Condo Documents-revised last | Atlantic Palace Condominium Association

R. 2-16-87

MASTER DEED CREATING AND ESTABLISHING

THE ATLANTIC PALACE, A CONDOMINIUM

THIS MASTER DEED, made this 19^th day of February, 1987, by RESORT DEVELOPMENT CORPORATION, a Delaware Corporation(Developer), with offices at P.O. Box 11496, Columbia, South Carolina, 29211, and with local offices at 2727 Boardwalk at Iowa, Atlantic City, New Jersey, 08401.

W I T N E S S E T H:

WHEREAS, Developer is the owner in fee simple of all that certain lot, tract and parcel of land situated, lying and being in the City of Atlantic City, County of Atlantic and State of New Jersey,bounded and described in Exhibit A attached hereto and made a parthereof by this reference thereto (hereinafter, the Propertyä); and

WHEREAS, Developer intends to establish and create a condominium form of ownership of the Property, together with improvements to be constructed, in accord and with and subject to the Condominium Act, R.S. 46:8B-1, et seq. (hereinafter, the Condominium Act), under the name of The Atlantic Palace, a Condominium (hereinafter The Condominium);

NOW, THEREFORE, Developer does hereby submit the Property to the provisions of the Condominium Act, and hereby publishes its plan for the division of the Submitted Property and the imposition of conditions, restrictions, reservation, thereof, and Developer hereby specifies that his Declaration of Condominium and the declarations herein shall constitute convenants, conditions, reservations, and restrictions which shall run with the Submitted Property and shall bind and inure to the benefit of the Developer, its successors and assigns and all subsequent owners of any interests in the Submitted Property, their grantees, successors,
heirs, executors, administrators, legatees and/or assigns.

ARTICLE I

Definitions

a) Association shall mean The Atlantic Palace Condominium Association, a New Jersey Non-Profit Corporation, formed to administer, manage and operate the Condominium, the common affairs of the Unit Owners and to maintain, repair and replace the Condominium Property.

Prepared and reviewed by U.S. Capital Corporation, P.O. Box 11506, Columbia, S.C. 29211

H.B. Munn, Jr.
Vice President, Development
U.S. Capital Corporation

b) Building shall mean any building or buildings containing dwelling units, and any other structure to be or being constructed on the Property.

c) By-Laws means the governing regulations adopted by the Association for the administration and management of the Condominium.

d) Common Elements means the General and Limited Common Elements, including but not limited to the following:

(i) the Property described in the Master Deed;

(ii) as to the improvements, the foundations, the structural and bearing parts, supports and main walls which are not part of a Unit, the roofs, basements, halls, corridors, stairways, elevators, entrances, exits and other means of access;

(iii) an indoor/outdoor swimming pool, an indoor and outdoor patio and deck area with whirlpool spas, indoor facilities with health and exercise equipment and saunas, on the recreational level;

(iv) yards, gardens, walkways, parking areas and driveways excluding any specifically reserved or limited to a particular Unit or group of Units;

(v) portions of the land or any improvements or appurtenances reserved exclusively for the management, operation or maintenance of the Common Elements or of the Condominium Property;

(vi) installations of all central services and utilities;

(vii) all apparatus and installations existing or intended for common use;

(viii) all other elements of any improvement necessary or convenient to the existence, management, operation, maintenance and safety of the Condominium Property or normally in common use; and

(ix) such other elements and facilities as are designated in the Master Deed as Common Elements, and the New jersey Condominium Act, N.J.S.A. 46:8B-3(d).

e) Common Expense means an expense for which the Unit Owners are proportionately liable, including but not limited to:

(i) all expenses of administration, maintenance, repair and replacement of the Common Elements;

(ii) Expenses agreed upon as common by all Unit Owners; and

(iii) Expenses declared common by provisions of the Master Deed or by the By-Laws.

f) Commercial Unit shall mean each of the commercial units existing in the Condominium and any subdivision thereof as described below.

g) Common Receipts means:

(i) rent and other charges derived from leasing or licensing the use of Common Elements;

(ii) funds collected from Unit Owners as Common Expenses or otherwise;

(iii) receipts designated as common by the provisions of the Master Deed or the By-Laws.

h) Condominiumä means The Atlantic Palace, a Condominium.

i) Condominium Property means the Property covered by the Master Deed, whether or not contiguous, and all improvements thereon, all owned either in fee simple or under lease, and all easements, rights and appurtenances and belonging thereto or intended for the benefit thereof and subject to all easements and restrictions of record.

j) Condominium Documents means and included this Master Deed, as the Same may be amended or supplemented from time to time, the By-Laws and Public Offering Statement as approved by the State of New Jersey, Department of Community Affairs, and the Exhibits annexed to each.

k) Developer or Grantor means Resort Development Corporation, a Delaware corporation.

l) General Common Elements means those Common Elements that are not specified in the Master Deed as Limited Common Elements.

m) Limited Common Elements means those Common Elements that are specifically noted in the Master Deed as Limited Common Elements.

n) Majority or majority of the unit owners means the owners of more than fifty (50%) of the Units. If a different number of Unit Owners is required for any determination under the Master Deed or By-Laws for any purpose, such different number of owners shall mean the number of Unit Owners so specified.

o) Operation of the Condominium Property means and included the administration of the Condominium, the operation, maintenance, repair or replacement of and the making of any additions or improvements in the Common Elements.

p) Person means an individual, firm, corporation, partnership, association, trust or other legal entity or any combination thereof.

q) Residential Unit shall mean each of the two hundred ninety-three (293) residential units in the condominium.

r) Sub Unit means any subdivision of the Commercial Unit.

s) Unit when not referred to specifically as either a residential or commercial unit, the use of the term Unit(s) shall refer to both, residential and commercial units

t) Unit Deed means the deed of conveyance of a Unit in a recordable form.

u) Unit Designation means the number, letter or combination thereof, or other of ficial designation as shown on Exhibit D attached hereto, and assigned to the Unit.

v) Unit Owner shall mean the status of a Purchaser of a Unit or Units at and upon final closing of title.

w) Institutional Mortgage Lender shall mean any bank, savings and loan, insurance company, pension plan, the grantor, or any affiliate of the grantor or any other commercial entity in the business of making mortgage loans.

x) Occupant shall mean any person residing in or having the use of a unit with the permission of the Unit Owner whether as a guest of the Unit Owner or a tenant or otherwise.

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