transfer, the aggregate sum of which percentage interests shall not change. If such Unit Owners cannot agree upon such reapportionment, the Board shall make such reapportionment.

 

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(c)        APPROVAL. The proposed transfer shall not be made unless first approved in writing by each holder of a mortgage on any Unit from which or to which a portion of the Limited Common Elements is sought to be transferred.

 

(d)       RECORDING. If such proposed transfer is approved as described above, such amendment shall be recorded in accordance with the provisions of Section 24 below.

 

Rights and obligations with respect to any of the Limited Common Elements shall not be affected, nor shall any transfer of the Limited Common Elements be effective, unless such transfer is in compliance with the requirements of this Section 20.

 

21.       COMBINATIONS OF UNITS. A Unit (but not any subdivided portion of a Unit) may be transferred by the Unit Owner to the Unit Owner of a Unit or Units adjacent to such Unit and combined with the Unit, provided that such transfer is made in compliance with the Act and the following provisions:

 

(a)       AMENDMENT. The Unit Owners desiring to make such transfer and combination shall make written application to the Board (1) requesting and containing an amendment to this Declaration (including the Plat); (2) containing a survey of the proposed alterations of the affected Units and the appurtenant Common Elements; (3) setting forth a proposed reapportionment to the resulting Unit of the percentage of ownership in the appurtenant Common Elements to the Units being combined; and (iv) describing a proposed reassignment or reassignment of the Limited Common Elements serving the combined Units.

 

(b)       APPROVAL. The proposed transfer and combination shall not be made unless first approved in writing by a majority of members of the Board.

 

(c)        RECORDING. If such proposed transfer and combination is approved as described above, an amendment to this Declaration describing such transfer, and executed by the Unit Owners of the combined Units, together with an amended Plat, shall be executed and recorded in accordance with the provisions of Section 24 below.

 

(d)       EXCLUSIVE USE. The amendment may grant the Owner of the combined Unit the exclusive right to use, as a Limited Common Elements, a portion of the Common Elements within the building adjacent to the new Unit. The request for the amendment shall be granted and the amendment shall grant this exclusive right to use as a limited common element if the following conditions are met:

 

(1)      the Common Element for which the exclusive right to use as a Limited Common Element is sought is not necessary or practical for use by

 

 

 

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the Owners of any Units other than the Owner or Owners of the combined Unit; and

 

(2)       the Owner or Owners of the combined Unit are responsible for any and all costs associated with the renovation, modification, or other adaptation performed as a result of the granting of the exclusive right to use as a Limited Common Element.

 

If the combined Unit is divided, part of the original combined Unit is sold, and the grant of the exclusive right to use as a Limited Common Element is no longer necessary, practical, or appropriate for the use and enjoyment of the Owner or Owners of the original combined Unit, the Board may terminate the grant of the exclusive right to use as a Limited Common Element and require that the Owner or Owners of the original combined Unit restore the Common area to its condition prior to the grant of the exclusive right to use as a Limited Common Element. If the combined Unit is sold without being divided, the grant of the exclusive right to use as a Limited Common Element shall apply to the new Owner or Owners of the combined Unit, who shall assume the rights and responsibilities of the original Owner or Owners.

 

Rights and obligations with respect to any Unit shall not be affected, percentage of ownership in the Common Elements shall not be reallocated, nor shall any such transfer and combination be effective, unless the same is made in compliance with the requirements of this Section 21.

 

22.      USE AND OCCUPANCY RESTRICTIONS.

 

(a)       Subject to the provisions of Section 9 above and of the By-Laws, the Property may only be used for such purposes which are permissible under applicable zoning and use, statutes, ordinances and rules and regulations.

 

(b)       The Limited Common Elements serving exclusively any one Unit and the Units located on the roof of the Building as designated on the Plat may be altered and improved by the Unit Owner of such Unit, provided that"

 

(1)       such alterations shall not weaken, impair or endanger any of the Common Elements or any Unit;

 

(2)       the Unit Owner desiring to make such alterations shall notify the Board of the nature of such alterations within sixty (60) days prior to commencing work, submit any plans or meet any other conditions reasonably imposed by the Board, and obtain the Board's prior written approval, which shall not be unreasonably withheld;

 

 

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(3)       the expense of making such alterations shall be paid in full by the Unit Owner making such alterations;

 

(4)       such Unit Owner shall pay in full the expense of restoring such Common Elements to their condition prior to such alterations in the event such Units cease to be used together;

 

(5)       such alterations shall not interfere with use and enjoyment of the Common Elements, including, but not limited to, reasonable access and ingress to and egress from the other Units; and

 

(6)       such Unit Owner shall be liable for any loss or damage caused by such alterations.

 

Each Unit Owner may, without notifying the Board, drill small holes or make similar normal and customary alterations in that part of the Common Elements constituting the common wall between Units as shown on the Plat, in order to hang pictures, attach reasonable fixtures, or make other minor improvements to his Unit, provided that such alterations shall not weaken, impair, or endanger any of such Common Elements or either Unit.

 

(c)        The Common Elements (other than the Limited Common Elements) shall be used only by the Unit Owners and their agents, servants, tenants, family members, invitees and licensees for access, ingress to and egress from the respective Units and for such other purposes incidental to use of the Units. The use, maintenance and operation of the Common Elements shall not be obstructed, damaged or unreasonably interfered with by any Unit Owner, and shall be subject to any easement, presently in existence or entered into by the Board at some future time, affecting any part or all of the Common Elements.

 

23.      REMEDIES.

 

(a)       The Association, pursuant to rules and regulations enacted and distributed by the Board, is specifically empowered to levy fines against a Unit Owner who violates the Act, this Declaration, the By-Laws or such rules and regulations, including, but not limited to, late charges equal to ten percent (10%) of each and every monthly payment of Common Expenses not paid within ten (10) days after it is due, and such fines shall constitute liens against his Unit, subject to the following remedies. The Association shall have no authority to forbear the payment of assessments by any Unit Owner. In the event of any violation of the provisions of the Act, this Declaration, the By-Laws or the rules and regulations of the Association by any Unit Owner (either by his own conduct or by the conduct of any other Occupant of his Unit), the Association, or its successors or assigns, or the Board, or its agent, shall have each and all of the rights and remedies provided for

 

 

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in the Act, this Declaration, the By-Laws, such rules and regulations, Article IX of the Illinois Code of Civil Procedure or any amendment or successor legislation to such legislation, or which may be available at law or in equity, and may prosecute an action or other proceedings against such defaulting Unit Owner (and any others it may desire to proceed against) for enforcement of any lien and the appointment of a receiver for the Unit and ownership interest of such Unit Owner, or for damages, injunction, or specific performance, or for judgment for payment of money and collection of such money, or for the right to take possession of and sell the Unit as provided below, or for any combination of remedies, or for any other relief, subject to the limitations below. All expenses of the Board in connection with any such actions or proceedings, including court costs, reasonable attorneys' fees and other fees and expenses, and all damages, liquidated or otherwise, together with interest on each monthly payment of Common Expenses, at the rate of twelve percent (12%) per year or the maximum applicable legal contract rate of interest then in effect under Illinois law, whichever is higher, but in any event not in excess of eighteen percent (18%) per year, until paid, shall be charged to and assessed against such defaulting Unit Owner, and shall be added to and deemed part of his share of the Common Expenses. The Board shall have a lien for all of the foregoing items, as well as for nonpayment of his share of the Common Expenses, upon the Unit and ownership interest in the Common Elements of such defaulting Unit Owner, all of his additions and improvements, and all of his personal property in his Unit or located elsewhere on the Property, provided that such lien shall not be foreclosed upon until at least six (6) months after the date such payment was due; and upon the recording of a notice of such lien by the Board, such lien shall be prior to all other liens and encumbrances, recorded or unrecorded, provided that such lien shall be subordinate to the lien of any encumbrance on the Property or any portion of the Property, or on the interest of such Unit Owner, which encumbrance is owned or held by a bank, insurance company, savings and loan association, other lending institution or institutional investor, or any other lender except for the amount of the proportionate share of Common Expenses that become due and payable from and after the date on which such encumbrance owner or holder either takes possession of all or any of the security described in such encumbrance, accepts a conveyance of any interest in such security (other than as security) or files suit to foreclose its encumbrance and causes a receiver to be appointed. In the event of any such default by any Unit Owner, the Board shall have the authority to correct such default, and to do whatever may be necessary for such purpose, and all expenses in connection with such default shall be charged to and assessed against such defaulting Unit Owner, which interest at the above rate. Any and all such rights and remedies may be exercised at any time and from time to time, cumulatively or otherwise, by the Board. This paragraph shall not be amended, changed, modified or rescinded without the prior consent of all holders of record or mortgage liens or other encumbrance against the Property or any portion of the Property, if any, and against Units in the Building and the appurtenant Common Elements.

 

 

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(b)       The violation of any restriction, condition or regulation adopted by the Board, or the breach of any covenant or provisions contained in this Declaration, shall give the Board the right, in addition to any other rights provided for in this Declaration, (1) to enter upon the Unit, or any portion of the Property upon which, or as to which, such violation or breach exists, and to summarily abate and remove, at the expense of the defaulting Unit Owner, any structure, thing or condition that may exist contrary to the intent and meaning of the provisions of this Declaration, and neither the Board, nor its employees or agents, shall be deemed guilty in any manner of trespass; or (2) to enjoin, abate or remedy by appropriate legal proceedings, either at law or in equity, the continuance of such Unit Owner's interest in the Property and to maintain an action for possession of such Unit in any manner provided by law.

