Condo Documents: Article 12 | 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 XII

Eminent Domain; Obsolescence

If all or any part of the Common Elements shall be taken or destroyed by the exercise of the power of eminent domain, each Unit Owner shall be entitle to notice of such taking and to participate through the Association in the proceedings incident thereto. Any damages shall be for the taking, injury or destruction as a whole and shall be collected by the Association and distributed by it among the Unit owners in proportion to each Unit ownerâs percentage interest in the Common Elements, except to the extent that the Association deems it necessary or appropriate to apply them to the repair or restoration of any such injury or destruction.

In the event the Board of Trustees of the Association shall determine that the Building is obsolete, the Board, at any special or regular meeting of the Unit Owners, may call for a vote to determine whether or not the Condominium Property shall be sold and the Condominium terminated. In the event at lease seventy-five (75%) percent of all of the unit Owners voting in accordance with the procedures established by the By-Laws and one hundred (100%) percent of the Institutional Mortgage lenders shall determine that the Condominium Property shall be sold, then the provisions of Article B shall become effective.

If any portion or portion of the Condominium, or the Common Elements or any portion thereof, is made the subject matter of any condemnation or eminent domain proceeding, or is otherwise sought to be acquired by a condemning authority, then the Institutional Mortgage Lender which holds a first mortgage on a Unit will be entitled to timely written notice of any such proceeding, or proposed acquisition, and no provision of this Master Deed shall entitle a Unit Owner or other party to priority over such Institutional Mortgage Lender with respect to the distribution to such Unit Owner of the proceeds of any award or settlement. Such notice shall be given by the Association and/or Unit Owner.

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EXHIBITS

Eminent Domain; Obsolescence