ATLANTIC PALACE
Condominium Association

1507 Boardwalk
Atlantic City, NJ 08401
ph: (609) 345-4220

MASTER DEED
CREATING AND ESTABLISHING
THE ATLANTIC PALACE
A CONDOMINIUM

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

MASTER DEED
THE ATLANTIC PALACE, A CONDOMINIUM

TABLE OF CONTENTS

ARTICLE IPage 1
Definitions

ARTICLE IIPage 4
Special Provision for the State of
New Jersey Department of Community Affairs

ARTICLE IIIPage 6
Property Rights

ARTICLE IVPage 12
Assessments

ARTICLE VPage 15
The Atlantic Palace Condominium Association

ARTICLE VIPage 18
Easement and Restrictions

ARTICLE VIIPage 20
By-Laws

ARTICLE VIIIPage 20
Use, Occupancy and Maintenance

ARTICLE IXPage 24
Certain Rights of Developer

ARTICLE XPage 27
Reconstruction or Repair of Casualty Damage

Page 28
Insurance

ARTICLE XIIPage 33
Eminent Domain; Obsolescence

ARTICLE XIIIPage 34
Termination of Condominium

ARTICLE XIVPage 35
Amendment of Master Deed

ARTICLE XVPage 35
Provision for the Benefit of Institutional Mortgage Lenders

ARTICLE XVIPage 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 19th 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 VII

 

By-Laws

 

The administration and management of the Condominium and Condominium Property and the action of the Association shall be governed by the “By-Laws”, a copy of which is attached hereto and made a part hereof by this reference thereto as “Exhibit E”.

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