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04-25-2005 Council Packet
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04-25-2005 Council Packet
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1 <br />r . <br />[ <br />3.three years fh>m the first conveyance of a Unit to an Owner other than <br />Declarant <br />F. the right to add Additional Real Estate as set out in Section 19.01 below. <br />19.00 ADDITIONAL REAL ESTATE <br />19.01 Declarant*s Rights to Add Additional Real Estate . Declarant hereby expressly reserves the <br />tight to add the Additional Real Estate to the Real Estate, by unilateral action under Section 5 15B.2- <br />111 of MCIOA, subject to the following conditions: <br />A. <br />B. <br />C. <br />F. <br />The right of Declarant to add the Additional Real Estate to the CIC shall terminate <br />ten (10) years after the date of recording of this Declaration or upon earlier express <br />written withdrawal of such right to Declarant or a successor Declarant, unless <br />extended by a vote of the owners pursuant to Section 51SB.2-I06(2) of MCIOA. <br />There are no other limitations on Declarant's rights hereunder, except as may be <br />imposed by law. <br />The Additional Real Estate is described in Section l.IO. The Additional Real Estate <br />may be added to the Real Estate in one or more parcels and may be designated as any <br />combination of units, common elements and limited common elements. <br />There are no assurances as to the times at which all or any part of the Additional Real <br />Estate will be added to the Real Estate, the order in which it will be added, the <br />number of parcels per phase nor the size of the parcels. Declarant is under no <br />obligation to add the Additional Real Estate to the Real Estate, and the Additional <br />Real Estate may be developed by Declarant or its successors in interest for other <br />purposes, subject only to approval by the appropriate governmental authorities. <br />D. The maximum number of Units that may be created within the Real Estate and the <br />Additional Real Estate together is ten (10). <br />Any buildings erected iqxm the Additional Real Estate, whm and if added, shall be <br />compatible with the buildings on the other Units which are part of the Real Estate in <br />terms of architectural style, quality of construction, principal materials employed in <br />construction and size; subject (i) to any changes required by governmental authorities <br />or lenders and (ii) to any interior and minor exterior changes made by Declarant to <br />meet changes in the market and the needs of users. <br />All covenants and restrictions contained in this Declaration affecting the use and <br />occupan^ of Units shall apply to all Units created on the Additional Real Estate. All <br />such Units will be restrict^ to non-residential use. <br />O. The common expense liability and voting power in the CIC shall be reallocated <br />14
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