MASTER DEED DECLARATION OF CONDOMINIUM HORIZONTAL PROPERTY REGIME OF ROSE ISLAND YACHT CLUB CONDOMINIUMS WITNESSETH

Transcription

1 MASTER DEED DECLARATION OF CONDOMINIUM HORIZONTAL PROPERTY REGIME OF ROSE ISLAND YACHT CLUB CONDOMINIUMS THIS DECLARATION OF CONDOMINIUM, a Horizontal Property Regime, is made and entered into this day of, 2015, by HARMONY LANDING DEVELOPMENT, INC., a Kentucky corporation, hereinafter referred to as DEVELOPER, and its successors and assigns. WITNESSETH The DEVELOPER hereby makes the following declarations: 1. Purpose. The purpose of this Master Deed for a Condominium Property Regime established under the Condominium Property Laws, Section , et seq., of the Kentucky Revised Statutes (KRS ), This is a Condominium Property Regime for boat slips and certain other uses as set forth herein, and shall constitute covenants running wit the land and are binding on and for the benefit of present and future owners, lessees, and mortgagees of any part of the Regime. This is a reestablishment of the Regime which was originally of record by Master Deed of record in Deed Book 351, Page 154, as Harvey s on the River Yacht Club, as amended. 1.1 Name. The name by which this Condominium Property Regime is to be identified is ROSE ISLAND YACHT CLUB, a Condominium Property Regime. 1.2 Land. The lands owned by DEVELOPER which are submitted by this instrument to the Condominium Property Regime form of ownership are the following described lands lying in Oldham County, Kentucky, and more particularly described as: ----The lands are more fully shown in Exhibit A which is appended hereto and incorporated herein by virtue of this reference

2 Being the same property conveyed to Harmony Landing Development Co., Inc., by Deed dated June 22, 1988, recorded in Deed Book 326, Page 332, in the Office of the County Clerk of Oldham County, Kentucky. Which lands are called the land. 2. Definitions. The terms used in this Master Deed of a Property Regime and its exhibits shall have the meaning stated in KRS through , unless the context otherwise requires, and are as follows: 2.1 Boat Slip Unit means a part of the condominium property which is subject to private ownership and shall mean the same as or other units as more fully shown in KRS There shall be 139 boat slip units. 2.2 Boat Slip Unit Owner shall mean the fee simple owner of a Boat Slip Unit as defined herein. 2.3 Association shall mean ROSE ISLAND YACHT CLUB ASSOCIATION, INC., a Kentucky non-profit corporation, its successors and assigns, which shall consist of all of the Boat Slip Owners in their capacity as co-owners and shall act as the council of co-owners. 2.4 General Common Elements shall include the land on which the improvements are located other than units, the tangible personal property required for the maintenance and operation of the condominium, even though owned by the Association, the portions of the condominium property not included in the Boat Slip Unit, as well as the items stated in the Kentucky Revised Statutes, Limited Common Elements means and includes those General Common Elements which are reserved for the use of a certain Boat Slip Unit or Boat Slip Units to the exclusion of other Boat Slip Units. 2.5 Common expenses includes expenses of administration; expenses of -2-

3 maintenance, operation, repair or replacement of the General Common Elements, and Limited Common Elements and of the portions of Boat Slip Units to be maintained by the Association, expenses declared to be such by this Master Deed or by the Bylaws of the Association, and any valid charge against the condominium property as a whole. Common expenses shall likewise include expenses for taxes, insurance, and assessments made b ROSE ISLAND YACHT CLUB ASSOCIATION, INC., pursuant to the Master Deed for Condominium Property Regime of ROSE ISLAND YACHT CLUB. 2.6 Condominium Property Regime means the condominium created by this Master Deed. 2.7 Singular, Plural, Gender. Whenever the context so permits, the use of the plural shall include the singular, the singular the plural, and the use of any gender shall be deemed to include all genders. 2.8 Utility Services, as used in this Master Deed Declaration and Bylaws, shall include but not be limited to electric power, gas, water, and garbage and sewage disposal. 2.9 Reference to the Property Regime and reference to Condominium shall have the same meaning in this instrument wherever used and may be used interchangeably. Reference to Master Deed and reference to Declaration of Condominium shall have the same meaning in this instrument wherever used and may be used interchangeably. 3. Development Plan. The condominium is described and established as follows: 3.1 Survey. A survey of the land showing the improvements on it is attached hereto as Plat. 3.2 Plot Plans. The improvements upon the land are constructed substantially in accordance with plans prepared by Registered Land Surveyors and Engineers and are attached -3-

