OVERLOOK VILLAGE CONDOMINIUM

Transcription

1 THIS MASTER DEED, made this 20th day of December, 1977, by LANID COPORATION, a New Jersey Corporation, having offices at Bank Street, Union Gap Village, Clinton, New Jersey, 08809, (hereinafter referred to as GRANTOR ). WHEREAS, Grantor is the owner of the fee simple title to those lands and premises described in Exhibit A, entitled Legal Description of Overlook Village Condominium, attached hereto and made a part of hereof, which lands and premises are hereinafter referred to as the CONDOMINIUM ; WHEREAS, it is the present intention of the Grantor to develop the Condominium as a condominium consisting of one hundred eighty (180) units pursuant to the provisions of N.J.S.A. 46:8B-1 to 30 (The Condominium Act) under the name of OVERLOOK VILLAGE CONDOMINIUM, and to that end to cause this Master Deed to be executed and recorded, together with all necessary Exhibits thereto. THEREFORE, WITNESSETH: 1. Submission of Lands to the Condominium Act: Grantor does hereby submit, declare and establish Overlook Village Condominium in accordance with N.J.S.A. 46:8B1 to 30, for that parcel of land described in Exhibit A aforesaid, prepared by Arthur DeLuca, P.E. 2. Location of Buildings, Units and Other Improvements: The Condominium will consist of twenty five (25) buildings containing one hundred eighty (180) units as shown on that certain plat entitled, Overlook Village Condominium, Location of Buildings, Units and Other Improvements, prepared by Arthur DeLuca, Land Surveyor and Professional Engineer, and attached hereto as Exhibit B, and made a part hereof, including all rights, roads, water privileges, and appurtenances thereto belonging or appertaining. Said buildings will each have a separate numerical designation and each will enclose varying numbers of dwelling units, each such unit being designated by a number and by the number of the building of which each such unit is a part. A letter suffix shall designate the type of floor plan. An attached garage is also included as a part of each unit. 3. Unit Floor Plans and Common Element Designation: The dimensions, areas and model designations and locations of the units for the Condominium and appurtenant garages are shown graphically on Exhibit C, and also, on Exhibit B, attached. Exhibit C is hereby made a part of hereof. Each

2 unit or garage is intended to contain all space, excluding common elements, within the limits defined as follows: BOTTOM: The bottom of the unit or garage is a horizontal plane through the lowest point of the interior surface of the lowest subfloor and extending in every direction to the point where it closes with the interior finished and unpainted surfaces of the four (4) walls of the building. TOP: The top of the unit or garage is along and coincident with the underside surface of the upper interior surface of the unit or garage and extending in every direction to the point where it closes with the interior finished and unpainted surfaces of the four walls of the building. SIDES: The sides of each unit are as graphically shown on Exhibit C, according to the type of unit described. They are vertical planes along and coincident with the interior finished and unpainted surfaces of the walls, and they extend upward and downward so as to close the area within the building bounded by the bottom and top of the unit or garage. SYSTEMS, FIXTURES, ETC.: Each unit also includes all fixtures, interior partitions, systems, and other improvements located within, or appurtenant to the unit described, which are exclusive to such unit, although all or part thereof may not be located within the unit, and shall include but not be limited to the following individual appurtenances: (A) Complete heating system and any air conditioning system (including compressors) which may be installed. (B) So much of the plumbing system as extends from the walls or floors into the interior air space. (C) All utility meters not owned by public utility or agency supplying service. (D) All electrical wires which extend from the ceilings, walls, or floors, into the interior air space and all fixtures, switches, outlets and circuit breakers. LIMITED COMMON ELEMENTS: Limited common elements shall be those patios, stairways, decks, porches, and balconies, the use of which is, as is shown on Exhibit C, limited to one or more units within a building. The maintenance of said limited common elements shall, however, be borne by the Overlook Village Condominium Owners Association pursuant to the by-laws of said association attached hereto. All plumbing, electrical, heating and other systems serving more than one (1) unit within a building shall be deemed to be limited common elements for the benefit of those units so served - 2 -

3 and shall be maintained as limited common elements by the Association as aforesaid. 4. Common Elements: All appurtenances and facilities, supporting elements, exterior surfaces, roofs, gutters and leaders, and all other items and areas which are not part of the individual units or their limited common elements, as hereinabove described in paragraph 3, shall comprise the common elements as graphically shown on Exhibit C aforesaid and attached hereto. The common elements shall also include by way of description, but not by way of limitation: (a) All lands described in Exhibit A aforesaid, whether or not occupied by buildings containing the above described units; (b) All streets, curbs, sidewalks, parking areas; (c) Lawn areas, shrubbery, utility lines, water courses and drainage ways and facilities; (d) The electrical and telephone wiring network throughout the Condominium not owned by the public utilities providing such service; (e) Public connections for gas, electricity, light, telephone and water, not owned by the public utility or other agency providing such services; (f) The foundations, supporting walls (including windows, doors and chimneys therein), roofs, exterior surfaces and floors; (g) Exterior lighting and other facilities necessary to the upkeep and safety of the buildings and grounds; (h) Any easements or other right appurtenant to the lands described in Exhibit A attached hereto and any easement or other rights hereinafter granted for the benefit of the Condominium, the Association and its occupants; (i) All recreational facilities and all other common elements included within the lands described in Exhibit A ; and (j) All other elements of the Condominium rationally of common use or necessary to the existence, upkeep and safety thereof. 5. Proportionate Undivided Interests in the Common Elements and Limited Common Elements; Voting Rights of Unit Owners: The owner or owners of a unit shall have such an estate therein as may be acquired by grant, by purchase, or by operation of law, including an estate in fee simple, and shall acquire as an appurtenance to each unit, an undivided interest in the common elements of the Condominium as said common elements are described - 3 -