 

(c)        If any Unit Owner (either by his own conduct or by the conduct of any other Occupant of his Unit) violates the Act or any of the covenants, restrictions or provisions of this Declaration, the By-Laws or the rules and regulations adopted by the Board, and if such default or violation continues for ten (10) days after notice to the Unit Owner in writing from the Board, or occurs repeatedly during any ten (10) day period after such written notice or request to cure such violation from the Board, then the Board shall have the power to issue to such defaulting Unit Owner a notice in writing terminating the rights of such defaulting Unit Owner to continue as a Unit Owner and to continue to occupy, use or control his Unit, and after such notice, an action in equity may be filed by the Board against such defaulting Unit Owner for a decree declaring the termination of such defaulting Unit Owner's right to occupy, use or control the Unit owned by him on account of such violation, and ordering that all the right, title and interest of such defaulting Unit Owner in the Property be sold (subject to the lien of any existing mortgage) at a judicial sale upon such notice and terms as the court shall determine, except that the court shall enjoin and restrain such defaulting Unit Owner from reacquiring his interest at such judicial sale. The proceeds of any such judicial sale shall first be paid to discharge court costs, court reporter charges, reasonable attorneys' fees and all other expenses of the proceeding and sale, and all such items shall be taxed against such defaulting Unit Owner in such decree. Any balance of proceeds after satisfaction of such charges and any unpaid assessments under this Declaration or any liens, shall be paid to such defaulting Unit Owner. Upon the confirmation of such sale, the purchaser shall be entitled to a deed to the Unit and the Unit Owner's corresponding percentage of ownership in the Common Elements, and to immediate possession of the Unit sold, and may apply to the court for a writ of assistance for the purpose of acquiring such possession, and it shall be a condition of any such sale, and the decree shall so provide, that the purchaser shall take the interest in the Unit sold subject to this Declaration.

 

(d)       Upon written request to the Board by any holder of a mortgage on a Unit, the Board shall give such holder notice of any default under this Declaration,

 

 

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Doc. #    98512733 Page 25 of 56


the By-Laws or the rules and regulations by the Unit Owner whose Unit is subject to the lien of such mortgage that has not been cured within thirty (30) days after the occurrence of such default or ten (10) days after notice to such Unit Owner, whichever is earlier.

 

24.      AMENDMENTS.

 

(a)       Subject to the requirements of Section 10 above, and except as otherwise provided in Sections 20(c) and 21 (b) above and Sections 24(b) and (c) below, the provisions of this Declaration may be amended or rescinded by an instrument in writing, duly acknowledged and recorded, setting forth such amendment or rescission, signed by not less than sixty-six and two-thirds percent (66-%%) of the total ownership of the Common Elements, provided that all lien holders of record have been notified by certified mail of such change, modification or rescission, and that an affidavit by the secretary of the Association certifying to such mailing is made a part of such instrument; provided, further, however, that no such amendment shall change the boundaries of any Unit, the allocation of percentages of ownership in the Common Elements and votes in the Association, quorum and voting requirements for action by the Association, or liability for Common Expenses assessed against any Unit, or shall otherwise materially and adversely affect the rights of any Unit Owner or lien holder of record or the value of any Unit, unless approved in writing by all Unit Owners and by each holder of a mortgage on the Property or any part of the Property or on any or all of the Units and the appurtenant Common Elements, except to the extent specifically authorized by any of the above sections or any other provisions of this Declaration or by the Act.

 

(b)       Where the provisions of either of Sections 14(c) or (e), relating to casualty or eminent domain have been complied with, the President of the Board, or any other officer authorized by the By-Laws, this Declaration or the Act, shall execute and record an amendment to this Declaration setting forth all pertinent aspects of the events or transaction resulting in such amendment and specifying any reapportionment of percentages of ownership in the Common Elements, and shall concurrently record an amended Plat depicting the same.

 

(c)        If the Act, this Declaration or the By-Laws require the consent or agreement of all Unit Owners or of all lien holders of any action specified in the Act or in this Declaration, than any instrument amending or rescinding any provision of this Declaration with respect to such action shall be signed by all of the Unit Owners, all lien holders, or both, as required by the Act, this Declaration or the By-Laws.

 

(d)       Any such instrument amending or rescinding any provision of this Declaration, accomplished under any of the provisions of Sections 20(C), 21 (b) and

 

 

Page 22

 

Doc.#    98512733 Page 26 of 56


24(a), (b) and (c) above, shall be effective upon the date such instrument, together with an amended Plat if required above or by the Act, is recorded in accordance with Section 1(q) above; provided, however, that no provisions in this Declaration may be changed, modified or rescinded so as to conflict with the provisions of the Act.

 

(e)       Unless otherwise provided by the Act, this Declaration or the By-Laws, amendments required to be recorded shall be executed and recorded by the President of the Association or such other officer as may be authorized by the Board.

 

25.      NOTICES.

 

(a)       Notices provided for in the Act, this Declaration or the By-Laws shall be in writing. Notices to the Association or the Board, or any Unit Owner, as the case may be, shall be addressed to the Association or the Board, c/o the Secretary of the Association, at the address of his or her Unit, on South Green Street, Chicago, Illinois, or at such other address of which notice has been given as provided below. Notices to any Unit Owner shall be addressed to him at his Unit or at such other address of which notice has been given as provided below. Notices to any mortgagee or other interested party shall be addressed to it at the address provided by such party for such purpose or at such other address of which notice has been given as provided below. The Association and the Board 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. Any Unit Owner, mortgagee or other party desiring to communicate with the Association may designate a different address for notices to him or it by giving written notice to the Association. Notices addressed as above shall be deemed to have been delivered three (3) business days after mailing by United States registered or certified mail, return receipt requested, or when delivered in person with written acknowledgment of the receipt of such notice.

 

(b)       Upon written request to the Board, the holder, insurer or guarantor of any recorded mortgage or trust deed encumbering any Unit shall be given a copy of all notices permitted or required by the Act, this Declaration or the By-Laws to be given to the Owner or Owners whose Unit is subject to such mortgage or trust deed, including without limitation notice of (1) any condemnation or casualty loss that affects either a material portion of the Property or the Unit securing its mortgage or trust deed, (2) any sixty (60) day delinquency in the payment of assessments or charges owed by the Unit Owner of any Unit on which is holds a mortgage or trust deed, (3) a lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association, and (4) any proposed action that requires the consent of a specified percentage of mortgage holders.

 

 

Doc. #    98512733 Page 27 of  56                                        Page23


26.       BINDING DETERMINATION. In the event of any dispute or disagreement between the Unit Owners relating to the Property, or any questions of interpretation or application of the provisions of this Declaration or the By-Laws, the determination of such dispute or disagreement by the Board shall be final and binding on each and all of such Unit Owners.

 

27.       HEADINGS. The headings of sections in this Declaration and the By-Laws are for convenience or reference only and shall not in any way limit or define the content or substance of such sections.

 

28.       NUMBER AND GENDER. As used in the Declaration, the singular shall include the plural, and masculine, feminine and neuter pronouns shall be fully interchangeable where the context so requires.

 

29.       NON-WAIVER. Except as expressly provided in this Declaration to the contrary, no consent or waiver, express or implied, by any interested party referred to above, to or of any breach or default by any other interested party referred to above, in the performance by such other party of any obligations contained in this Declaration, shall be deemed a consent to or waiver of the performance by such party of any other obligations under this Declaration or the performance by any other interested party referred to in this Declaration of the same, or of any other obligations under this Declaration.

 

30.       SEVERABILITY. If any provision of this Declaration or the By-Laws, or any section, sentence, clause, phrase or word, or the application of this Declaration, in any circumstance, is held invalid, the validity of the remainder of this Declaration and the By-Laws shall be construed as if such invalid part was never included.

 

31.       CONFLICTS. In the event of a conflict between the provisions of this Declaration and those of Exhibits A, B, C and D attached, the provisions of Exhibits A, B, C and D shall govern and control. In the event of a conflict between the provisions of this Declaration and those of Exhibits E or F attached, the provisions of this Declaration shall govern and control.

 

32.       PERPETUITIES. If any of the options, privileges, covenants or rights created by this Declaration shall be unlawful, void or voidable for violation of the rule against perpetuities, then such provision shall continue in force and effect only until twenty-one (21) years after the death of the survivor of the now living descendants of the President of the United States, William Clinton, and the Governor of the State of Illinois, James Edgar.

 

33.       RIGHTS AND OBLIGATIONS. Each Owner, by the acceptance of a deed of conveyance, accepts the same subject to all restrictions, conditions, covenants, reservations, liens and charges, and the jurisdiction, rights and powers created or reserved by this Declaration. All rights, benefits and privileges of every character imposed by this Declaration shall be deemed and taken to be covenants running with the land, and shall

 

 

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Doc.#    98512733 Page 28 of 56


bind any person having at any time any interest or estate in the Parcel, the Property or any portion of the Parcel or the Property, and shall inure to the benefit of such grantee in like manner as though the provisions of this Declaration were recited and stipulated at length in each and every deed of conveyance or contract for conveyance.

 

34.       LAND TRUSTEE AS UNIT OWNER. In the event title to any Unit is conveyed to a land title holding trust, under the terms of which all powers of management, operation and control of the Unit remain vested in the trust beneficiary or beneficiaries, then the beneficiaries shall be considered Unit Owners for all purposes and shall be responsible for payment of all obligations, liens or indebtedness and for the performance of all agreements, covenants and undertakings chargeable or created under this Declaration with respect to such Unit. No claim shall be made against the trustee of such title holding trust personally for payment of any lien or obligation created by this Declaration, and such trustee shall not be obligated to sequester funds or trust property to apply in whole or in part against such lien or obligation. The amount of any such lien or obligation shall continue to be a charge or lien upon the Unit and the beneficiaries of such trust, notwithstanding any transfers of the beneficial interest of such trust or any transfer of title to such Unit.

