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•,, • -• � Stall assigned by the Association shall be deemed to be licensed and assigned by the - Association to the Unit to which it is assigned. After all Units owned by Declarant have � been conveyed, any unassigned Stalls shall be deemed to be assigned to the Association, and may be reserved for guests of Owners and Occupants, for handicapped parking, or for rental or assignrnent by the Association to Owners or Occupants, as determined by the Board. "rhe Association may, afTer Declarant no lonDer owns any iJnit, rent or otherwise assign any unassigned Stalls to Owners or Occupants. _ 7.8.2 The use rights with respect to each Stall shall be deemed to be licensed exclusi�ely to the Owner of the Unit to which the Stall is assigned. The Association shal] maintain records identifying the 5talls, the Units to which they are assigned,the names of the Owners of the Units, and the dates of assignment and any reassignrnents. A written certificate of garage stall assignment(the"Garage Certificate") shall be signed and dated � on behalf of the Association and made available for delivery on the date the Owner ° acquires title to the Unit to which the Stall is assigned. The Association shall not. unilaterally reassign any Stall assigned to a Unit, except for handicapped Stall assignments which may be unilaterally transferred by the Association to accommodate legally handicapped persons. • 7.8.3 A Stall shall remain with the Unit to which is it assigned until the license is transferred in accordance with this Section 7.8.3. Subject to Section 7.8.2, a Stall license may be transfenred to another Unit,but only by first delivering to the Association (i} a written transfer certificate, in a form approved by the Association, signed by the transferor and the transferee, and (ii) all prior Garage Certificates and copies thereof issued with respect to the Stall. The Association shall review the proposed transfer � certificate for compliance with this Section 7 and, if the transfer complies, the Association shal] transfer the license on its records to the Unit owned by the transfered and issue a new Garage Certificate to the transferee. The license to use the Stall shall remain with the Owner and the Unit to which it is assigned until the license is transferee in accordance with this Section 7.8. ln ihe absence of a properly executed assignment to the contrary, the license to use a Stall assigned to a Unit at the time of the Unit's � conveyance shail be autornatically assigned with the conveyance of title to the Unit. 7.8.4 An Owner may rent or allow the use of the Stall assigned to his or her Unit only to or by other Owners and Occupants. The lease or other use right shall be in written form, and shall terminate when the lessor, lessee, or other user is no longer an . Owner or Occupant, regardless of the terms of any agreement to the contrary. The Owner shall give the Association advance written notice of any lease or use agreement with respect to the Stall assigned to that Owner's Unit,and shall promptly provide a copy � of the lease or use agreement to the Association. The Association may hold,reassign the license for, or rent, a Stall assigned to it in the same manner as an Owner, except for the Stalls reserved for use by Owners. 7.8.5 The interest of a secured party holding a first lien or other security interest on a Unit shall include the license to any Stall which is assigned to the Unit, and said rights shall be included within ihe secured party's interest acquired in the event of a foreclosure of the lien Qr other security interest. M PLS-Word 95281 J l �4 — -- �- — - — -- �- - - I