4 above and in Exhibits B and C attached hereto. The said appurtenant undivided interest in the common elements shall equal one-one hundred eightieth (1/180th) of said common elements (which, expressed as a percentage, is %). The sum total of the undivided interests in the common elements shall equal 100% of those common elements. Each undivided interest in the common elements shall not be divisible from the unit to which it appertains. Said proportion (percentage) shall be used to allocate the division of proceeds, if any, resulting from any casualty loss, any eminent domain proceeding, any common surplus, or from any other disposition of the condominium property. The voting rights of unit owners and their proportionate share or liability for common expenses shall also equal their undivided interest in the common elements as aforesaid. The proportionate share of undivided interests, the proportionate share of liabilities for common expenses, and the proportionate voting rights of unit owners may be amended by the Grantor as is set forth in paragraph 15 below. 6. Easements and Facts Shown on Survey: (A) The lands submitted to the Condominium Act described in Exhibit A attached hereto are subject to the following: (1) Deed Book D 67, page 457, as to subsurface drain, slope and drainage easements and fencing. (2) Facts shown on Schedule B of this Master Deed. (3) Rights of public and others to that portion of lands of the Condominium lying within any public right of way. (4) Rights of abutting owners and others in and to streams and drainage ways traversing the premises in question. (5) Road easement contained in deed from Lanid Corporation to Lanid Corporation, Deed Book 2445, page 146, records of Morris County. (B) Easements reserved to the Grantor for its own benefit and for the benefit of others: (1) Grantor hereby reserves unto itself, its successors and assigns, an easement, in, upon, through, and over the common elements for as long as the said Grantor, its successors and assigns, shall be engaged in the construction, development, and sales of units, which easement shall be for the purpose of construction, installation, maintenance and repair of existing buildings and appurtenances thereto, for ingress and egress to all units, all - 4 -

5 common elements, and other community facilities, and for the use of all roadways, parking lots, existing and future model units for sales promotion and exhibition. In addition, Grantor hereby reserves the irrevocable right to enter into, upon, over, or under any unit, for a period of seven (7) years after the date of delivery of the unit deed for such purpose as may be reasonably necessary for the Grantor or its agents to complete the Condominium or service any unit thereof or any common element. The reservation of such right shall not, however, impose any duty on the Grantor to make such repairs. (2) Grantor reserves unto itself, its successors and assigns, and agents, an easement in, upon, through and over the lands comprising the common elements for the purpose of installation, maintenance, repair and replacement of all sewer, water, power, telephone, television, pipes, lines, mains, conduits, waters, poles, transformers, and any and all of other equipment or machinery necessary or incidental to the proper functioning of any utility systems serving the Condominium. (3) Grantor, for itself, its successors and assigns, hereby declares that the Borough of Wharton, Morris County, New Jersey (but not the public in general) shall have a perpetual non-exclusive easement to enter upon all roadways, streams, lakes, drainage ways and structures, parking areas, driveways, walkways, and sidewalks for the purposes of maintaining the safety, health, welfare, police and fire protection of the citizens of said Borough, including the residents of the Condominium. (4) Grantor, for itself, its successors and assigns, hereby declares that the Borough of Wharton, Morris County, New Jersey, (and any other Municipal or State Agencies or Public Authorities having responsibility for, or jurisdiction over, sewer and water facilities) (but not the public in general) shall have a perpetual non-exclusive easement to enter upon all roadways, drainage facilities, driveways, walkways, and sidewalks and sewer and water utility easement areas for the purposes of maintaining the sewer and water service mains in and about and leading to the premises described in Schedule A annexed hereto. (5) Grantor, for itself, its successors and assigns, does hereby reserve the right to create new easements for the benefit of other lands presently owned by or to be acquired by the Grantor, and/or for the benefit of the lands described in Schedule A annexed hereto to provide electrical services, telephone, potable water supply, sanitary sewage disposal services, - 5 -