 

 

 

 

 

 

 

 

 

 

 

 

Doc.#    98512733 Page 29 of 56                                          Page 25


STATE OF ILLINOIS                         )                       Doc. #    98512733 Page 30 of 56

) ss.

COUNTY OF COOK                         )

 

WE, THE UNDERSIGNED, are the members of Board of Directors of the Green Street Loft Condominium Association, a not for profit corporation established by the aforesaid Declaration of Condominium Ownership, and by our signatures below, we hereby execute and acknowledge the foregoing Amended and Restated Declaration of Condominium Ownership.

 

EXECUTED AND ACKNOWLEDGED THIS 14th day March, 1998.

Being the Members of the Board of Directors of the Green Street Loft Condominium Association

 


I, Terrence J. Barton, Secretary of the Green Street Loft Condominium Association, hereby certify that on the above date the Board of Directors of the Green Street Loft Condominium Association, which Board Members are personally known to me, appeared before me and acknowledged that, as such Board Members, they signed this instrument as their free and voluntary act and is the free and voluntary act of said Board for the uses and purposes therein set forth.

 

 

 

 

Page 26


 

 

 

EXHIBIT A

 

PLAT OF SURVEY

 

 

SEE ORIGINAL DECLARATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Doc.#    98512733 Page 31of 56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ex. A - 1 of 1


Doc.#   98512733 Page 32 of 56
           

 

EXHIBIT B
PERCENTAGES OF OWNERSHIP INTEREST

 

Unit    Percentage                            Unit     Percentage                            Unit    Percentage

No.     of Ownership                          No.      of Ownership                         No.     of Ownership

201     1.35                                         508     1.93                                        417     1.94

301     1.58                                                                                                     517     2.12

401     1.75                                         209     1.19

501     1.92                                         309     1.33                                        218     1.28

409     1.47                                        318     1.28

202     1.34                                         509     1.61                                        418     1.57

302     1.50                                                                                                     518     1.54

402     1.67                                         210     1.59

502     1.84                                         310     0.87                                        G1       0.17

410     0.97                                        G2       0.17

203     1.85                                        510     1.07                                        G3       0.17

303     2.09                                                                                                    G4       0.17

403     2.33                                        311     0.91                                        G5       0.17

534     4.45                                        411     1.01                                        G6       0.17

511     1.12                                        G7       0.17

204     1.40                                                                                                    G8       0.17

304     1.57                                        212     0.87                                        G9       0.17

404     1.74                                        312     1.00                                        G10     0.17

412     1.12                                        G11     0.17

205     1.38                                        512     1.37                                        G12     0.17

305     1.56                                                                                                    G13     0.17

405     1.74                                        214     0.77                                        G14     0.17

505     1.92                                        314     0.86                                        G15     0.17

414     0.96                                        G16    0.17

206     1.10                                         514     1.05                                        G17    0.17

306     1.24                                                                                                     G18    0.17

406     1.37                                         215     0.79                                        G19    0.17

506     1.50                                         315     0.89                                        G20    0.17

415     0.99                                        G21    0.17

207     1.11                                         556     2.65                                        G22    0.17

307     1.25                                                                                                     G23    0.17

407     1.39                                         216     1.12                                        G24    0.17

507     1.52                                         316     1.27                                        G25    0.17

416     1.42                                        G26    0.17
208     1.45

308     1.61                                   217           1.59

408     1.77                                         317     1.77

 

 

 

Ex. B - 1 of 1


EXHIBIT C

PERCENTAGES OF SHARING COMMON EXPENSES (Common Elements - Units Not Situated in the Garage)

Unit    Percentage                            Unit    Percentage                            Unit    Percentage
No.     of Ownership                         No.     of Ownership                          No.     of Ownership

 

201     1.42                                         408    1.85                                        217     1.67

301     1.65                                         508     2.02                                         317     1.85

401     1.83                                                                                                     417     2.04

501     2.01                                         209     1.25                                         517     2.22

                                                            309     1.39

202     1.40                                         409     1.54                                         218     1.34

302     1.58                                         509     1.68                                         318     1.34

402     1.75                                                                                                     418     1.65

502     1.92                                         210     1.66                                         518     1.62

                                                            310     0.92

203     1.94                                         410     1.02

303     2.19                                         510     1.12

403     2.44

534     4.66                                         311    0.96

                                                            411     1.06

204     1.47                                         511     1.17

304     1.64

404     1.82                                         212     0.92

                                                            312     1.05

205     1.45                                         412     1.18

305     1.64                                         512     1.29

405     1.82

505     2.01                                         214     0.80

                                                            314     0.90

206     1.16                                         414     1.00                    Doc.# 98512733 Page 33 of 56

306     1.30                                         514     1.10

406     1.43

506     1.57                                         215     0.83

                                                            315     0.93

207     1.16                                         415     1.03

307     1.31                                         556     2.79

407     1.45

507     1.60                                         216     1.18

                                                            316     1.33

208     1.51                                         416    1.49

308     1.68

 

 

Ex. C -1 of 1

 


EXHIBIT D

 

PERCENTAGES OF SHARING COMMON EXPENSES

(Limited Common Elements - Units Situated in the Garage)

 

 

Percentage of
Unit No.          Ownership

 

G1                   3.85

G2                   3.85

G3                   3.85

G4                   3.85

G5                   3.85

G6                   3.85

G7                   3.85

G8                   3.85                             DOC.#    98512733Page34of 56

G9                   3.85

G10                 3.85

G11                 3.85

G12                 3.85

G13                 3.85

G14                 3.85

G15                 3.85

G16                 3.85

G17                 3.85

G18                 3.85

G19                 3.85

G20                 3.85

G21                 3.85

G22                 3.85

G23                 3.85

G24                 3.85

G25                 3.85

G26                 3.75

 

 

 

Ex. D - 1 of 1


EXHIBIT E

 

ARTICLES OF INCORPORATION

 

 

 

 

 

SEE ORIGINAL DECLARATION

 

 

 

 

 

 

 

 

 

 

 

Doc.# 98512733 Page 35 of 56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ex. E - 1 of 1


Doc. #    98512733 Page 36 of 56

EXHIBIT F

AMENDED AND RESTATED BY-LAWS OF THE

GREEN STREET LOFT CONDOMINIUM ASSOCIATION

 

 

ARTICLE I

Definitions

 

The terms used in these By-Laws, to the extent they are not defined below, shall have the same definitions as set forth in the Declaration of Condominium Ownership for Green Street Loft Condominium, which Declaration has been recorded in the Office of the Recorder of Deeds of Cook County, Illinois.

 

The term "member," as used in these By-Laws, means "Unit Owner," as defined in the Declaration.

 

ARTICLE II

Members

 

Section 1.       Eligibility. The Green Street Loft Condominium Association, an Illinois not-for-profit corporation, shall have one class of membership, consisting of the respective Unit Owners of the Property known as the Green Street Loft Condominium, .located at 400-418 South Green Street, Chicago, Illinois, in accordance with the respective percentages of ownership interest in the Common Elements of the Property owned by the respective Unit Owners, as set forth in Exhibit B to the Declaration. If a Unit Owner is a trust, then the member shall be a beneficiary of such trust, and if a Unit Owner or such a beneficiary is a corporation or a partnership, the member may be an officer, partner or employee of such Unit Owner or beneficiary.

 

Section 2.       Succession. The membership of each Unit Owner shall terminate when he ceases to be a Unit Owner, and upon the sale, transfer or other disposition of his ownership interest in the Property, his membership in the Association shall automatically be transferred to the new Unit Owner succeeding to such ownership interest.

 

Section 3.       Regular Annual Meetings. There shall be a regular meeting of Unit Owners held each year. All such meetings of Unit Owners shall be held at such place in Cook County, Illinois, at such time and for such purposes as specified in a written notice of such meeting, which shall be mailed or delivered to all Unit Owners not less than ten (10) days nor more than thirty (30) days prior to the date of such meeting. One of the purposes of each annual regular meeting shall be to elect members of the Board.

 

Section 4.       Special Meetings. Special meetings of the Unit Owners may be called by the President, by a majority of the directors of the Board, or by Unit Owners

 

 

 

Ex. F - Page 1


holding not less than twenty percent (20%) of the votes of the Association. Special meetings shall be called by the delivery of written notice to all Unit Owners not less than ten (10) days nor more than thirty (30) days prior to the date of each such meeting, stating the date, time and place of such meeting and the matters to be considered. Matters subject to the approval of Unit Owners under the Act, the Declaration or these By-Laws shall be submitted to the Unit Owners at special meetings in accordance with the notice and voting provisions set forth below.

