ARTICLE III • Page 6
Property Rights

ARTICLE IV • Page 12
Assessments

ARTICLE V • Page 15
The Atlantic Palace Condominium Association

ARTICLE VI • Page 18
Easement and Restrictions

ARTICLE VII • Page 20
By-Laws

ARTICLE VIII • Page 20
Use, Occupancy and Maintenance

ARTICLE IX • Page 24
Certain Rights of Developer

ARTICLE X • Page 27
Reconstruction or Repair of Casualty Damage

ARTICLE XI • Page 28
Insurance

ARTICLE XII • Page 33
Eminent Domain; Obsolescence

ARTICLE XIII • Page 34
Termination of Condominium

ARTICLE XIV • Page 35
Amendment of Master Deed

ARTICLE XV • Page 35
Provision for the Benefit of Institutional Mortgage Lenders

ARTICLE XVI • Page 36
Miscellaneous Provisions

EXHIBITS

Exhibit A
Legal Description of the Property

Exhibit B
Survey

Exhibit C
Graphic Description of the Condominium

Exhibit D
Unit Percentage Interests

Exhibit E
By-Laws

Exhibit F
Articles of Incorporation

Exhibit G
Floor Area of Units

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 XIII

 

Termination of Condominium

 

The Condominium may be terminated in accordance with R.S. 46:8B-26 through 46:8B-28; provided, however notwithstanding anything to the contrary in the Act as to termination in the event of destruction, the Association may not be terminated unless and until all Unit Owners and all Institutional Mortgagees of record of all Units agree thereto and said Institutional Mortgagees agree in writing to accept such termination and to accept as security the undivided portion of the Submitted Property owned by the debtors of each.Ê In the event of such termination, all Unit Owners shall become tenants in common of the real property and improvements constitution the Unit and Common Elements.Ê The ownership of each Unit Owner upon such termination as tenant in common shall be the same percentage as his percentage ownership in the Common Elements at that time.

Go To Article XIV