4 as follows: Exhibit A Graphic Description of Improvements 3.3 Easements are reserved through the condominium property as may be required for utility services in order to serve the condominium adequately. 3.4 Improvements. General Description: A. Boat Slip Units. There are 139 Boat Slip Units. B. There are provisions as shown in the Plat for a clubhouse and swimming pool. All of these improvements either existing or to be built, shall be General Common Elements. C. All parking areas and landscaping shall be General Common Elements. D. The docks, piers, and all other improvements placed on the fee simple Boat Slip Unit, as more fully shown in the Plat, shall constitute Limited Common Elements and shall be maintained by the Association. Nevertheless, the ownership shall vest in the owner of the Boat Slip and shall be a proper subject matter for chattel mortgages and security interest as set forth in the Kentucky Statutes that relate to the Uniform Commercial Code. Further, such interest may be mortgaged by the Unit Owner and shall constitute a part of the purchase price for the Boat Slip Owner. 3.5 Boat Slip Unit Boundaries. The Boat Slip Unit boundaries are defined as follows: A. There are no upper or lower boundaries. B. The horizontal boundary location of each Boat Slip is shown on the attached Plat. -4-

5 4. The Boat Slip Units. The Boat Slip Units of the condominium are described more particularly and the rights and obligations of their owners established as follows: pursuant to Paragraph Typical Boat Slip Unit Plans. Typical Boat Slip Unit plans are attached 4.2 Each Boat Slip Unit is identified by numbers as shown in the Plat. 4.3 Ownership of General Common Elements and Common Surpluses. A. The undivided share owned by each Boat slip Unit Owner in the General Common Elements and the common surplus and the fraction of sharing common expenses shall be an undivided share for each Boat Slip Unit computed on the square footage as shown on the Plat of each Boat Slip as prorated against the whole. B. The percentage of ownership in the General Common Elements and Common Surplusage is determined for each Boat Slip Unit as follows: Boat Slip Unit area (square foot) divided by total unit area 100 = percentage of ownership in the General Common Elements and Common Surplusage The schedule of percentages of ownership is attached as an Exhibit to this Master Deed. 4.4 Voting Rights. The Owner of each Boat Slip Unit, or in the case of joint ownerships, the owners collectively of a Boat Slip Unit, shall each have one vote. 5. Maintenance, Alteration and Improvement. Responsibility for the maintenance of the condominium property, and restrictions upon its alteration and improvement, shall be as follows: 5.1 Boat Slip Units. A. By the Association. The Association shall maintain, repair and -5-

6 replace at the Association s expense: (1) All of the common areas, including but not limited to, clubhouse (when completed), swimming pool, manufactured dock, piers and approaches, landscape and all of the other General Common or Limited Common Elements not specifically set forth herein. (2) All conduits, plumbing, wiring and all facilities necessary and proper to furnish utility services. (3) All incidental damages caused to a Boat Slip Unit by the normal use of the Boat Slip Unit. B. The Boat Slip Unit Owner. The responsibility of the boat Slip Unit Owner shall be as follows: (1) To maintain, repair and replace at his or its expense all portions of the Boat Slip Unit not shown as a General common or Limited Common Element. See 5.1.A(1) supra.) (2) Not to paint or otherwise change or decorate the appearance of the Boat Slip Unit without obtaining permission from the Board of Directors. (3) To promptly report to the Association any defects or need for repair for which the Association is responsible. (4) No vessel shall extend into the common area. Boat length is defined as length of the center line including the bow pulpit and the swim platform. The vessel s total length including bow pulpit and swim platform cannot exceed the length of the Boat Slip. (5) Primary and auxiliary watercraft may be moored within the -6-

7 same slip but must be owned by an association member or renter in the Association. Any additional watercraft beyond the primary vessel must be approved in writing by the Board. Requests to moor watercraft, in addition to the primary craft, shall be presented to the Harbormaster, to include a description of the craft. At no time shall a single craft or combination of the primary and auxiliary craft exceed the specified length and width restrictions of the slip. They may not infringe on any adjacent slip or otherwise obstruct navigational access. Vessels must be moored to the dock and may not be rafted to another vessel moored in the slip, with the exception of a dingy that may be rafted to its mother ship for a period not to exceed forty-eight hours. After forty-eight hours, the dingy must be brought aboard the mother ship. No deviation is permitted without approval of the Board. C. Alterations and Improvements. Neither the Boat Slip Unit Owner nor the Association will make alterations in any portion of a Boat Slip Unit, nor remove any portion of such, nor make any additions to them or do anything that would jeopardize the safety or soundness of the Boat Slip Unit or its adjoining contiguous Boat Slip Unit, or impair any easement without first obtaining approval in writing of all owners of all of the Boat Slip Units contiguous or adjacent to the area in which such work is to be done and obtain a formal approval from the Board of Directors. 5.2 General Common Elements. A. By the Association. The maintenance and operation of the General Common Elements shall be the responsibility of the Association and a common expense. B. Alterations and Improvements. After the completion of the improvements included in the General Common Elements contemplated by this Declaration, there shall be no alteration nor further improvement of the real property constituting the General -7-