6 surface drainage facilities and ways, fire protection alarm services, and television and radio cable and antennae services. (C) Easements created by the Grantor in favor of unit owners, their mortgages and Association: The Grantor does hereby grant and create in favor of the unit owners of the condominium described herein, their mortgagees and their Association, the following grants and easements: (1) Grantor, for itself, its successors and assigns, hereby declares that every unit owner shall have a perpetual easement in, upon, through and over the land described in Exhibit B, aforesaid, to keep, maintain, use, operate, repair and replace his unit and garage in its original position, and in every subsequent position to which it changes by reason of the gradual forces of nature and the elements. (2) Grantor, for itself, its successors and assigns, further declares that every unit owner shall have a perpetual and exclusive easement to use and enjoy the surfaces of the main walls (including windows, doors and chimneys therein), ceilings and floors, but not the roof, contained within his unit or garage. (3) Grantor, for itself, its successors and assigns, hereby declares that every unit owner shall have a perpetual easement for the continuance of any encroachment by his unit or garage or any adjoining unit or garage, or on any common element, now existing as a result of construction of the buildings, or which may come into existence hereafter as a result of the reconstruction of the buildings, or a unit after damage by fire or other casualty, or as a result of condemnation or eminent domain proceedings, so that any such encroachment may remain undisturbed, so long as the buildings stand. (4) Grantor, for itself, its successors and assigns, hereby declares that every unit owner, mortgagee, and the Association shall have a nonexclusive easement in, upon, through and over the drives, roads, and parking areas created by the Grantor within the confines of the Condominium for access and egress to abutting public streets for all manner of pedes trian and vehicular traffic. Said easement is subject to regulation by the Overlook Village Condominium Owners Association. (5) Grantor, for itself, its successors and assigns, hereby declares that every unit owner shall have a perpetual easement for the use of all utility lines, drainage ways and facilities, and all other easements and - 6 -

7 appurtenant rights either created by the Grantor for the benefit of the Condominium or in existence at the time of the creation of the Condominium. Said easement shall be non-exclusive. 7. Association and Administration: The administration of the common elements and limited common elements of the Condominium and the Community and recreational facilities shall be by the Overlook Village Condominium Owners Association in accordance with the provisions of the Condominium Act, this Master Deed, the Association By-laws attached hereto as Exhibit D, and made a part hereof, and any other documents, amendments, or supplements to the foregoing which may subsequently be adopted by the Association or required by any institutional mortgage lender, or by any Governmental Agency having regulatory jurisdiction over the Condominium, or by any title insurance company selected by Lanid Corporation. The registered agent of said Association until said designation is changed by the Board of Trustees of said Association shall be Frank F. Harding, Esq., %Lanid Corporation, Union Gap Village, Clinton, New Jersey Service of process upon said Association may be made upon said registered agent at said address. 8. No Partition: Subject to the provisions of the Master Deed, By-Laws of Overlook Condominium Association and Condominium Act, the common elements shall remain undivided, and no unit owner(s) shall bring any action of partition or division thereof. In addition, the undivided percentage interest in the common elements shall not be separated from the unit to which it appertains and shall be deemed conveyed or encumbered with the unit, even though such interest is not expressly mentioned or described in the conveyance or other instrument. 9. Compliance by Owners: Each unit owner or occupant shall comply with the provisions of this Master Deed, the By-laws and the rules and regulations of the Overlook Village Condominium Owners Association, and with any other documents, amendments or supplements to the foregoing. Failure to comply with such provisions, rules or regulations shall be grounds for obtaining injunctive or other appropriate relief by the Grantor, the Association, and any other unit owner. 10. Restrictions Concerning Leasing and Sales: - 7 -

8 No unit shall be rented by the owners thereof for transient or hotel purposes, which shall be defined as any rental for any period less than six (6) months. No unit shall be leased to more than four (4) people. In any leasing, the number of persons occupying the unit shall all be deemed to be lessees, whether or not they sign the lease. The owner of a unit rented to a third party shall keep the Secretary of the Board of Trustees of the Overlook Village Condominium Owners Association advised of the full names of the said tenants, and shall also keep said Board Secretary advised of the address and telephone number of the owner during said lease term. 11. Damage, Destruction or Condemnation: If any building, improvement or common element, or any part thereof, is damaged or destroyed by fire, casualty or taken by eminent domain the repair, restoration or ultimate disposition shall be as provided in N.J.S.A. 46:8B-24 and 25, respectively. 12. Provisions for Benefit of Mortgagees: a. Any lien of the Overlook Village Condominium Owners Association resulting from non-payment of assessments shall be subordinate to any first mortgage lien affecting any portion of the condominium, any of its units or common elements. b. The Overlook Village Condominium Owners Association shall provide any first mortgagee with prompt notice of any default in any unit owner s obligations under the condominium documents if said default is not cured within thirty (30) days of the date of the default. c. The holder of any first mortgage affecting any unit within the condominium shall have the right to examine the books and records of the Overlook Village Condominium Owners Association and to require the submission of annual reports and other financial data. d. In the event of the taking of any unit or any portion of the condominium by eminent domain, the unit owners of any units affected and the Overlook Village Condominium Owners Association shall provide all mortgagees holding first mortgage liens on any units within the condominium with notice of said condemnation. e. The Overlook Village Condominium Owners Association shall have the right to maintain existing improvements regardless of any present or future encroachments of the common elements upon any unit, or of any present or future encroachments of any unit upon any portion of the common elements