 

Section 5.       Notice of Meetings. Written notice of all meetings of the Unit Owners shall be delivered by the Secretary of the Association and may be delivered either personally or by mail to a Unit Owner at the address given to the Board by such Unit Owner for such purpose, or to the Unit Owner's Unit, if no address for such purpose has been given to the Board. In addition, any holder of a mortgage on the Property or any part of the Property or on any or all of the Units and the appurtenant Common Elements shall, upon written request to the Association, be entitled to receive written notices of all such meetings and to designate a representative to attend the same;

 

Section 6.       Voting. The aggregate number of votes for all Unit Owners shall be one hundred (100) and shall be divided among the respective Unit Owners in accordance with their respective percentages of ownership in the Common Elements. If any Unit Owner consists of more than one person, the voting rights of such Unit Owner shall not be divided, but shall be exercised as if the Unit Owner consisted of only one person, either in accordance with the proxy or other designation made by agreement of the persons constituting such Unit Owner, or by sole presence or majority agreement at the Association meeting as provided below. Any Unit Owner may vote by proxy executed in writing by the Unit Owner or by his duly authorized attorney-in-fact, provided that the proxy shall be invalid after eleven (11) months from the date of its execution, and each proxy must bear the date of its execution. Any proxy distributed for board elections by the Board of Directors shall give Unit Owners the opportunity to designate any person as the proxy holder and shall give the Unit Owner the opportunity to express a preference for any of the known candidates for the Board or to write in a name. The Board of Directors may disseminate to Unit Owners biographical and background information about candidates for election to the Board if: (1) reasonable efforts to identify all candidates has been made and all candidates have been given an opportunity to include biographical and background information in the information to be disseminated; and (2) the Board shall not express a preference in favor of any candidate.

 

If only one of the multiple owners of a Unit is present at a meeting of the Association, such Unit Owner shall be entitled to cast all of the votes allocated to such Unit; if more than one of the multiple owners are present, the votes allocated to such Unit may be cast only in accordance with the agreement of a majority in interest of the multiple owners, and there shall be deemed majority agreement if any one of the multiple owners casts the votes allocated to such Unit without timely protest to the person presiding over the meeting by any of the other owners of such Unit. The following matters shall be subject

 

 

Ex. F - Page 2

Doc.#   98512733 Page 37 of 56


to the affirmative vote of not less than two-thirds (2/3) of the votes of Unit Owners at a meeting duly called for the purpose of: (a) the merger or consolidation of the Association; (b) the sale, lease, exchange, mortgage, pledge or other disposition of all or substantially all of the property and assets of the Association; and (c) the purchase or sale of land or Units on behalf of all Unit Owners.

 

In the event of a resale of a Unit, the purchaser of a Unit pursuant to an installment contract for purchase shall during such time as he or she resides in the Unit shall be counted toward a quorum for purposes of election of members of the Board at any meeting of Unit Owners called for the purposes of electing members of the Board, shall have the right to vote for the election of members of the Board and to be elected to and serve on the Board unless the seller expressly retains in writing any or all of such rights. In no event may the seller and purchaser both be counted toward a quorum, both be permitted to vote for a particular office or both be elected to serve on the Board. Satisfactory evidence of the installment contract shall be made available to the Association or its agents. For purposes of this paragraph, "installment contract" shall have the same meaning as set forth in Section 1 (e) of An Act Relating to Installment Contracts to Sell Dwelling Structures, approved August 11,1967, as amended.

 

Section 7.       Quorum. A quorum of Unit Owners for any meeting shall be constituted by Unit Owners represented in person or by proxy and holding at least twenty percent (20%) of the votes entitled to be cast at such meeting.

 

Section 8.       Rules. The Board may prescribe reasonable rules for the conduct of all meetings of the Board and Unit Owners, or, in the absence of such rules, Robert’s Rules of Order shall be used.

 

Section 9.       Information. Any Unit Owner shall be provided by the Board, within ten (10) working days after written request, the names, addresses and weighted vote of each Unit Owner entitled to vote at such meeting, with respect to any meeting to elect members of the Board.

 

ARTICLE III

Board of Directors

 

Section 1.       Number. Election and Term. The Board of Directors of the Association (referred to in the Condominium Property Act of the State of Illinois as the "board of managers") shall consist of five (5) persons ("directors"). Directors shall be elected at the regular annual meeting of Association members by the vote of Unit Owners. Those candidates for election as director receiving the greatest number of votes, either in person or by proxy, at the meeting shall be elected. A candidate for election to the Board or such candidate's representative shall have the right to be present at the counting of ballots at such election. Every director shall hold office for the term of one (1) year and

 

 

Ex. F - Page 3

 

Doc.#    98512733 Page 38 of 56


until his successor has been elected and qualified; provided that directors may succeed themselves in office.

 

Section 2.       Qualifications. Each director shall be a Unit Owner (or if a Unit Owner is a trustee of a trust, a director may be a beneficiary of such trust and if a Unit Owner or such beneficiary is a corporation or partnership, a director may be an officer, partner, employee or consultant of such Unit Owner or beneficiary). If a director fails to meet such qualifications during his term, he shall cease to be a director, and his place on the Board shall be vacant.

 

Section 3.       Vacancies. Any vacancy occurring in the Board shall be filled by a two-thirds (2/3) vote of the remaining directors. Any director so elected or appointed to fill a vacancy shall hold office for a period terminating no later than thirty (30) days following the filing of a petition signed by Unit Owners holding not less than twenty percent (20%) of the votes of the Association requesting a meeting of the Unit Owners to fill such vacancy for the balance of the term. A meeting of the Unit Owners shall be called for purposes of filling a vacancy on the Board no later than thirty (30) days following the filing of a petition signed by Unit Owners holding not less than twenty percent (20%) of the votes of the Association requesting such a meeting.

 

Section 4.       Meetings. At least four (4) regular meetings of the Board shall be held annually, one of which shall be within ten (10) days following the regular annual meeting of Unit Owners. Special meetings of the Board shall be held upon a call by the President or by twenty-five percent (25%) of the Board. Both regular and special meetings of the Board shall be open to any Unit Owner, except for the portion of any meeting held (a) to discuss litigation when an action against or on behalf of the Association has been filed and is pending in a court or administrative tribunal, or when the Board finds that such an action is probably or imminent; (b) to consider information regarding appointment, employment or dismissal of an Association employee; or (c) to discuss violations of rules and regulations of the Association or a Unit Owner's unpaid share of Common Expenses. Any Unit Owner may record the proceedings at a meeting to the extent required to be an open meeting as described, by tape, film or other means, provided that the Board may prescribe reasonable rules and regulations or govern the right to make such recordings. Notice of such meetings shall be delivered to each director personally or by mail at least forty-eight (48) hours prior to each meeting, unless a written waiver of such notice is signed by the person or persons entitled to such notice pursuant to the Declaration, these By-Laws, other condominium instruments or provision of law other than this section before the meeting is convened; provided, however, that notice of all regularly scheduled Board meetings may be given once for any twelve (12) month period and need not be given again unless a regularly scheduled meeting is rescheduled for a different time or place. In addition to the foregoing, however, copies of notices of all meetings of the Board shall be posted in such location or locations in proximity of the Units as the Board may from time to time designate at least forty-eight (48) hours prior to each meeting of the Board. Any director or other Unit Owner may waive notice of a meeting; consent to the holding of a meeting without notice

 

 

Ex. F - Page 4

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or consent to any action proposed to be taken by the Board without a meeting, and a director or other Unit Owner's attendance at a meeting shall constitute his waiver of notice.

 

Section 5.       Removal. Any director may be removed from office for cause by the Unit Owners owning at least two-thirds (2/3) of the total ownership of the Common Elements.

 

Section 6.       Compensation. Directors shall receive no compensation for their services as directors, unless expressly provided for in resolutions duly adopted by the Unit Owners.

 

Section 7.       Quorum. A majority of the directors shall constitute a quorum.

 

Section 8.       Powers and Duties. The Board shall exercise for the Association all powers, duties and authority vested in the Board by the Act, the Declaration or these By-Laws, except for such powers, duties and authority reserved by these By-Laws to the members of the Association. The powers and duties of the Board shall include, but shall not be limited to, the following:

 

(a)       to administer the affairs of the Association and the Property;

 

(b)       to administer, manage, operate and formulate policies for the Property, including the Common Elements;

 

(c)        to provide for the care, upkeep, maintenance, repair, replacement and improvement of the Common Elements and payments for such matters and to approve payment vouchers or to delegate such approval to the officers of the Association;

 

(d)       to have access to each Unit from time to time as may be necessary for the maintenance, repair and replacement of any Common Elements in or accessible from such Unit or for making emergency repairs necessary to prevent damage to the Common Elements or to another Unit or Units;

 

(e)       to obtain adequate and appropriate kinds of insurance as provided in Section 13 of the Declaration;

 

(f)         to determine the fiscal year of the Association and to change such fiscal year from time to time as the Board deems advisable;

 

(g)       to estimate the amount of, prepare, adopt, and distribute the annual budget and to provide the manner of assessing, levying on and collecting from the Unit Owners their respective shares of the Common Expenses, as provided below;

 

 

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(h)        to keep detailed, accurate records of the receipts and expenditures affecting the use and operation of the Property;

 

(i)         to elect and remove the officers of the Association as provided below;

 

(j)         to adopt rules and regulations governing details of the administration, management, operation and use of the Property, including the Common Elements, which rules and regulations may provide for reasonable fines against Unit Owners in violation of the same, constituting liens against Units, and to amend such rules and regulations from time to time, provided that such rules and regulations shall be adopted after a meeting of the Unit Owners called for the specific purpose of discussing the proposed rules and regulations and held in accordance with Article II of these By-Laws and provided, further, that no rules and regulations shall impair any rights guaranteed by the First Amendment to the Constitution of the United States of America or Article I, Section 4 of the Illinois Constitution, and unless the Declaration expressly provides to the contrary, no quorum is required at such meeting of Unit Owners;

 

(k)        to engage the services of a professional managing agent to administer, operate, maintain, repair and replace the Property or any part of the Property for the Unit Owners, upon such terms and for such compensation and with such authority as the Board may approve;

 

(I)         to provide for the designation, hiring and removal of any employees and other personnel, including accountants and attorneys, and to engage or contract for the services of others, and to make purchases for the administration, operation, maintenance, repair and replacement of the Property, including the Common Elements;

