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�4 � •. .• . � . 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 rentai or assignment by the Association to Owners or Occupants,as determined by the Board. The Association may, after Deciarant no langer owns any Unit, rent or otherwise assign any unassigned �talls 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 Stalls, the Units to which they are assigned,the names o#' the Owners of the Units, and the dates of assignment and any reassignments. 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. T'he Associadon 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. , 7.83 A Sta11 shall remain with the Unit to which is it assigned unti] the license is uansfened in accordance with this Section 7.8.3. Subject to Section 7.8.2, a Stall license may be transferred to another Unit, but only by first delivering to the Association (i) a written transfer certificate, i-n 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 shall 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. In the absence of a properly executed assignment to the conuary, the license to use a Stall assigned to a Unit at ihe time of the Unit's � conveyance shall be automatically assigned with the conveyance oftitle 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 shal! 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 agreernent with respect to the Stall assigned to that Owner's Unit,and shall promptly provide a copy of the lease or use a�reement 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]ien or other security interest on a Unit shall include the license to any Sta(l 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 �� � - - �- — - – � -- �- - - I