9 f. Any mortgage or any other person acquiring title at any mortgage foreclosure sale shall, upon the recording of the Sheriff s deed, become a member of the Association and shall have all of the rights and benefits of an owner, including voting rights, and shall have all the duties of a member of the Association, subject to the provisions of N.J.S.A. 46:8B-22. g. A fidelity bond may be required of any person or entity handling funds of the Overlook Village Condominium Owners Association, at the discretion of the Board of Trustees. 13. Insurance: The Overlook Village Condominium Owners Association shall obtain and continue in effect blanket property insurance in form and amount satisfactory to mortgagees holding first mortgages on the individual units. Said blanket property insurance shall name the Association, the individual unit owners, and the individual mortgagees as insureds. The obtaining of said blanket property insurance shall be without prejudice to the right to the owners of any unit to obtain excess or additional individual unit insurance. In addition, the Overlook Village Condominium Owners Association may obtain and continue such other amounts of blanket property insurance, liability insurance, or other appropriate insurance as may be deemed appropriate by the Board of Trustees. Premiums for all blanket insurance coverages obtained by the Board of Trustees shall be a common expense, to be included in the monthly assessment for common expenses. In the event of any property loss covered by any policy required to be maintained by the Association, the Association shall have the sole right (subject to the rights of the respective mortgagees) and the duty to promptly settle, litigate or otherwise dispose of said loss-claim on behalf of the affected unit owners (as agents of said owners). All proceeds of any claim shall be applied by the Association to the carrying out of its duties to restore, pursuant to N.J.S.A. 46:8B-24 and 25. Any excess proceeds shall be distributed by the Association to the unit owner or owners affected in an equitable manner. The decisions of the Board of Trustees shall be final and shall be binding upon the unit owners. Unit owners shall have the exclusive right to settle, adjust and litigate any claims under any policies purchased by and paid for by said unit owners individually. 14. Exhibits Attached Hereto and Made a Part Hereof of the Following: a. Exhibit A Metes and bounds description of Condominium

10 b. Exhibit B, - Location of buildings, units and other improvements. c. Exhibit C, - Unit floor plans and common element designations. d. Exhibit D By-laws of Overlook Village Condominium Owners Association. 15. Amendments to this Master Deed: The Grantor expressly reserves for itself, its successors and assigns, for a period of seven (7) years from the date hereof, or until the closing of title of not less one hundred eighty (180) condominium units within the confines of the lands owned by the grantor depicted in Schedule B attached hereto, whichever event occurs first, the right to execute on behalf of all contract purchasers, unit owners, mortgagees, other lien holders, and parties claiming any legal or equitable interest in the condominium or in any unit, and amendments to this master deed which it may deem appropriate, including but not limited to: a. Decreasing the number of units in the condominium, increasing the proportionate share of common elements and the percentage share of costs and increasing voting rights proportionately, and decreasing the area of the lands dedicated to the Condominium accordingly. b. Adding units and lands to the area included within the condominium and adjusting the proportionate share of common elements, share of costs and voting rights proportionately. However, the voting right and proportionate share of common elements of the owners of the unit shall always equal a fraction which is equal to one divided by the total number of units contained within the condominium, as is set forth in the master deed or its amendments thereto. The share of costs of the owners of a unit shall be equal to the same fraction as the voting rights aforesaid. Prior to the closing of title of any unit within any building affected, the Grantor may amend the master deed to alter and/or fix the location, configuration, shape and size of any building or buildings, and to alter and/or fix the size, shape, number and configuration of any units within any building. c. Adding to or altering the location, size and/or purpose of easements and lands for utilities, roads, access, egress, drainage, and/or financing purposes. d. To permit the users or occupants of lands owned by or controlled by the Grantor to utilize easements, roads, drainage facilities, utility lines

11 and the like within or servicing the condominium, on fair and equitable terms and conditions to be negotiated with the Overlook Village Condominium Owners Association. e. To surrender or modify rights of the Grantor in favor of the unit owners and/or the Overlook Village condominium Owners Association, and/or their respective mortgagees. f. Correcting, supplementing and providing technical changes to the Master Deed and any of its amendments. g. Any amendment to the Master Deed will become effective upon the recording of an amendment to the Master Deed in the Office of the Clerk of Morris County. The Grantor will, thereafter, provide copies of said amendment to each owner and mortgagee affected. WITNESSETH, the hand and seal of the Grantor, Lanid Corporation, a New Jersey Corporation, which has been affixed by its President and Secretary, the day and year first above written. LANID CORPORATION FRANK F. HARDING, Secretary BY H. CHARLES MC NALLY, President

12 STATE OF NEW JERSEY) COUNTY OF MORRIS ) ss; BE IT REMEMBERED, that on December 20, 1977, before me, the subscriber, a notary public of the State of New Jersey, personally appeared FRANK F. HARDING, who, being by me duly sworn on his oath, deposes and makes proof to my satisfaction, that he is the secretary of LANID COPORATION, the Corporation named in the within Instrument; that H CHARLES MC NALLY is the President of said Corporation; that the execution, as well as the making of this Instrument, has been duly authorized by a proper resolution of the Board of Directors of the said Corporation; that deponent well knows the corporate seal of said Corporation; and that the seal affixed to said Instrument is the proper corporate seal and was thereto affixed and said Instrument signed and delivered by said President as and for the voluntary act and deed of said Corporation, in presence of deponent, who thereupon subscribed his name thereto as attesting witness; and that the full and actual consideration paid or to be paid for the transfer of title to realty evidenced by the within deed as such consideration is defined in P.L. 1968, c.49, Sec 1(c), is $1.00. FRANK F. HARDING Sworn to and subscribed before me this 20th day of December, Rita M. Glenk, a Notary Public of the State of New Jersey My commission expires March 8, 1981.

