Condo Documents: Article 4 | 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 IV

Assessments

An Assessment against Unit Owners shall be made by the Association and the proportionate amount of Common Expenses charged to each Unit shall be a lien against such Unit, as hereinafter provided, subject to the provision of Section 21 of the Condominium Act.Ê Such lien shall exist in favor of the Association and there shall be included therein interest as herein after provided and reasonable attorneysâ fees for enforcing the payment thereof. A Unit Owner shall, by acceptance of title, be conclusively presumed to have agreed to pay his proportionate share of Common Expenses assessed while he is the owner of the Unit. The liability of a Unit Owner for Common Expenses shall be limited to the amount equal to the percentage interest attributed to his Unit in accordance with the Condominium Documents and the Condominium Act, except for special charges and assessments imposed upon a specific Unit Owner or Owners as provided in this Master Deed.Ê No Unit Owner may exempt himself from liability for his share of Common Expenses by waiver of the enjoyment of the right to use any of the Common Elements or by abandonment of his Unit or otherwise. The Common Expenses charged to any Unit shall bear interest from the payment due date set by the Association at such rate not exceeding the legal interest rate as may be established by the Association or if no rate is so established at the legal rate.

Assessments for Common Expenses shall be made for the fiscal year annually in advance not later that one month prior to the year in question.Ê Such annual assessments shall be due and payable in equal monthly installments on the first day of each month; provided, however, the Association may elect to collect said annual assessments in quarterly installments due and payable on the first day of each quarter. The Association may review and revise the assessments made and may increase or decrease the same. Any such increase required for the proper management, maintenance and operation of the Common Elements and other Condominium Property shall be paid by the Unit Owners in equal monthly (or quarterly) installments for the balance of the Associations fiscal year commencing on the first day of the month or quarter next following notice of the increase.

Taxes, assessments, water and sewer rents, which may be levied against the condominium Property as a whole before separate assessments for each Unit are made, as provided in Paragraph 19 of the Condominium Act, shall be paid by the Association and shall be included in the budget and paid by the Unit Owners as a Common Expense. All liens against the Common Elements of any nature including but not limited to taxes and special assessments levied by and governmental authority may be paid by the Association and shall be assessed by the Association against the Unit or Units in accordance with their respective percentage interests or paid from the Common Expense Account, whichever in the judgment of the Association is appropriate. All other assessments, either for emergencies or otherwise, shall be made by the Association in accordance with the provisions of the Condominium Act and the Condominium Documents and if the date for payment is not set forth therein, the same shall be determined by the Association. The assessments against all Unit Owners shall be set forth upon a roll of the Units which shall be available for inspection at all reasonable times by Unit Owners or their duly authorized representatives. Such roll shall indicate for each Unit the name and address of the Unit Owner or Unit Owners, the assessments for all purposes and the amount of all assessments paid and unpaid.

As between the Association and each Unit Owner, the Common Expense and other charges and expenses represented in the monthly assessment shall immediately become, without any notice, a lien against each Unit on the date said payments are due; additional or added assessments for Common Expenses and other charges and expenses, if any, assessed against Units and not covered by the usual monthly assessments shall become a lien against each Unit as of the date when the expense or charge giving rise to such additional or added assessment was incurred by the Association. As to other persons, such liens shall be effective from and after the date of recordation in the public records of Atlantic County, New Jersey, of a claim of lien as provided in Section 21 of the Condominium Act. In the event that any such lien shall have been filed as aforesaid, then such lien may be foreclosed by the Association in the manner provided for the foreclosure of a mortgage on real property.Ê In the event of filing of such claim of lien, the Association shall, in addition to the amount due, be entitled to recover reasonable expense of the action, including costs and attorneyâs fees. The right of the Association to foreclose the lien aforesaid shall be in addition to any other remedy which may be available to it in law or at equity for the collection of all assessments duly made by the Association, including the right to proceed personally against any delinquent Unit Owner for the recovery of a personal judgment against such Unit Owner.

Upon any voluntary conveyance of a Unit, the grantor and grantee of such Unit shall be jointly and severally liable for all unpaid assessments pertaining to such Unit which are imposed by the Association or accrued to the date of such conveyance without prejudice to the right of the grantee to recover from the grantor any amounts paid by the grantee; however, the grantee shall be responsible for the payment of same to the Association.

A Unit may be sold at an execution sale free of any claim not a lien of record, for Common Expenses or other assessments by the Association, but any funds derived from such sale remaining after satisfaction of prior liens and charges but before distribution to the previous owner, shall be applied to payment of such Common Expenses or other assessments if written notice thereof shall have been given to the sheriff before distribution.Ê Any such unpaid Common Expenses which shall remain uncollectible from the former Unit Owner for a period of more than sixty (60) days after such sheriff sale may be reassessed by the Association as a Common Expense to be collected from all Unit Owners including the purchaser who acquired title to the sheriffâs sale, his successors and assigns other than a mortgagee acquiring the title as a result of foreclosure. The Association may bid in and purchase the Unit at a sheriffâs sale, and may acquire, hold, lease, mortgage and convey same.

Notwithstanding any foreclosure, tax sale or other forced sale of a Unit, all applicable provisions of the Condominium Documents and rules and regulations of the Association shall be binding upon any purchaser at such sale to the same extent they could bind a voluntary grantee except that such purchaser shall not be liable for the share of Common Expenses or other assessments by the Association pertaining to such Unit or chargeable to the former Unit Owner which became due prior to such sale except as otherwise provided in the preceding paragraphs.

In the event that any unpaid assessment shall be deemed uncollectible by the Association, such amount shall be a Common Expense collectible from all other Unit Owners in amounts corresponding to their percentage interests.<
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EXHIBITS

Assessments