Condo Documents: Article 5 | 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 V

The Atlantic Palace Condominium Association

There shall be an Association known as The Atlantic Palace Condominium Association, a New Jersey non-profit corporation, which shall be responsible for the administration and management of the Condominium and Condominium Property and the conduct of all activities of common interest to the Unit Owners, including but not limited to the following:

1. The maintenance, repair, replacement, cleaning and sanitation of the Common Elements;

2. The assessment and collection of funds for Common Expenses and the payment thereof;

3. The adoption, distribution, amendment and enforcement of rules governing the use and operation of the Condominium and the Condominium Property and use of the Common Elements subject to the right of a majority of Unit Owners to change any such rules;

4. The maintenance of insurance against loss by fire or other casualties normally covered under broad form fire and extended coverage insurance policies as written in this State, covering all Common Elements and all structural portions of the Condominium Property and the application of the proceeds of any such insurance to restoration of such Common Elements and structural portions if such restoration shall otherwise be required under the provisions of this act or the Master Deed or By-Laws;

5. The maintenance of insurance against liability for personal injury and death for accidents occurring on, in or about the Common Elements, whether Limited or General, and the defense of any actions brought by reason of injury or death to a person or persons, or damage to property occurring within such Common Elements and not arising by reason of any act or negligence of any individual Unit Owner;

6. Nothing herein shall preclude any Unit Owner or other person having an insurable interest from obtaining insurance at his own expense and for his own benefit against any risk whether or not covered by insurance to be maintained by the Association

7. To fix charges, assessments, fees and rents;

8. To hold all the funds or other assets of the Condominium and administer them as trustee for the benefit of the Unit Owners;

9. To maintain itself, or through its designee, accounting records, in accordance with generally accepted accounting principles, open to inspection at reasonable times by Unit Owners.Ê Such records shall include:

(a) a record of all receipts and expenditures, and

(b) An account for each Unit setting forth any Common Expense or other charges due, the due dates thereof, the present balance due and any interest in a surplus or in Common Receipts of the Association;

10. To contract for all loans, mortgages, leases and purchase of sale of Units in the Condominium acquired by it or its designee on behalf of all of the Unit Owners, where applicable;

11. To direct all expenditures, select, appoint, remove and establish the salaries of employees, and fix the amount of bonds for offices and employees;

12. To maintain the Common Elements and other portions of the Building as specified herein, and to pay for services and to supervise repairs and alterations;

13. To adopt rules and regulations as may be necessary for the management and control and orderly use of the Common Elements, and in general to manage the Condominium Property as provided herein and in the By-Laws; however, nothing herein shall prevent the Association from employing and delegating such powers as it deems advisable to professional management; and

14. To exercise any of the rights, powers, privileges or duties which may from time to time be established by law or which may be delegated to it by the Unit Owners, or which it may deem prudent or desirable.

No Unit Owner, other than a duly elected officer of the Association. Shall have any authority to act for or to bind the Association.

Each person, upon becoming the owner of a Unit, shall become, automatically, a member of the Association and shall remain a member of the Association until such Unit Ownerâs membership in the Association shall cease automatically.Ê Other than as an incident to a lawful transfer of the title of a Unit, membership in the Association shall be non-transferable and any attempted transfer shall be null and void.
Any conveyance, transfer or alienation of a Unit shall conclusively be deemed to include all of the interest of such Unit Owner in and to the Association and any encumbrance upon any Unit shall be conclusively deemed to attach to the entire interest of such Unit Owner in the Association.

The Association shall have access with notice at reasonable hours unless in the case of an emergency, to each Unit from time to time during reasonable hours as may be necessary for the maintenance, repair or replacement of any Common Elements therein or accessible therefrom or for making emergency repairs necessary to prevent damage to Common Elements or to any other Unit.

The Association may purchase Units in the Condominium and otherwise acquire, hold, lease, mortgage and convey same.Ê The Association may additionally lease or license the use of Common Elements in a manner not inconsistent with the rights of Unit Owners.

Failure to comply with the By-Laws and the rules and regulations governing the use and operation of the Condominium, the Condominium Property and the Common Elements in effect from time to time and with the covenants, conditions, and restrictions set forth in the Master Deed or in Unit Deeds shall be grounds for an action for the recovery of damages or for injunctive relief or both, maintainable by the Association or by any other Unit Owner or by any person who holds a blanket mortgage or a mortgage lien upon a Unit and is aggrieved by any such non-compliance.

A Unit Owner shall have no personal liability for any damages caused by the Association or in connection with the use of the Common Elements.Ê A Unit Owner shall be liable for injuries or damages resulting from an accident in his own Unit in the same manner and to the same extent as the owner of any other real estate.

The voting rights in the Association for owners of Units shall be on the basis of one (1) vote for each of the 293 Residential and twelve Commercial Units with a total of 305 votes.

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