13 INDEX TO SCHEDULES ANNEXED TO OVERLOOK VILLAGE CONDOMINIUM MASTER DEED Schedule A Legal Description of Overlook Village Condominium, Situate in the Borough of Wharton, Morris County, New Jersey Legal Description of Section One, Overlook Village Condominium, Situate in the Borough of Wharton, Morris County, New Jersey Legal Description of Section Two, Overlook Village Condominium, Situate in the Borough of Wharton, Morris County, New Jersey Legal Description of Section Three, Overlook Village Condominium, Situate in the Borough of Wharton, Morris County, New Jersey Schedule B No. 1 Schedule B No. 2 Schedule C No. 1 Schedule C No. 2 Schedule C No. 3 Schedule C No. 4 Schedule C No. 5 Schedule C No. 6 Schedule C No. 7 Schedule C No. 8 Schedule C No. 9 Schedule C No. 10 Schedule C No. 11 Schedule C No. 12 Schedule C No. 13 Schedule C No. 14 Section Delineation Map, Overlook Village Borough of Wharton, Morris County, N. J. Sections 1 & 2, Overlook Village Condominium, Borough of Wharton, Morris County, N. J. Floor Plan, Interior Unit A, Uphill First Level Floor Plan, Interior Unit A, Uphill Second Level Floor Plan, Interior Unit B, Downhill First Level Floor Plan, Interior Unit B, Downhill Second Level Floor Plan, End Unit C, Uphill Garage Level Floor Plan, End Unit C, Uphill First Level Floor Plan, End Unit C, Uphill Second Level Floor Plan, End Unit D, Downhill Basement Level Floor Plan, End Unit D, Downhill First Level Floor Plan, End Unit D, Downhill Second Level Floor Plan, End Unit E, Uphill First Level Floor Plan, End Unit E, Uphill Second Level Floor Plan, End Unit F, Downhill First Level Floor Plan, End Unit F, Downhill Second Level

14 Schedule C No. 15 Profile and Elevation, Interior Unit A, Uphill Schedule C No. 16 Profile and Elevation, Interior Unit B, Downhill Schedule C No. 17 Schedule C No. 18 Schedule C No. 19 Schedule C No. 20 Profile and Elevation, End Unit C, Uphill Profile and Elevation, End Unit D, Downhill Profile and Elevation, End Unit E, Uphill Profile and Elevation, End Unit F, Downhill Schedule D By-Laws of Overlook Village Condominium Owners Association Footnotes and explanation: 1. Each of the floor plans and each of the profile and elevation plans attached hereto and depicted as Schedules C Nos. 1 through 20, portray the left hand unit of each pair of units. The right hand unit of each pair of units is not separately depicted in Schedule C, but is depicted in Schedule B. For example, Building No. 3 consists of two (2) end units identified as End Unit C Uphill. The floor plans and profiles attached hereto depict the left hand C unit (facing the building from the access drive). The right hand C unit is the mirror image of the unit depicted, and is not separately depicted in the floor plans and profiles attached hereto. Similarly, Building 3 contains four (4) units designated Interior Unit A Uphill. The units are constructed in pairs. The left hand unit of each pair is depicted in the floor plans and profiles. The right hand unit of each adjacent pair is not depicted in the floor plans and profiles, but is an exact mirror image of the left hand units which are depicted. 2. In Buildings 6 through 15, all C end units are being replaced with E end units. All D end units are being replaced with F end units. Schedule B No. 2 will be amended shortly to depict accurately said changes.

15 SCHEDULE A LEGAL DESCRIPTION OF OVERLOOK VILLAGE CONDOMINIUM, SITUATE IN THE BOROUGH OF WHARTON, MORRIS COUNTY, NEW JERSEY BEGINNING at the point of intersection formed by the new westerly side line of Main Street with the northerly side line of U.S. Highway Route 80; and runs thence (1) along the northerly side line of said Route 80 and along the arc of a curve to the right having a radius of 4, feet, a distance of 1, feet to the end of said curve; (2) still along the northerly side line of the aforementioned Route 80 North 79 degrees 46 minutes 16 seconds West feet to a point therein; (3) leaving the northerly side line of Route 80 and following along the dividing line between property now or formerly of Shahmoon Industries and property now or formerly of Norton Herrick and William H. Richards t/a Herrick and Richards, General Partners, Nortn 37 degrees 18 minutes 33 seconds West feet to the point of intersection formed by the same with the boundary line between the Borough of Wharton and the Township of Rockaway; (4) along the boundary line thereof about North 39 degrees 25 minutes 45 seconds East 2, feet to the point of intersection formed by the same with the rear line of lots fronting on the Old Union Turnpike Road; (5) along the rear line thereof in part, South 54 degrees 40 minutes 06 seconds East feet to a point therein and at the most northerly corner of Lot 5 in Block 2 on the Official Tax Map of the Borough of Wharton; (6) along the rear line of the aforementioned Lot 5 and continuing thereon along the rear line of lots fronting on Elizabeth Street, South 41 degrees 33 minutes 11 seconds West feet to an angle point therein; (7) still along the rear line of lots fronting on Elizabeth Street, South 47 degrees 27 minutes 11 seconds West feet to another angle point therein; (8) still along the rear line of lots fronting on the aforementioned Elizabeth Street and continuing in a straight line, crossing the northwesterly end of Langdon Avenue, South 38 degrees 22 minutes 11 seconds West feet to the point of intersection formed by the same with the rear line of lots fronting on the above mentioned Langdon Avenue at the most westerly corner of Lot 24 in Block 7 on the above mentioned Tax Map; (9) along the aforementioned rear line of lots fronting on Langdon Avenue and continuing in a straight line, South 50 degrees 07 minutes 49 seconds East 1, feet to the point of intersection formed by the same with the above mentioned new westerly side line of Main Street; (10) along the new westerly side line of Main Street, South 10 degrees 16 minutes 44 seconds West feet to the point or place of BEGINNING.