 

(m)      to purchase or lease any Unit or interest in any Unit pursuant to the Association's first option set forth in Section 19 of the Declaration;

 

(n)        to bid and purchase for and on behalf of the Association any Unit, or interest in any Unit, at a sale pursuant to a foreclosure of the lien for Common Expenses under the Act or an order or direction of a court, or at any other private or public sale, upon the consent or approval of Unit Owners owning not less than sixty-six and two-thirds percent (66%%) of the total ownership of the Common Elements, provided that such consent shall set forth the maximum price that the Board or its duly authorized agent may bid and pay for such Unit;

 

(o)       to make such mortgage arrangement and special assessments proportionately among the Unit Owners, and such other financing arrangements as the Board may deem desirable in order to close and consummate the purchase or lease of a Unit, or interest in a Unit, by the Association; provided, however, that no

 

 

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financing arrangement shall be secured by an encumbrance on any interest in the Property other than the Unit, or interest in such Unit, to be purchased and the pi in the appurtenant Common Elements;

 

(p)       to own, encumber, lease, convey and otherwise deal with Units conveyed to or purchased by it;

 

(q)       to pay real property taxes, special assessments and any other special taxes or charges of the State of Illinois or of any of its political subdivisions, or other lawful taxing or assessing body, that are authorized by law to be assessed and levied upon the Property;

 

(r)        to impose charges for late payments of a Unit Owner's proportionate share of the Common Expenses, or any other expenses lawfully agreed upon, and after notice and an opportunity to be heard, levy reasonable fines for violation of the Declaration, these By-Laws and the rules and regulations of the Association;

 

(s)        to assign the right of the Association to future income, including the right to receive Common Expenses, in connection with any financing of capital expenditures or other non-recurring Common Expenses, subject to the approval of Unit Owners pursuant to Article V, Sections 1 or 5 of these By-Laws;

 

(t)         to record the dedication of a portion of the Common Elements to a public body for use as, or in connection with, a street or utility where authorized by the Unit Owners pursuant to the Declaration;

 

(u)        to record the granting of an easement for the laying of cable television cable where authorized by the Unit Owners pursuant to the Declaration;

 

(v)        to seek relief on behalf of all Unit Owners, when authorized by a two-thirds (2/3) vote of the Board or by the affirmative vote of not less than a majority of Unit Owners at a meeting duly called for such purpose, from or in connection with the assessment or levying of real property taxes, special assessments and any other special taxes or charges of the State of Illinois or of any of its political subdivisions or of any lawful taxing or assessing body;

 

(w)       unless otherwise provided in these By-Laws or in the Declaration, to comply with the instructions of a majority of the Unit Owners (as such majority is defined in Section 1(k) of the Declaration), as expressed in a resolution duly adopted at any annual or special meeting of the Unit Owners;

 

(x)        to act in a representative capacity in relation to matters involving the Common Elements or more than one Unit on behalf of the Unit Owners, as their interests may appear; and

 

 

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(y)        to appoint committees of the Board and to delegate to such committees the Board's authority to carry out certain duties of the Board.

 

ARTICLE IV

Officers

 

Section 1.       Designation. At each regular annual meeting, the directors present at such meeting shall elect the following officers of the Association, each of whom shall be a director, by a majority vote:

 

(a) a President, who shall preside over the meetings of the Board and of the Unit Owners, and who shall be the chief executive officer of the Association;

 

(b) a Secretary, who shall keep the minutes of all meetings of the Board and of the Unit Owners, who shall be designated as the officer to mail and receive notices served by or upon the Association and execute amendments to the Declaration (including the Plat) and these By-Laws pursuant to the Act, and who shall, in general, perform all the duties incident to the office of Secretary;

 

(c) a Treasurer, who shall be responsible for financial records and books of account and the manner in which such records and books are kept and reported; and

 

(e)    such additional officers as the Board may see fit to elect.

 

If the directors elect one or more Vice Presidents, then each Vice President shall have the power to act in the absence of the President but the directors may specify the order of priority in which such Vice Presidents shall assume generally the duties of the President. If the directors do not elect a Vice President and the President is unable or unwilling to act, the powers of the President may be exercised by the Treasurer.

 

Section 2.       Qualifications. Each officer shall meet the qualifications specified in Article III, Section 2 of these By-Laws for directors. If an officer fails to meet such qualifications during his term, he shall cease to be an officer, and his office shall be deemed vacant.

 

Section 3.       Powers. The respective officers shall have the general powers usually vested in their respective offices, provided that the Board may delegate any specific powers to any other officer to impose such limitations or restrictions upon the powers of any officer as the Board may see fit.

 

Section 4.       Term of Office. Each officer shall hold office for the term of one (1) year and until his successor has been appointed or elected and qualified, provided that any officer may succeed himself.

 

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Section 5.       Vacancies. Vacancies in any office shall be filled by the Board by a majority vote of the remaining members at a special meeting of the Board. Any director so elected to fill a vacancy shall hold office for a term equal to the unexpired term of the officer he succeeds. Any officer may be removed for cause at any time by a vote of two-thirds (2/3) of the total membership of the Board at a special meeting of the Board.

 

Section 6.       Compensation. Officers shall receive no compensation for their services as officers, unless expressly provided for in resolutions duly adopted by the Unit Owners.

 

ARTICLE V

Assessments

 

Section 1.       Annual Budget. The Board shall cause to be prepared, and shall adopt, a detailed estimated annual budget for each fiscal year of the Association. Such budget shall set forth with particularity all anticipated Common Expenses by category as well as all anticipated assessments, other income and cash requirements for the year, including, but not limited to, salaries and wages, payroll taxes and insurance contributions, management fees, legal and accounting fees, maintenance and other charges, insurance premiums, rents, costs of any fuel, utilities and supplies, adequate reserves for periodic maintenance, repair and replacement of improvements to the Common Elements and those Limited Common Elements which the Unit Owners may be obligated to maintain, reserves for taxes, special assessments and other appropriate Common Expenses. The annual budget shall set forth each Unit Owner's proposed Common Expenses assessment, including any additional assessment for insurance premiums reflecting increased charges for any Unit. To the extent that the assessments and other cash income collected from the Unit Owners during the preceding year are more or less than the expenditures for such preceding year, the surplus or deficit, as the case may be, shall also be taken into account. The annual budget shall also take into account the estimated net available cash income of the year from the lease, operation or use of the Common Elements. The annual budget shall provide for such reserves for contingencies as reasonably determined by the Board. A copy of the estimated annual budget for each fiscal year shall be furnished to each Unit Owner not later than thirty (30) days prior to its adoption by the Board, and shall contain an indication of which portions of the budget, if any, are intended for capital expenditures or repairs or for payment of real estate taxes.

 

Each Unit Owner shall receive notice, in the same manner as is provided in Article II, Sections 3 and 4 above for meetings of Unit Owners, (a) of any meeting of the Board concerning the adoption of the proposed annual budget, or any increase in such budget or any establishment of a separate special assessment, (b) that except as provided in subsection (d) below, if an adopted budget or any separate assessment adopted by the board would result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 115% of the sum of all regular and separate assessments payable during the preceding fiscal year, the Board, upon written petition by unit owners

 

 

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with 20 percent of the votes of the Association delivered to the Board within fourteen (14) days of the Board action, shall call a meeting of the Unit Owners within thirty (30) days of the date of delivery of the petition to consider the budget or separate assessment; unless a majority of the total votes of the Unit Owners are cast at the meeting to reject the budget or separate assessment, it is ratified, (c) that any Common Expenses not set forth in the budget or any increase in assessments over the amount adopted in the budget shall be separately assessed against all Unit Owners, (d) that separate assessments for expenditures relating to emergencies or mandated by law may be adopted by the Board without being subject to Unit Owner approval or the provisions of item (b) above or item (e) below. As used herein, "emergency" means an immediate danger to the structural integrity of the Common Elements or to the life, health, safety or property of the Unit Owners, (e) that assessments for additions and alterations to the Common Elements or to Association-owned property not included in the adopted budget, shall be separately assessed and are subject to approval of two-thirds of the total votes of all Unit Owners, (f) that the Board may adopt separate assessments payable over more than one fiscal year. With respect to multi-year assessments not governed by items (d) and (e), the entire amount of the multi-year assessment shall be deemed considered and authorized in the first fiscal year in which the assessment is approved.

 

Section 2.       Assessments. On or before the first day of the first month and of each succeeding month of the year covered by the annual budget, each Unit Owner shall pay, as his respective monthly assessment of the Common Expenses, one-twelfth (1/2) of his proportionate share of the Common Expenses for such year as shown by the annual budget. Such proportionate share for each Unit Owner shall be in accordance with the percentages set forth in Exhibit B and C. In addition, Common Expenses for insurance premiums may be assessed on a basis reflecting increased charges for such Unit. In the event the Board does not approve an estimated annual budget or fails to determine new monthly assessments for any year, or is delayed in doing so, each Unit Owner shall continue to pay each month the amount of his monthly assessment on or before the first day of each month at such place of payment as may be directed by the Board. No Unit Owner shall be relieved of his obligation to pay his assessment by abandoning or by not using his Unit or the Common Elements.

 

Section 3.       Partial Year or Month. Commencing with the date of occupancy of his Unit, each Unit Owner shall pay his assessment of the following month or fraction of a month, which assessment shall be in proportion to his ownership interest in the Common Elements and the number of months and days remaining of the period covered by the current annual budget, and which assessment shall be as computed by the Board.

