Atlantic Palace Condominium Association Inc.

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	Page
ARTICLE I	Definitions	1
ARTICLE II	Special Provision for the State of New Jersey Department of Community Affairs	4
ARTICLE III	Property Rights	6
ARTICLE IV	Assessments	12
ARTICLE V	The Atlantic Palace Condominium Association	15
ARTICLE VI	Easement and Restrictions	18
ARTICLE VII	By-Laws	20
ARTICLE VIII	Use, Occupancy and Maintenance	20
ARTICLE IX	Certain Rights of Developer	24
ARTICLE X	Reconstruction or Repair of Casualty Damage	27
ARTICLE XI	Insurance	28
ARTICLE XII	Eminent Domain; Obsolescence	33
ARTICLE XIII	Termination of Condominium	34
ARTICLE XIV	Amendment of Master Deed	35
ARTICLE XV	Provision for the Benefit of Institutional Mortgage Lenders	35
ARTICLE XVI	Miscellaneous Provisions	36
	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

ARTICLE XIV

Amendment of Master Deed

Amendments to this Master Deed must be approved by the owners of a lease two-thirds (2/3rds) of the total number of Units in the Condominium and by one hundred (100%) percent of the Institutional Mortgage Lenders. An amendment may occur at any meeting of the Association duly held in accordance with the provisions of the By-Laws of the Association.

Notwithstanding anything to the contrary, no amendment to the Master Deed may be made that shall impair or adversely affect the rights of the Developer or cause the Developer to suffer any financial, legal or other detriment, including but not limited to any direct or indirect interference with the Developer’s sale or lease of the Units.

The Developer shall not be permitted to cast any votes held by him for unsold lots, parcels Units or interests for the purpose of amending the Master Deed, By-Laws or any other document for the purpose of changing the permitted use of a lot, parcel, Unit or interest, or for the purpose of reducing the Common Elements or facilities.