16 Page 2 of Schedule A EXCEPTING AND RESERVING from the above described tract of land the following three parcels of land: A Parcel #24B recorded in the Morris County Clerk s Office in Deed Book D-67, at page 457. B Lot 7A recorded in the Morris County Clerk s Office in Deed Book 2157 at page 716. C Lot 9A recorded in the Morris County Clerk s Office in Deed Book 1944 at page 161. After deducting the above named three exceptions, there remains 30 acres of land be the same more or less. The above named Parcels 24B, Lot 7A, and Lot 9A are shown on a map of a survey made by O. Thomas DeLalla, Surveyor, Denville, N.J., dated November 1973 and the description herein is taken from that survey. BEING the same premises conveyed to Lanid Corporation by deed of Norton Herrick, et als., dated April 26, 1977 and recorded in the Morris County Clerk s Office on May 19, 1977, in Book 2408, page 31&c. BEING also known as Lots 25, 26, and 27, in Block 7 on the Tax Map of the Borough of Wharton LEGAL DESCRIPTION OF SECTION ONE, OVERLOOK VILLAGE CONDOMINIUM, BOROUGH OF WHARTON, MORRIS COUNTY, NEW JERSEY BEGINNING at a point in the existing westerly sideline of Main Stret said point being North 10 degrees 16 minutes 44 seconds East along said westerly sideline a distance of feet from the point of intersection of the westerly sideline of said Main Stret with the existing northerly sideline of Interstate Route 80; and running thence 1) North 78 degrees 13 minutes 16 seconds West a distance of feet to a point; thence 2) North 50 degrees 07 minutes 49 seconds West a distance of feet to a point; thence 3) South 02 degrees 16 minutes 44 seconds West a distance of feet to a point; thence 4) South 86 degrees 16 minutes 44 seconds West, a distance of feet; thence 5) North 71 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 6) North 07 degrees 40 minutes 54 seconds West, a distance of feet to a point; thence

17 Page 3 of Schedule A 7) North 81 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 8) North 50 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 9) North 39 degrees 52 minutes 11 seconds East, a distance of feet to a point; thence 10) South 50 degrees 07 minutes 49 seconds East, a distance of feet to a point; thence 11) South 62 degrees 07 minutes 49 seconds East, a distance of feet to a point; thence 12) North 84 degrees 16 minutes 44 seconds East a distance of feet to a point in the westerly sideline of Main Street; thence 13) South 10 degrees 16 minutes 44 seconds West along said westerly sideline, a distance of feet to a point of BEGINNING. CONTAINING 348,445 square feet or acres. The above description was prepared by Arthur DeLuca, P.E. & L.S., Rockaway, New Jersey LEGAL DESCRIPTION OF SECTION TWO, OVERLOOK VILLAGE CONDOMINIUM, SITUATE IN THE BOROUGH OF WHARTON, MORRIS COUNTY, NEW JERSEY BEGINNING at a point in the existing westerly sideline of North Main Street (66 feet wide), said point being the division line between Lot 1 and Lot 25 in Block 0201; and running thence 1) North 50 degrees 07 minutes 49 seconds West along the northerly tract line, a distance of 1, feet to a point; thence 2) South 39 degrees 52 minutes 11 seconds West, a distance of feet to a point; thence 3) South 02 degrees 07 minutes 49 seconds East, a distance of feet to a point, thence 4) South 12 degrees 07 minutes 49 seconds East, a distance of feet to a point in the northerly sideline of Interstate Route 80; thence 5) South 79 degrees 46 minutes 16 seconds East, along the northerly sideline of Interstate Route 80, a distance of 3.94 feet to a point of curvature; thence

18 6) Easterly still along said northerly sideline on a curve to the left with a radius of 4, feet, an arc length of 1, feet to a point in the westerly sideline of North Main Street; thence 7) North 10 degrees 16 minutes 44 seconds East, along said westerly sideline, a distance of feet to a point; thence 8) North 78 degrees 13 minutes 16 seconds West, a distance of feet to a point; thence 9) North 50 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 10) South 02 degrees 16 minutes 44 seconds West, a distance of feet to a point; thence 11) South 86 degrees 16 minutes 44 seconds West, a distance of feet to a point; thence 12) North 71 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 13) North 07 degrees 40 minutes 54 seconds West, a distance of feet to a point; thence 14) North 81 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 15) North 50 degrees 07 minutes 49 seconds West, a distance of feet to a point; thence 16) North 39 degrees 52 minutes 11 seconds East, a distance of feet to a point; thence 17) South 50 degrees 07 minutes 49 seconds East, a distance of 1, feet to a point; thence 18) South 62 degrees 07 minutes 49 seconds East, a distance of feet to a point; thence 19) North 84 degrees 16 minutes 44 seconds East, a distance of feet to the point of BEGINNING. The above description was prepared by Arthur DeLuca, P.E. & L.S., Rockaway, New Jersey LEGAL DESCRIPTION OF SECTION THREE, OVERLOOK VILLAGE CONDOMINIUM, SITUATE IN THE BOROUGH OF WHARTON, MORRIS COUNTY, NEW JERSEY BEGINNING at a point in the northerly tract line of Overlook Village, said point being North 50 degrees 07 minutes 49 seconds West along said northerly tract line a distance of 1, feet from the westerly sideline of North

