The Condominium Property shall consist of one (1) residential building comprised of thirty-one (31) levels and a six (6) level attached parking garage.  The levels of the residential building are designated as follows:

Lobby/Boardwalk Level, Second Level, the Recreational Level and Deck, twenty-seven (27) residential floors and one (1) Mechanical Level.  There are two hundred ninety-three (293) Residential Units and twelve (12) Commercial Units, as presently constituted, all as more graphically displayed on Exhibit C and including without limitation, the following:

(i) Two hundred ninety-three (293) Residential Units consisting of two hundred eight (208) suites, fifty-four (54) one-bedroom units, twenty-seven (27) two-bedroom units, and four (4) two-bedroom penthouse units; and

(ii) Twelve (12) Commercial Units designated as follows: Commercial Units, 1, 2,4, 5 and 6 each consist of commercial/retail area located on the Lobby/Boardwalk Level; Commercial Unit 3 consists of a two-level Restaurant/Lounge located on the Lobby/Boardwalk Level and Second Level; Commercial Units 7,8,9 and 10 consist of commercial/retail area located on the Second Level; Commercial Unit 11 consists of the manager’s office, secretarial and registration areas, bellman’s area, valet and associated service corridors, all located on the Boardwalk/Lobby Level, as shown on Exhibit C.  Commercial Unit 12 consists of Meeting Rooms, a prefunction area, laundry, housekeeping and related facilities, all located on the Second Level, as shown on Exhibit C.

Developer, on behalf of itself, its successors and assigns hereby reserves the right, however, to establish, modify or reconstitute, at any time and from time to time by appropriate amendment to this Master Deed, one or more Commercial Sub Units within the twelve (12) initial Commercial Units, without the consent of the Board, the Association, any Unit Owner other than those who may be directly affected, or any Institutional Lender who does not hold a mortgage loan which directly encumbers the Commercial Unit or Sub Unit affected, and provided only that (i) the obligation for payment of Common Expenses and the aggregate percentage interest in the Common Elements assigned to the twelve (12) initial Commercial Units will not change even though some of those Commercial Units may be divided into Commercial Sub Units.  If a Commercial Sub Unit is formed, its payment of Common Expenses, its percentage interest in the Common Elements, and its vote shall be the proportionate share, based on square footage, assigned to the Commercial Unit from which it was formed.  Any increase in Common Expenses resulting directly from the establishment of any Commercial Sub Unit shall be borne by the Unit Owner (s) responsible for such increased expenses.  Once Developer turns over control of the Board of Directors to the Unit Owners, any decision to reconstitute the Commercial Units or Sub Units shall be subject to majority vote of the Board.

The Condominium Property shall contain two hundred fifty-five (255) parking spaces in the six (6) level attached parking garage.  In addition, the Condominium Property includes all common area graphically described on Exhibit C including, without limitation, the lobby, the outdoor recreation area, including a swimming pool and sundeck and the indoor recreation area, the recreation room, and men’s and ladies’ locker facilities.

The location of the Building comprising The Condominium is shown on Exhibit B attached hereto and made a part hereof by this reference.

Each Unit to be built, together with the Unit’s corresponding undivided percentage interest in the Common Elements shall be a separate parcel of real property to be dealt with in the same manner as is otherwise permitted by the laws of the State of New Jersey regarding ownership of real property, subject nevertheless to the Master Deed and By-Laws of the Condominium, and the terms, provision, covenants, restrictions, easements, rules, regulations, resolutions and decisions relating to the Units as set forth therein as same may be amended from time to time.  Each Unit Owner shall receive fee simple title to his Unit and, for a Unit, the percentage interest in the Common Elements allocated thereto shall be indivisible from Ownership of the Unit itself.  Title to a Unit may be held by one or more persons in any form or ownership, real estate tenancy or relationship recognized and permitted under the laws of the State of New Jersey.

Each Unit shall be located and shall have the dimensions graphically shown on Exhibit C with square footages as shown in Exhibit G, attached hereto and made a part hereof.