 

Section 4.       Annual Report. Within ninety (90) days after the end of each fiscal year covered by an annual budget, or as soon after as shall be practicable, but in any event within one hundred twenty (120) days, the Board shall cause to be furnished to each Unit Owner, and to any holder of a mortgage on the Property or any part of the Property or on any or all of the Units and the appurtenant Common Elements, at the written request

 

 

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of such holder to the Board, a statement for such year so ended, showing an itemized accounting of the Common Expenses for the preceding year actually incurred or paid, together with an indication of which portions were for capital expenditures or repairs or payment of real estate taxes and a tabulation of the amount collected pursuant to the budget or assessment, and showing the net excess or deficit of income over expenditures plus reserves and other such information as the Board may deem desirable.

 

Section 5.       Supplemental Budget. In the event that during the course of any year it shall appear to the Board that the monthly statements determined in accordance with the estimated annual budget for such year, are insufficient or inadequate to cover the estimated Common Expenses for the remainder of such year, or if there shall be any non-­recurring cs or any Common Expenses not set forth in the annual budget as adopted, then the Board shall prepare and approve a supplemental budget covering the estimated deficiency for the remainder of such year, copies of which supplemental budget shall be furnished to each Unit Owner, and after which a supplemental assessment shall be made against each Unit Owner for his proportionate share of such supplemental budget, subject, however, to the provisions of Article V, Section 1 above.

 

Section 6.       Expenditures. Except for expenditures and contracts authorized by law or the annual budget as adopted, the Board shall not enter into any contract of more than one (1) year's duration, without the prior approval of Unit Owners holding at least two-thirds (2/3) of the total ownership of the Common Elements.

 

Section 7.       Lien. It shall be the duty of every Unit Owner to pay his proportionate share of the Common Expenses, as assessed in the manner provided in these By-Laws. The Association shall have no authority to forbear the payment of assessments.

 

If any Unit Owner shall fail or refuse to make any such payment of the Common Expenses when due, the amount of such payment, together with late charges equal to five percent (5%) of such monthly payment not paid within ten (10) days after it is due, and interest at the rate of twelve percent (12%) per year or the maximum applicable legal contract rate of interest then in effect under Illinois law, whichever is higher, but in any event not in excess of eighteen percent (18) per year, shall constitute a lien, as provided in the Act, enforceable by the Board on the interest of such Unit Owner in the Property, provided that such lien shall not be foreclosed upon until at least six (6) months after the date such payment was due. Upon recording of a notice of lien as provided in the Declaration, such lien shall be prior to all other liens and encumbrances, provided that such lien shall in any event be subordinate to the lien of any encumbrance on any or all of the Units and the appurtenant Common Elements, or on the interest of such Unit Owner, which encumbrance is owned or held by a bank, insurance company, savings and loan association, other lending institution, institutional investor or other lender, except for the amount of the proportionate share of Common Expenses that become due and payable from and after the date on which such mortgage or encumbrance owner or holder either takes possession of all or any part of the security described in such mortgage or

 

 

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encumbrance, accepts a conveyance of any interest in such security (other than as security), or files suit to foreclose its mortgage or encumbrance and causes a receiver to be appointed. The provisions of this paragraph of this Section 7 shall not be amended, changed, modified or rescinded in any way without the prior written consent of all such lien holders of record.

 

The Association or its successors or assigns, or the Board or its agents, shall have the right to maintain a suit to foreclose any such lien, and there shall be added to the amount due the costs of such suit, reasonable attorneys' fees to be fixed by the court, and other fees and expenses incurred in connection with such suit, together with legal interest as described above. Furthermore, if any Unit Owner fails or refuses to pay when due his proportionate share of the Common Expenses and such Unit Owner withholds possession of his unit after demand by the Board or the Association in writing setting forth the amount claimed, the Board or the Association shall have the right to possession of such Unit. The Board or the Association shall have the authority to exercise and enforce any and all rights and remedies as provided for in the Act, the Declaration, these By-Laws, rules and regulations under these By-Laws, or Article IX of the Illinois Code of Civil Procedure or any . amendment or successor legislation, or as are otherwise available at law or in equity, for the collection of all unpaid assessments.

 

Section 8.     Records and Statement of Account.

 

(a) The Board shall maintain the following records of the Association available for examination and copying at convenient hours of weekdays by the Unit Owners or their First Mortgagees and their duly authorized agents or attorneys:

 

(1) the Association's Declaration, By-Laws, and plats of survey, and all amendments of these;

 

(2)      the rules and regulations of the Association, if any;

 

(3) the articles of incorporation of the Association and all amendments to the articles of incorporation;

 

(4) minutes of all meetings of the Association and its Board of Managers for the immediately preceding seven (7) years;

 

(5)      all current policies of insurance of the association;

 

(6) all contracts, leases, and other agreements then in effect to which the Association is a party or under which the Association or the Unit Owners have obligations or liabilities;

 

 

 

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(7)       a current listing of the names, addresses, and weighted vote of all Owners entitled to vote;

 

(8)       ballots and proxies related to ballots for all matters voted on by the Unit Owners of the Association during the immediately preceding twelve (12) months, including but not limited to the election of members of the Board of Managers; and

 

(9)       the books and records of account for the Association's current and ten (10) immediately preceding fiscal years, including but not limited to itemized and detailed records of all receipts and expenditures.

 

(b)       Any Unit Owner shall have the right to inspect, examine, and make copies of the records described in subparagraphs (1), (2), (3), (4), and (5) of subsection (a) of this Section, in person or by agent, at any reasonable time or times, at the Association's principal office. In order to exercise this right, the Unit Owner must submit a written request to the Board, or its authorized agent, stating with particularity the records sought to be examined. Failure of the Board to make available all records so requested within 30 days of receipt of the Unit Owner's written request shall be deemed a denial.

 

Any Unit Owner who prevails in an enforcement action to compel examination of records described in subparagraphs (1), (2), (3), (4), and (5) of subsection (a) of this Section shall be entitled to recover reasonable attorney's fees and costs from the Association.

 

(c)        Except as otherwise provided in subsection (e) of this Section, any Unit Owner of the Association shall have the right to inspect, examine, and make copies of the records described in subparagraphs (6), (7), (8), and (9) of subsection (a) of this Section, in person or by agent, at any reasonable time or times but only for a proper purpose, at the Association's principal office. In order to exercise this right, the Unit Owner must submit a written request, to the Board or its authorized agent, stating with particularity the records sought to be examined and a proper purpose for the request. Subject to the provisions of subsection (e) of this Section, failure of the Board to make available all records so requested within thirty (30) business days of receipt of the Unit Owner's written request shall be deemed a denial; provided, however, that if the Board of Managers has adopted a secret ballot election process as provided in Section 18 of the Act shall not be deemed to have denied a Unit Owner's request for records described in subparagraph (8) of subsection (a) of this Section if voting ballots, without identifying unit numbers, are made available to the requesting Unit Owner within thirty (30) days of receipt of the Unit Owner's written request. In an action to compel examination of records described in subparagraphs (6), (7), (8), and (9) of subsection (a) of this Section, the burden of proof is upon the Unit Owner to establish that the Unit Owner's

 

 

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request is based on a proper purpose. Any Unit Owner who prevails in an enforcement action to compel examination of records described in subparagraphs (6), (7), (8), and (9) of subsection (a) of this Section shall be entitled to recover reasonable attorney's fees and costs from the Association only if the court finds that the Board acted in bad faith in denying the Unit Owner's request.

 

(d)       The actual cost to the Association of retrieving and making requested records available for inspection and examination under this Section shall be charged by the Association to the requesting Unit Owner. If a Unit Owner requests copies of records requested under this Section, the actual costs to the Association of reproducing the records shall also be charged by the Association to the requesting Unit Owner.

 

(e)       Notwithstanding the provisions of subsection (c) of this Section, unless otherwise directed by court order, the Association need not make the following records available for inspection, examination, or copying by its Unit Owners:

 

(1) documents relating to appointment, employment, discipline, or dismissal of Association employees;

 

(2) documents relating to actions pending against or on behalf of the Association or its Board of Managers in a court or administrative tribunal;

 

(3) documents relating to actions threatened against, or likely to be asserted on behalf of, the Association or its Board of Managers in a court or administrative tribunal;

 

(4) documents relating to common expenses or other charges owed by a Unit Owner other than the requesting Unit Owner, and

 

(5) documents provided to the Association in connection with the lease, sale, or other transfer of a unit by a Unit Owner other than the requesting Unit Owner.

 

(f)         Upon ten (10) days' notice to the Board and payment of a reasonable fee, any Unit Owner shall be furnished a statement of his account setting forth the amount of any unpaid assessments or other charges due and owing from such Unit Owner.

 

Section 9.       Discharge of Liens. The Board may cause the Association to discharge any mechanic's lien or other encumbrance that in the opinion of the Board may constitute a lien against the Property or the Common Elements, rather than a lien against only a particular Unit. When less than all of the Unit Owners are responsible for the

 

 

 

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existence of any such lien, the Unit Owners responsible shall be liable for the amount necessary to discharge the same and for all costs and expenses, including reasonable attorneys' fees, incurred by reason of such lien.

 

Section 10.    Holding of Funds. All funds collected by the Association shall be held and expended for the purposes designated in these By-Laws, and (except for such special assessments as may be levied under these By-Laws against less than all Unit Owners and such adjustment as may be required to reflect delinquent or prepaid assessments) shall be deemed to be held for the benefit, use and account of all Unit Owners in the percentages set forth in Exhibit B.

 

ARTICLE VI

Use and Occupancy Restrictions

 

Section 1.       General. Each Unit Owner shall comply with the use and occupancy restrictions contained in the Declaration as well as those contained in these By-Laws.