19 Main Street at the division line between Lot 1 and Lot 25 in Block 0201; and running thence 1) South 39 degrees 52 minutes 11 seconds West a distance of feet to a point; thence 2) South 02 degrees 07 minutes 49 seconds East a distance of feet to a point; thence 3) South 12 degrees 07 minutes 49 seconds East a distance of feet to a point in the northerly sideline of Interstate Route 80; thence 4) North 79 degrees 46 minutes 16 seconds West along said northerly sideline, a distance of feet to a point; thence 5) North 37 degrees 18 minutes 33 seconds West a distance of feet to a point in the boundary line between the Borough of Wharton and the Township of Rockaway; thence 6) North 39 degrees 25 minutes 45 seconds East along said boundary line, a distance of 1,105 feet plus or minus to a point; thence 7) South 50 degrees 34 minutes 15 seconds East along the dividing line between Lot 25 in Block 0201 and Lot 28 in Block 0101, a distance of 80 feet plus or minus to a point; thence 8) South 38 degrees 22 minutes 11 seconds West a distance of 180 feet plus or minus to a point; thence 9) South 50 degrees 07 minutes 49 seconds East a distance of feet to the point of BEGINNING. The above description was prepared by Arthur DeLuca, P.E. & L.S., Rockaway, New Jersey.

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42 SCHEDULE D BY-LAWS OF OVERLOOK VILLAGE CONDOMINIUM OWNERS ASSOCIATION ARTICLE I ASSOCIATION, MEMBERSHIP LOCATION AND PURPOSE Section 1. Association Membership: All owners of condominium units within a condominium known as Overlook Village Condominium, Borough of Wharton, Morris County, New Jersey, shall be members of the Association. Said condominium has been submitted to the provisions of N.J.S.A. 46:8B-1 through 30. Section 2. Location: The aforesaid condominium is located in the Borough of Wharton, Morris County, New Jersey on the northerly side of U.S. Highway I.80. Section 3. Purpose of Association: The purposes of the Association are defined in its Articles of Incorporation. ARTICLE II APPLICABILITY OF BY-LAWS Section 1. By-Law Applicability: The provisions of these By-Laws shall be applicable to and binding upon all owners of condominiums within the aforesaid condominium as said condominium is presently defined in the Master Deed dated December 20th, 1977, as said deed is presently recorded or as said deed shall be amended from time to time in the future. Specifically, all owners of units in areas annexed to this condominium in the future and all future owners of condominiums within the condominium as it is presently constituted shall be subject to the regulations set forth in the By-Laws. Section 2. Personal Application: All present and future owners, occupants, tenants, future tenants or their employees, or any other person that might use the facilities of the condominium in any manner, are subject to the regulations set forth in these By-Laws. The mere acquisition, rental or use of any of the condominium units of Overlook Village or of any of its recreational or other facilities or common elements or easements will signify that these By-Laws will be complied with

43 ARTICLE III BOARD OF TRUSTEES Section 1. Number and Qualification: The initial Board of Trustees shall be constituted of five (5) persons. The term, names and addresses of the initial Board of Trustees are set forth in the Certificate of Incorporation. Until and through December 31, 1984, Lanid Corporation (the sponsor of the condominium) shall designate three (3) of the members of the Board of Trustees. The remaining number designees shall be selected as is set forth in Section 5 below. Section 2. Powers and Duties: The Board of Trustees shall have the powers and duties necessary for the administration of the affairs of the Association and may do all acts and things as are not by law or by these By- Laws directed to be exercised and done by the owners. Section 3. Other Duties: In addition to duties imposed by these By- Laws or by the resolutions of the Association, the Board of Trustees shall be responsible for the following: a. Care, up-keep and surveillance of the condominium and the common areas and facilities and the limited common elements and facilities; b. Fixing, assessing and collecting of assessments from the owners; c. Designation and dismissal of the personnel necessary for the maintenance and operation of the condominium, the common areas and facilities, and the restricted common areas and facilities; and d. Promulgation and enforcement of rules and regulations for the conduct of owners, occupants, and users of the condominium properties or facilities and/or any units therein. Section 4. Management Agent: The Board of Trustees may employ for the Association a management agent at a compensation established by the Board to perform such duties and services as the Board shall authorize including, but not limited to, the duties listed in Sections 2 and 3 of this Article. Section 5. Election and Term of Office: The terms of the initial and succeeding Boards of Trustees are set forth in Article VI of the Certificate of Incorporation. Section 6. Vacancies: Vacancies in the Board of Trustees caused by any reason other than the removal of a trustee by a vote of the Association shall be filled by the sponsor (if a sponsor designee is to be replaced) or by the members at a special election (if a member representative is to be - 2 -