Each Unit shall consist of the area bounded by and measured horizontally or vertically as the case may be, from imaginary planes, parallel to the walls, partitions, ceiling and floor, and located three inches within the perimeter walls, partitions, ceiling and floor.  The exterior doorway (s) leading to the common areas are Common Elements and are not part of the Unit.  Each Unit shall consist of all immediately visible fixtures, appliances, mechanical systems and equipment, heating and air conditioning systems and equipment installed for the sole and exclusive use of the Unit.  Notwithstanding anything to the contrary, however, no pipes, wires, conduits or other public utility lines of installation constituting a part or the overall systems designed for the service of any particular Unit, nor any other property of any kind which is not removable without jeopardizing the soundness, safety or usefulness of the remainder of the Building, shall be deemed to be part of any Unit.

Each Unit shall be described in the Unit Deed in accordance with the Unit Designation and such Unit Deed shall fully comply with the provisions of the Condominium Act.  Every conveyance or lien using the Unit Designation assigned thereto shall be deemed to include the Unit’s percentage interest in the Common Elements whether or not specifically or expressly referred to, together with all appurtenances thereto and together with easements in favor of the Unit or to which the Unit is subject.

(a)THE COMMON ELEMENTS

The Common Elements of the Condominium shall be divided into two (2) categories to be known, respectively, as General Common Elements and Limited Common Elements (hereinafter Collectively referred to as the “ Common Elements”).

The percentage interest allocated to each Unit in and to the Common Elements shall be deemed appurtenant to the Unit to which attributed or assigned, and shall be indivisible and inseparable from the Unit itself for purposes including without limitation any conveyance, alienation, lease, devise, mortgage or other encumbrancing, disposition or transfer of any nature whatsoever whether or not expressly referred to or incorporated in the instrument effectuating same.

The Common Elements shall remain undivided and shall not be the object of an action for partition or division.

Each Unit Owner, their tenant or occupant of the Unit, and the invitees, agents and employees of such Unit owner, tenant or occupant, may use the General Common Elements in common with Unit Owners, their tenants or occupants, invitees, agents and employees of one other Units in accordance with the reasonable purposes for which they are intended without hindering or encroaching upon the lawful rights of the other Unit Owners.  Nothing in this paragraph, however, shall be construed to pertain to or include Limited Common Elements.

The Association shall, if any question arises, determine the purpose for which a Common Element is intended to be used.  It shall have the right to promulgate rules and regulations limiting the use of the Common Elements to Unit Owners, and their respective families, occupants, guests, invitees, employees, licensees and tenants.

The maintenance, repair, replacement, cleaning, sanitation, management, operation and use of the Common Elements shall be the responsibility of the Association, but nothing herein contained shall be construed as to preclude the Association from delegating these duties to a manager or agent or to other persons, firms or other corporations as the Association may deem appropriate or prudent.  The replacement, cleaning, sanitation, management, operation and use of the Common Elements shall be assessed by the Association as a Common Expense and collected from the Unit Owners.

The Unit Owners shall give the irrevocable right, to be exercised only by the Association or its designee, to have access to each Unit with notice at a reasonable hour, unless in the case of an emergency, for the purpose of inspecting and making repairs, replacements or improvements to the Common Elements (and the Unit itself where the responsibility therefor is upon the Association) contained therein or elsewhere in the Building, or to prevent damage to the Common Elements or other Units, or to abate any violation of law, rules, order or regulations of any governmental authorities having jurisdiction thereof.

The Association shall have the right to make or cause to be made such alterations and improvements to the Common Elements which in its opinion may be beneficial, necessary or which is requested in writing by a Unit Owner or Unit Owners and the holders of first mortgages thereon.  Before undertaking the work, the Association shall require the consent in writing of such Unit Owners and the holder of first mortgages thereon, whose rights may be prejudiced by such alteration or improvement.

When, in the sole opinion of the Association, the alteration or improvement is general in character; the costs thereof shall be assessed as Common Expenses.

