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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 assignment by the Association to Owners or Occupants,as determined by the Board. T!:e Association may, after Declarant no longer owns any Ur.it, rent or atherwise assign any unassigned�talls to Owners or Occupants. . 7.8.2 The use righis with respect to each Stall sha11 be deemed to be licensed exclusively to the Owner of the Unit to which the Stall is assigned. The Association shall maintain records identifying the Stalls, the Units to which they are assigned,the.names of the Owners of the Units, and the dates of assignment and any reassignments. A written certiEicate of garage stall assignment{the"Garage Certificate"} sha11 be signed and dated � on behalf of the Assaciation and made available for delivery on the date the Owner " acquires title to the Unic 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 Sta11 shall remain with the Unit to which is it assigned unti]the license is transferred in accordance with this Section 7.8.3. Subject to Section 7.8.2, a Stall license rnay be transferred to another Unit, but only by first delivering to the Association (i} a written transfer certificate, Hn a form approved by the Association, signed by the trans�feror and the ttansferee, and {ii) all prior Garage Certificates and copies thereof issued with respect to the Statl. The Association shall review the proposed transfer � certificate for compliance with this Section 7 and, if the transfer complies, the Association shall transfer the license on its records to the Unit owned by the transfered and issue a new Garage Certificate to the transferee. The Iicense 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. In the absence of a properly executed assignment to the contrary, the license to use a Stall assigned to a Unit at the time of ihe Unit's � conveyance shalt be automatically 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 j only to or by other Owners and Occupants. The lease or other use right shai! 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 StalE assigned to that Owner's Unii,and shall prompily provide a copy of the lease or use agreement to the Association. The Association may hold,reassign the license for, or reni, a Stalt 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 Sta(1 which is assigned to the Unit, and said rights shall be included within the secured party's interest acquired in the event of a foreclosure of the lien or other security interest. MPLS-Word 95281.1 l 1� — -- �- — - ._ .._ .. . . �