44 replaced). Each so elected shall serve as a trustee until the end of the term of the trustee whom he replaces. Section 7. Removal of Trustees: Sponsor designated trustees may be removed and replaced by the sponsor at any time. Member designated trustees at any regular or special meeting duly called, may be removed with or without cause by a two-thirds (2/3) vote of all of the members present and a successor may then and there be elected to fill the vacancy thus created. Any trustee whose removal has been proposed by any owners shall be given an opportunity to be heard in the meeting and shall be afforded the right to have the vote on his removal adjourned to a new date note less than seven (7) nor more than then (10) days from the date of the meeting at which the removal is proposed. Section 8. Meeting: The annual meeting of each newly elected designated Board of Trustees thereafter shall be held during the first ten (10) days of March of each term at such place as shall be fixed by the trustees. Section 9. Regular Meetings: Regular meetings of the Board of Trustees shall be held at such times and places as shall be determined from time to time by a majority of the trustees. At least two (2) such meetings shall be held during each fiscal year. Notice of the regular meetings of the Board of Trustees shall be given to each trustee, personally or by mail, telephone, or telegraph, at least three (3) days prior to the day named for such meeting. No oral notice, however, shall be binding upon any trustee unless he consents to receiving said oral notice and files such a consent in writing at, before, or subsequent to said meeting. Section 10. Special Meetings: Special meetings of the Board of Trustees may be called by the President or any two (2) members of the Board of Trustees on three (3) days notice to each trustee, given personally or by mail, telephone, or telegraph, which notice shall state the time, place (as hereinabove provided), and purpose of the meeting. Section 11. Waiver of Notice: Before or at any meeting of the Board of Trustees, any trustee may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a trustee at any meeting of the Board shall be waiver of notice by him of the time and place thereof. If all the trustees are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting

45 Section 12. Board of Trustee s Quorum: At all meetings of the Board of Trustees, a majority of the trustees shall constitute a quorum for the transaction of business, and the acts of the majority of the trustees present at a meeting at which a quorum is present shall be the acts of the Board of Trustees. If, at any meeting of the Board of Trustees, there be less than a quorum present, the majority of those present may adjourn the meeting form time to time. At any such adjourned meeting, any business which might have been transacted at the meeting as originally called may be transacted without further notice. ARTICLE IV MEMBERS OF THE ASSOCIATION Section 1. Membership: All owners of units within the condominium as presently constituted or as expanded from time to time shall be members of the Association of owners (which Association has been incorporated as a nonprofit corporation under Title 15 of the Statutes of the State of New Jersey). Section 2. Place of Meetings: Meetings of the Association members shall be held at the principal office of the condominium or such other suitable place convenient to the owners as may be designated by the Board of Trustees. Section 3. Annual Meeting: The first annual meeting of the Association shall be held within ninety (90) days of the closing of title to the thirtieth unit within the Condominium. Thereafter, the annual meetings of the Association members shall be held during the month of November of each succeeding year. The terms of the initial Board of Trustees and succeeding Board of Trustees are set forth in Article VI of the Certificate of Incorporation. The President shall annually establish a Nominating Committee for the purpose of selecting nominees for any vacancies that occur on the Board of Trustees. Further, at the annual meeting, the President shall establish a Builder s Liaison Committee. This Committee shall consist of a representative from each building and shall deal with the builder of the Condominium with respect to any complaints and comments regarding the construction of the Condominium and its common elements

46 Section 4. Special Meetings: It shall be the duty of the President to call a special meeting of the owners as directed by resolution of the Board of Trustees or upon a petition signed by a majority of the owners and having been presented to the Secretary. The notice of any special meeting shall state the time and place of such meeting and the purpose thereof. No business shall be transacted at a special meeting except as stated in the notice unless by consent of two-thirds (2/3) of the owners present. Section 5. Notice of Meetings: It shall be the duty of the Secretary to mail a notice of each annual or special meeting, stating the purpose thereof as well as the time and place where it is to be held, to each owner of record, at least five (5) but not more than ten (10) days prior to such meeting. The mailing of a notice in the manner provided in this Section shall be considered notice served. Section 6. Adjourned Meetings: If any meeting of owners cannot be organized because a quorum has not attended, the owners who are present may adjourn the meeting to a time not less than forty-eight (48) hours from the time the original meeting was called. Section 7. Order of Business: The order of business at all meetings of the owners of units shall be as follows: a. Roll call; b. Proof of notice of meeting or waiver of notice; c. Reading of minutes of preceding meeting; d. Reports of officers; e. Report of committees; f. At annual meeting, election of owner-designated trustees (following the initial term of the initial Board of Trustees); g. Unfinished business; and h. New business. Section 8. Voting: Voting shall be on a proportionate basis and the proportion of the vote to which the owner is entitled is the proportion assigned to the unit in the Master Deed. The owner of two or more units shall be entitled to the sum total of the proportionate vote assigned to those units in sum. The Condominium sponsor shall not be entitled to vote in the election of owner-designated trustees. Section 9. Majority of Owners: As used in these By-Laws, the term majority of owners shall mean those owners holding fifty-one percent (51%) of the votes in accordance with the proportions assigned in the Master Deed