WHEREAS, Developer is the owner in fee simple of all
that certain lot, tract and parcel of land situated, lying and being
in the City of Atlantic City, County of Atlantic and State of New Jersey,
bounded and described in Exhibit “A” attached hereto and made a part
hereof by this reference thereto (hereinafter, the “Property”); and
WHEREAS, Developer intends to establish and create
a condominium form of ownership of the Property, together with improvements
to be constructed, in accord and with and subject to the Condominium
Act, R.S. 46:8B-1, et seq. (hereinafter, the “Condominium Act”), under
the name of The Atlantic Palace, a Condominium (hereinafter “The Condominium”);
NOW, THEREFORE, Developer does hereby submit the Property
to the provisions of the Condominium Act, and hereby publishes its plan
for the division of the Submitted Property and the imposition of conditions,
restrictions, reservation, thereof, and Developer hereby specifies that
his Declaration of Condominium and the declarations herein shall constitute
convenants, conditions, reservations, and restrictions which shall run
with the Submitted Property and shall bind and inure to the benefit
of the Developer, its successors and assigns and all subsequent owners
of any interests in the Submitted Property, their grantees, successors,
heirs, executors, administrators, legatees and/or assigns.
b) “Building” shall mean any building or
buildings containing dwelling units, and any other structure to be or
being constructed on the Property.
c) “By-Laws” means the governing regulations
adopted by the Association for the administration and management of
the Condominium.
d) “Common Elements” means the General and
Limited Common Elements, including but not limited to the following:
(i)the Property described in the Master Deed;
(ii)as to the improvements, the foundations, the
structural and bearing parts, supports and main walls which are not
part of a Unit, the roofs, basements, halls, corridors, stairways,
elevators, entrances, exits and other means of access;
(iii)an indoor/outdoor swimming pool, an indoor
and outdoor patio and deck area with whirlpool spas, indoor facilities
with health and exercise equipment and saunas, on the recreational
level;
(iv)yards, gardens, walkways, parking areas and
driveways excluding any specifically reserved or limited to a particular
Unit or group of Units;
(v)portions of the land or any improvements or appurtenances
reserved exclusively for the management, operation or maintenance
of the Common Elements or of the Condominium Property;
(vi)installations of all central services and utilities;
(vii)all apparatus and installations existing or
intended for common use;
(viii)all other elements of any improvement necessary
or convenient to the existence, management, operation, maintenance
and safety of the Condominium Property or normally in common use;
and
(ix)such other elements and facilities as are designated
in the Master Deed as Common Elements, and the New jersey Condominium
Act, N.J.S.A. 46:8B-3(d).
e) “Common Expense” means an expense for which the
Unit Owners are proportionately liable, including but not limited to:
(i)all expenses of administration, maintenance,
repair and replacement of the Common Elements;
(ii)Expenses agreed upon as common by all Unit Owners;
and
(iii)Expenses declared common by provisions of the
Master Deed or by the By-Laws.
f) “Commercial
Unit” shall mean each of the commercial units existing in the Condominium
and any subdivision thereof as described below.
g) “Common Receipts” means:
(i)rent and other charges derived from leasing or
licensing the use of Common Elements;
(ii)funds collected from Unit Owners as Common Expenses
or otherwise;
(iii)receipts designated as common by the provisions
of the Master Deed or the By-Laws.
h) “Condominium” means The Atlantic Palace, a Condominium.
j) “Condominium Property” means the Property covered
by the Master Deed, whether or not contiguous, and all improvements
thereon, all owned either in fee simple or under lease, and all easements,
rights and appurtenances and belonging thereto or intended for the benefit
thereof and subject to all easements and restrictions of record.
j) “Condominium Documents” means and included this
Master Deed, as the Same may be amended or supplemented from time to
time, the By-Laws and Public Offering Statement as approved by the State
of New Jersey, Department of Community Affairs, and the Exhibits annexed
to each.
k) “Developer” or “Grantor” means Resort Development
Corporation, a Delaware corporation.
l) “General Common Elements” means those Common Elements
that are not specified in the Master Deed as Limited Common Elements.
m) “Limited Common Elements” means those Common Elements
that are specifically noted in the Master Deed as Limited Common Elements.
n) “Majority” or “majority of the unit owners” means
the owners of more than fifty (50%) of the Units. If a different number
of Unit Owners is required for any determination under the Master Deed
or By-Laws for any purpose, such different number of owners shall mean
the number of Unit Owners so specified.
o) “Operation of the Condominium Property” means and included the
administration of the Condominium, the operation,
maintenance, repair or replacement of and the making of any additions
or improvements in the Common Elements.
p) “Person” means an individual, firm, corporation, partnership, association,
trust or other legal entity or any combination thereof.
q) “Residential Unit” shall mean each of the two hundred ninety-three
(293) residential units in the condominium.
r) “Sub Unit” means any subdivision of the Commercial Unit.
s) “Unit” when not referred to specifically as either a residential
or
commercial unit, the use of the term “Unit(s)” shall
refer to both, residential and commercial units
t) “Unit Deed” means the deed of conveyance of a Unit in a recordable
form.
u) “Unit Designation” means the number, letter or combination thereof,
or other official designation as shown on Exhibit D attached hereto,
and assigned to the Unit.
v) “Unit Owner” shall mean the status of a Purchaser of a Unit or Units
at and upon final closing of title.
w) “Institutional Mortgage Lender” shall mean any bank, savings and
loan, insurance company, pension plan, the grantor, or any affiliate
of the grantor or any other commercial entity in the business of making
mortgage loans.
x) “Occupant” shall mean any person residing in or having the use of
a unit with the permission of the Unit Owner whether as a guest of the
Unit Owner or a tenant or otherwise.