When, in the sole opinion of the Association, the alteration or improvement is exclusively or substantially for the benefit of one or more Unit Owners that requested it, the cost shall be assessed against such Unit Owner or Unit Owners in such proportion as the Association shall determine is fair or equitable.  Nothing herein contained shall prevent the Unit Owners affected by such alteration or improvement from agreeing in writing, either before or after the assessment is made, to be assessed in different proportions.

No Unit Owner shall do any work which would affect or alter any of the Common Elements or impair any easement or hereditament therein.

Each Unit Owner shall comply strictly with the covenants, conditions and restrictions as set forth in the Master Deed and the By-Laws, and with the rules, regulations, resolutions and decisions adopted pursuant thereto, regarding the use and operation of the Units, the Common Elements and other Condominium Property.  Failure to comply therewith shall, without limitation, be grounds for an action to recover sums due, for damages, injunctive relief, or any or all of same.  Such action may be maintained by a Unit Owner, the Association on its own behalf or on behalf of the unit Owners aggrieved, or by any person who holds a mortgage lien upon a Unit and is aggrieved by such non-compliance.  In any case of flagrant or repeated violations by a Unit Owner, he may be required by the Association to give sufficient surety or sureties for future compliance with the Master Deed, By-Laws and covenants, conditions, restrictions, rules, regulations, resolutions and decisions therein.

(b)GENERAL COMMON Elements

All appurtenances, fixtures and facilities situated in, on or about the Condominium, which are not specifically identified in Section 2 above, and which are not designated as Limited Common Elements shall make, constitute and be designated as General Common Elements as shown on Exhibit C attached hereto and made a part hereof by this reference thereto.  The General Common Elements shall specifically include, without limitation, the following:

(1) All lands described in Exhibit “A” aforesaid, whether improved or unimproved, and all portions of any Building or other structure not included within any Unit, except for certain balconies as described in Section (c) below;

(2) Subject to the provisions of Article VI hereof, all recreational and other common facilities located or to be located in and about the property;

(3)  All private streets, curbs, sidewalks and parking areas, subject to the easements and provisions set forth in Article VI hereof;

(4) Lawn areas, shrubbery, conduits, utility lines, and waterways subject to the easements and provisions set forth in Article VI hereof;

(5) The electrical, telephone and cable television wiring networks throughout the Condominium not owned by the public utilities providing such services;

(6) Public connections for gas, electricity, light, telephone, cable television and water, not owned by the public utility or agencies providing such services;

(7) The foundations, columns, girders, beams, interior or exterior bearing or main walls, including roof and floors, subject to the unit description as set forth in Section 4 above;

(8)  Exterior lighting and other facilities necessary for the safety and security of the Building and grounds;

(9)  Any easement or other right which may now or hereafter be granted for the benefit of the Unit Owners or others for access to or use of recreational or other common areas not included within the Property which is part of the Condominium or for any other purpose’

(10)  All other elements of any improvement necessary or convenient to the existence, management, operation, maintenance and safety of the Property or normally in common use.

Those parts of the Common Elements reserved exclusively for specific units, consisting of balconies adjoining certain units as shown on the Exhibits attached hereto, shall be Limited Common Elements.

Any expense for or relating to the Limited Common Elements shall be a Common Expense to be borne by the Association, unless said expense is the result of negligence or misuse by the owner of the Unit to which the Limited Common Element is appurtenant.  For purposes of this Section, the balcony limited common element shall include maintenance and repair of exterior and interior walls, and the floor and ceilings of the balcony.

Percentage Interest:

Each Unit Owner shall share, be liable for and be bound to contribute to expenses of the Association in the same proportion as his undivided, appurtenant percentage interest in the General Common Elements.  Each Unit Owner shall share, participate in and be entitled to, in the same proportion as his undivided, appurtenant percentage interest in the General Common Elements, the distribution of any eminent domain award, insurance proceed, surplus, or Common Receipt of the Association when and if same is distributed.  Said percentage interest of residential units are based upon the total square footage of each respective unit.  Percentage interests of Commercial Units 1 through 12 are based upon one-half (1/2) of the total square footage of each such unit.  The percentage interests of the Units are set forth on Exhibit D attached hereto and made a part hereof.