 

No unlawful, noxious or offensive activities shall be carried on in any Unit or elsewhere on the Property, nor shall anything be done in or on the Unit or the Property that, in the judgment of the Board, constitutes a nuisance or causes unreasonable noise or disturbance to others.

 

Each Unit Owner shall maintain his Unit in good condition and in good order and repair, at his own expense, and shall not do or allow anything to be done in his Unit that may increase the cost or cause the cancellation of insurance on the other Units or on the Common Elements. No Unit Owner shall display, hang, store or use any clothing, blankets, laundry or other articles outside his Unit which may be visible from the outside of his Unit, other than draperies, curtains or shades, subject to the rules and regulations of the Board, or paint, decorate or adorn the outside of his Unit, or install outside his Unit any canopy or awning, outdoor radio or television antenna, or other equipment, fixtures or similar items of any kind, without the prior written permission of the Board. No Owner of a Unit shall display, hang, store or use any sign outside his Unit, or elsewhere, or which may be visible from the outside of his Unit, without the prior written permission of the Board.

 

Section 2.       Animals. Pets may be kept in a Unit unless otherwise provided by the Board; provided, however, that no pet shall be kept or bred for any commercial purpose. Each pet shall be kept in strict accordance with the administrative rules and regulations relating to household pets from time to time adopted or approved by the Board, and no such pet shall, in the judgment of the Board, constitute a nuisance to others. Moreover, each Occupant keeping any pet shall immediately pick up its droppings on the Common Elements and prevent such pet from making unreasonable noise. Failure of the Occupant to keep a pet in accordance with such restrictions may result in imposition of any and all remedies available to the Board or the Association under the Declaration and applicable

 

 

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law, including, without limitation, removal of the offending pet and imposition of a fine and lien against the offending Unit.

 

Section 3.       Trash. Trash, garbage and other waste shall be kept only in sanitary containers, and shall be disposed of in a clean and sanitary manner as prescribed from time to time in accordance with the rules and regulations of the Board.

 

Section 4.       Storage. Except as otherwise approved by the Board and subject to compliance with applicable municipal codes, ordinances and rules and regulations, articles of personal property belonging to any Unit Owner, such as baby carriages, bicycles, wagons, toys, furniture, clothing and other articles, shall not be stored or kept in the Common Elements.

 

Section 5.       Wiring. No Unit Owner shall overload the electrical wiring serving his Unit, or operate any machine, appliances, accessories or equipment in such manner as to cause, in the judgment of the Board, an unreasonable disturbance to others.

 

Section 6.       Applicability. The provisions of the Act, the Declaration, these By-Laws, other condominium instruments and rules and regulations that relate to the use of the individual Units or the Common Elements, shall be applicable to any person leasing a Unit and shall be deemed incorporated in any lease of a Unit.

 

ARTICLE VII

Contractual Powers

 

No contracts or other transaction between the Association and one or more of its directors or between the Association and any corporation, firm or association in which one or more of the directors of the Association are directors, or are financially interest, shall be void or voidable because such director or directors are present at the meeting of the Board or a committee of the Board that authorizes or approves such contract or transaction or because his or their votes are counted, if the circumstances specified in either of the following subparagraphs exists:

 

(a)       the fact of the common directorship or financial interest is disclosed or known to the Board or committee and noted in the minutes and the contract or transaction is approved in good faith by a vote sufficient for the purpose, without counting the vote or votes of such director or directors; or

 

(b)       the contract or transaction is just and reasonable as to the Association at the time it is authorized or approved.

 

Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board or a committee of the Board that authorizes, approves or ratifies such a contract or transaction.

 

 

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Notwithstanding the foregoing, the Board may not enter into a contract with a current Board member or with a corporation or partnership in which a Board member or a member of the Board member's immediate family has twenty-five percent (25%) or more interest, unless notice of intent to enter the contract is given to Unit Owners within twenty (20) days after a decision is made to enter into the contract and the Unit Owners are afforded an opportunity, by filing a petition, signed by twenty percent (20%) of the Unit Owners, for an election to approve or disapprove the contract. Such petition shall be filed within twenty (20) days after such notice and such election shall be held within thirty (30) days after filing the petition. For purposes of this paragraph, a Board member's immediate family means the Board member's spouse, parents and children.

 

ARTICLE VIII

Amendments

 

Subject to the requirements of Article V, Section 7 above relating to consent of lien holders, these By-Laws may be amended or modified from time to time by action or approval of sixty-six and two-thirds percent (66%%) of the Unit Owners. Such amendments shall be recorded in the Office of the Recorder of Deeds of Cook County, Illinois.

 

ARTICLE IX

Indemnification

 

Section 1.       General. The Association shall indemnify and hold harmless each of its directors and officers and each member of any committee appointed pursuant to these By-Laws (collectively the "interested parties") against all contractual and other liabilities to others arising out of contracts made by or other acts of, any of such interested parties on behalf of the Unit Owners, or arising out of the status of such interested party as such director, office or committee member, unless any such contract or act shall have been made fraudulently or with gross negligence of criminal intent. It is intended that the foregoing indemnification shall include indemnification against all attorneys and other professional fees, amounts of judgment paid, amounts paid in settlement and other costs and expenses of any nature whatsoever, reasonably incurred in connection with the defense of any claim, action, suit or proceeding, whether civil, criminal, administrative or otherwise, in which any such interested party may be involved by virtue of being or having been such director, officer or committee member; provided, however, that such indemnity shall not be operative with respect to any matter as to which such person shall have been finally adjudicated in such action, suit or proceeding to be liable for gross negligence or fraud in the performance of his duties as such director, officer or committee member.

 

Section 2.       Success on Merits. To the extent that any such director, officer or committee member has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 1 of this Article IX, or in defense of any

 

 

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Ex. F - Page 17


claim, issue or matter described above, he shall be indemnified against expenses actually and reasonably incurred by him in connection with such action, suit or proceeding.

 

Section 3.       Advance Payment. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the Association in advance of the final disposition of such action, suit or proceeding, as authorized by the Board, upon receipt of an undertaking by or on behalf of the person or entity seeking such indemnification or payment in advance to repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the Association as authorized in this Article IX.

 

Section 4.       Miscellaneous. The Association and the Board shall have the power to raise and the responsibility of raising, by special assessment or otherwise, any sums required to discharge its obligations under this Article; provided, however, that the liability of any Unit Owner arising out of any contract made by or other acts of any of the directors, officers or committee members, or out of the indemnity in favor of such interested parties shall be limited to such proportion of the total liability as such Unit Owner's percentage of interest in the Common Elements bears to the total percentage of interest of all the Unit Owners in the Common Elements. Every agreement made by any of such interested parties or by the managing agent, on behalf of the Unit Owners, shall provide that such directors, officer, committee members or managing agent, as the case may be, is acting only as agent for the Unit Owners and shall have no personal liability (except as Unit Owners), and that each Unit Owner's liability shall be limited to such proportion of the total liability as his percentage of interest in the Common Elements bears to the total percentage interest of all Unit Owners in the Common Elements. The indemnification provided by this Article IX shall not be deemed exclusive of any other rights to which any person seeking indemnification may be entitled under any statute, agreement, vote of members of the Board, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. Such right to indemnification shall continue as to a person or entity who has ceased to be a member of the Board, officer of the Association or committee member, and shall inure to the benefit of the devisees, legatees, heirs, executors, administrators, personal representatives, successors and assigns of such person or entity.

 

ARTICLE X

Statutory Powers

 

In addition to, and in furtherance of the powers referred to in this By-Laws, the Association (a) shall have all the powers permitted to be exercised by not-for-profit corporations under the General Not For Profit Corporation Act of the State of Illinois, as amended from time to time; and (b) shall have and exercise all powers necessary or convenient to serve any or all of the purposes for which the Association is organized and to do every other act, not inconsistent with applicable law, that may be appropriate to promote and attain the purposes set forth in the Declaration, these By-Laws or such latter Act.

 

 

 

Doc.#   98512733 Page 53 of 56                                           Ex-F- Page 18


EXHIBIT G

LEGAL DESCRIPTION

 

Tract One:

 

That part of the following described property, all taken as a tract, lying above a horizontal plane having an elevation of +29.52 feet, City of Chicago Datum: Lots 1, 2, 3, and 4, (except the West 8 feet thereof taken for alley) in Block 22 in Duncan's addition to Chicago, being a subdivision of the East half of the Northeast quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian, in Cook County, Illinois.

 

Tract Two:

 

That part of the following described property, all taken as a tract, (except the North 75.0 feet thereof) lying below a horizontal plane having an elevation of +16.45 feet, City of Chicago Datum: Lots 1,2,3, and 4, (except the West 8 feet thereof taken for alley) in Block 22 in Duncan's Addition to Chicago, being a subdivision of the East half of the Northeast quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian, in Cook County, Illinois.

also

 

The North 75.0 feet of that part of the following described property, all taken as a tract, lying below a horizontal plane having an elevation of -14.50 feet, City of Chicago Datum: Lots 1, 2, 3, and 4 (except the West 8 feet thereof taken for alley) in Block 22 in Duncan's Addition to Chicago, being a subdivision of the East half of the Northeast quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian in Cook County, Illinois.

 

Tract Three:

 

That part of the following described property, all taken as a tract, lying between a horizontal plane having an elevation of +16.45 feet City of Chicago Datum and a horizontal plane having an elevation of +29.52 feet City of Chicago Datum: The South 15.40 feet of the West 39.50 feet of Lots 1, 2, 3, and 4 (except the West 8 feet thereof taken for alley) all taken as a tract in Block 22 in Duncan's Addition to Chicago, being a subdivision of the East half of the Northwest quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian, in Cook County, Illinois.

together with

 

That part of Lots 1,2,3 and 4 (except the West 8 feet thereof taken for alley), all taken as a tract, described as follows: Commencing at the Northwest corner of said tract; thence Southerly along the Westerly line of said tract, a distance of 103.65 feet to the point of beginning of the North 75.0 feet of that part of the following described property, all taken as a tract, lying between a horizontal plane having an elevation of -14.50 feet City of Chicago Datum and a horizontal plane having an elevation of +29.52 feet City of Chicago Datum: Lots 1,2,3, and 4 (except the West 8 feet thereof taken for alley) all taken as a tract in Block 22 in Duncan's Addition to Chicago, being a subdivision

Ex. G - Page 1

 

Doc.#    98512733 Page 54 of 56


of the East half of the Northeast quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian, in Cook County, Illinois.

 

together with

 

That part of Lots 1, 2, 3, and 4 (except the West 8 feet thereof taken for alley) in Block 22 in Duncan's Addition to Chicago, being a subdivision of the East half of the Northeast quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian, in Cook County, Illinois, except the North 75.0 feet thereof lying between a horizontal plane having an elevation of +16.45 feet, City of Chicago Datum and a horizontal plane having an elevation of +29.52 feet City of Chicago Datum. Excepting therefrom that portion of such tract described as follows: The South 15.40 feet of the West 39.50 feet of Lots 1, 2, 3 and 4 (except the West 8 feet thereof taken for alley), all taken as a tract, in Block 22 in Duncan's Addition to Chicago, being a subdivision of the East half of the Northeast quarter of Section 17, Township 39 North, Range 14 East of the Third Principal Meridian, in Cook County, Illinois.

 

And also excepting therefrom that portion of such tract described as follows: That part of Lots 1, 2, 3, and 4 (except the West 8 feet thereof taken for alley), all taken as a tract, described as follows: Commencing at the Northwest corner of said tract; thence Southerly along the Westerly line of said tract, a distance of 103.65 feet to the point of beginning of the following described property: (Note: the following distances and courses are measured and taken along interior surface of walls and projections thereof, except as noted) thence Easterly 4.45 feet; thence Northerly 1.50 feet; thence Easterly 19.70 feet; thence Northerly 0.47 feet; thence Easterly 28.94 feet; thence along the arc of a circle convex Southeasterly having a radius of 7.03 feet for an arc distance of 7.03 feet; thence Northerly 9.31 feet; thence Easterly 1.05 feet; thence Northerly 0.43 feet; thence Easterly 3.15 feet; thence Northerly 1.76 feet; thence Westerly 3.46 feet; thence Northerly 7.48 feet; thence Easterly 17.30 feet; thence Southerly 7.48 feet; thence Westerly 3.75 feet; thence Southerly 1.75 feet; thence Easterly 3.75 feet; thence Southerly 6.71 feet; thence Westerly 0.74 feet; thence Southerly 2.79 feet; thence Easterly 1.18 feet; thence along the arc of a circle convex Southwesterly having a radius of 6.25 feet for an arc distance of 9.81 feet; thence Easterly 13.08 feet; thence Southerly 0.37 feet thence Easterly 20.85 feet to a point on the East line of said tract which is 102.36 feet South of the Northeast corner of said tract; thence Southerly along the Easterly line of said tract a distance of 8.32 feet; thence Westerly 5.67 feet; thence Southerly 1.68 feet; thence Westerly 14.30 feet; thence Northerly 0.09 feet; thence Westerly 1.27 feet; thence Southerly 0.37 feet; thence Westerly 12.81 feet; thence along the arc of a circle convex Northeasterly having a radius of 5.95 feet for a distance of 9.35 feet; thence Southerly 12.01 feet; thence Westerly 0.42 feet; thence Southerly 1.20 feet; thence Easterly 1.24 feet; thence Northerly 0.44 feet; thence Easterly 14.04 feet; thence Southerly 6.67 feet; thence Easterly 11.14 feet; thence Southerly 10.62 feet; thence Westerly 62.24 feet; thence Northerly 0.40 feet; thence Westerly 42.26 feet to the Westerly line of said tract; thence Northerly along the Westerly line of said tract a distance of 45.04 feet to the point of beginning, in Cook County, Illinois.

 

Located at 400-418 South Green Street in the City of Chicago, County of Cook, State of Illinois and containing the following units:

 

 

Doc.#    98512733 Page 55 of 56

 

Ex. G - Page 2


Doc.# 98512733 Page 56 of 56

Unit     Property                                             Unit     Property

No.      Index No.                                            No.      Index No.

 

201      17-17-237-014-1001                           214      17-17-237-014-1047

301      17-17-237-014-1002                           314      17-17-237-014-1048

401      17-17-237-014-1003                           414      17-17-237-014-1049

501      17-17-237-014-1004                           514      17-17-237-014-1050

202      17-17-237-014-1005                           215      17-17-237-014-1051

302      17-17-237-014-1006                           315      17-17-237-014-1052

402      17-17-237-014-1007                           415      17-17-237-014-1053

502      17-17-237-014-1008                           556      17-17-237-014-1054

203      17-17-237-014-1009                           216      17-17-237-014-1055

303      17-17-237-014-1010                           316      17-17-237-014-1056

403      17-17-237-014-1011                           416      17-17-237-014-1057

534      17-17-237-014-1012                           217      17-17-237-014-1058

204      17-17-237-014-1013                           317      17-17-237-014-1059

304      17-17-237-014-1014                           417      17-17-237-014-1060

404      17-17-237-014-1015                           517      17-17-237-014-1061

205      17-17-237-014-1016                           218      17-17-237-014-1062

305      17-17-237-014-1017                           318      17-17-237-014-1063

405      17-17-237-014-1018                           418      17-17-237-014-1064

505      17-17-237-014-1019                           518      17-17-237-014-1065

206      17-17-237-014-1020                           G1       17-17-237-014-1066

306      17-17-237-014-1021                           G2       17-17-237-014-1067

406      17-17-237-014-1022                           G3       17-17-237-014-1068

506      17-17-237-014-1023                           G4       17-17-237-014-1069

207      17-17-237-014-1024                           G5       17-17-237-014-1070

307      17-17-237-014-1025                           G6       17-17-237-014-1071

407      17-17-237-014-1026                           G7       17-17-237-014-1072

507      17-17-237-014-1027                           G8       17-17-237-014-1073

208      17-17-237-014-1028                           G9       17-17-237-014-1074

308      17-17-237-014-1029                           G10     17-17-237-014-1075

408      17-17-237-014-1030                           G11     17-17-237-014-1076

508      17-17-237-014-1031                           G12     17-17-237-014-1077

209      17-17-237-014-1032                           G13     17-17-237-014-1078

309      17-17-237-014-1033                           G14     17-17-237-014-1079

409      17-17-237-014-1034                           G15     17-17-237-014-1080

509      17-17-237-014-1035                           G16     17-17-237-014-1081

210      17-17-237-014-1036                           G17     17-17-237-014-1082

310      17-17-237-014-1037                           G18     17-17-237-014-1083

410      17-17-237-014-1038                           G19     17-17-237-014-1084

510      17-17-237-014-1039                           G20     17-17-237-014-1085

311      17-17-237-014-1040                           G21     17-17-237-014-1086

411      17-17-237-014-1041                           G22     17-17-237-014-1087

511      17-17-237-014-1042                           G23     17-17-237-014-1088

212      17-17-237-014-1043                           G24     17-17-237-014-1089

312      17-17-237-014-1044                           G25     17-17-237-014-1090

412      17-17-237-014-1045                           G26     17-17-237-014-1091

512      17-17-237-014-1046

 

Ex.G-Page3


 


RIDER

 

 

Article Three:    The purposes for which the corporation

is organized are:

 

To administer, manage, operate, maintain, repair, replace, and improve a residential condominium property, including land, build­ings, and improvements, located at 400-418 South Green Street, Chicago, Illinois.

 

The members of Green Street Loft Condominium Association shall consist of the respective Unit Owners of the Property, in accor­dance with their respective percentages of ownership interest in the Common Elements, as such terms are defined in that certain Declaration of Condominium Ownership for Green Street Loft Condominium, recorded in the Office of the Recorder of Deeds of Cook County, Illinois, as Document No. __________.

 

The membership of each Unit Owner shall terminate when he ceases to be a Unit Owner, and upon the sale, transfer, or other disposition of his ownership interest in the Property, his member­ship in the Association shall automatically be transferred to the new Unit Owner succeeding to such ownership interest.

 

The aggregate number of votes of all Unit Owners shall be one hundred (100), which shall be divided among the respective Unit Owners in accordance with their respective percentages of owner­ship interest in the Common Elements; provided, however, that if at any time thirty percent (30%) of the Units, by number, possess over fifty percent (50%) of the undivided ownership in the Common Elements, then any percentage vote of the Unit Owners specified in the Act, the Declaration, or these By-Laws shall require the specified percentage by number of Units rather than by percentage of ownership of the Common Elements. If any Unit Owner consists of more than one person, the voting right of such Unit Owner shall not be divided, but shall be exercised as if the Unit Owner consisted of only one person in accordance with the proxy or other designation made by the persons constituting such Unit Owner.

 

A quorum of Unit Owners for any meeting shall be constituted by Unit Owners represented in person or by proxy and holding at least fifty percent (50%) of the votes entitled to be cast at such meeting.

 

In the event of any conflict between the provisions of these Articles and those of the Declaration or any other exhibit to the Declaration, the provisions of such Declaration 05 such other exhibit shall govern and control.