8 Common Elements without prior approval of two-thirds of the votes which members present or represented by proxy are entitled to cast their vote thereon at either an annual or a special meeting except as provided by the Bylaws. Any such alteration or improvement shall not interfere with the rights of any Boat Slip Owners without their consent. The cost of such work shall not be assessed against a bank, life insurance company or savings and loan association that acquires its title as the result of owning a mortgage upon the Boat Slip Unit owned, unless such Owner shall approve the alteration and improvement, and this shall be so whether the title is acquired by deed from the mortgagor or through foreclosure proceedings. The share of any cost not so assessed shall be assessed to the other Boat Slip Unit Owners in the shares that their shares in the General Common Elements bear to each other. there shall be no change in the shares and rights of a Boat Slip Unit Owner in the General Common Elements altered or further improved, whether or not the Boat Slip Unit Owner contributes to the cost of such alteration or improvements. 6. Assessments. The making and collection of assessments against Boat Slip Unit Owners for expenses shall be pursuant to the Bylaws and subject to the following provisions: 6.1 Each Boat Slip Owner shall be liable for his pro-rata share of the common expense. Where the mortgagee of a first mortgage or record or other purchaser of a Boat Slip Unit obtains title to the Boat Slip Unit as a result of foreclosure of the first mortgage, or where such acquirer of title received title as a result of a deed given in lieu of foreclosure, such acquirer of title, his successors and assigns shall not be liable for the share of common expenses or assessments by the Association pertaining to a Boat Slip Unit chargeable to the former Boat Slip Unit Owner which became due prior to the acquisition of title, unless such share is secured by claim of lien for assessments shall be deemed to be such common expense -8-

9 collectible from all of the Boat Slip Unit Owners including the acquirer of title, its successors and assigns. A first mortgage, acquiring title as aforesaid, shall, during the period of its ownership of such a Boat Slip Unit, whether or not such Boat Slip Unit is occupied or unoccupied, be liable for its share of the common expenses. 6.2 Interest, Application of Payments. Assessments and installments on such assessments paid on or before ten (10) days after the date when due shall not bear interest, but all sums not paid on or before ten (10) days after the date when due shall bear interest at the rate of twelve percent (12%) per annum from the date when due until paid. All payments upon account shall be first applied to interest and then to the assessment payments first due. 6.3 Lien for Assessments. The lien for unpaid assessments shall also secure reasonable attorney s fees incurred by the Association incident to the collection of such assessments or enforcement of such lien. 6.4 Rental Pending Foreclosure. In any foreclosure of a lien for assessment, the owner of the Boat Slip Unit subject to the lien shall be required to pay a reasonable rental for the Boat Slip Unit and the Association shall be entitled to the appointment of a receiver to collect same. 6.5 Liens for assessments may be foreclosed in the manner provided by Kentucky statutes. 7. Association. The operation of the condominium shall be by ROSE ISLAND YACHT CLUB ASSOCIATION, INC., a corporation not for profit, under the laws of the State of Kentucky, which shall fulfill its functions pursuant to the following provisions: 7.1 Intentionally Deleted. 7.2 Intentionally Deleted. -9-

10 7.3 Limitation Upon Liability of Association. Notwithstanding the duty of the Association to maintain and repair parts of the condominium property, the Association shall not be liable to the Unit Owners for injury or damage, other than the cost of maintenance and repair, caused by any latent condition of the property to be maintained and repaired by the Association or caused by the elements or other owners or persons. 7.4 Restraint Upon Assignment of Shares in Assets. The share of members in the funds and assets of the Association cannot be assigned, hypothecated or transferred in any manner except as an appurtenance to a Boat Slip Unit. 8. Insurance. The insurance other than title insurance that shall be carried upon the condominium property and the property of the Boat Slip Unit Owners shall be governed by the following provisions: 8.1 Authority to Purchase; Named Insured. All insurance policies upon the condominium property shall be purchased by the Association. The named insured shall be the Association individually and agent for the Boat Slip Unit Owners, without naming them, and as agent for their mortgagees. Provisions shall be made for the issuance of mortgagee endorsements and memoranda of insurance to the mortgagees of Boat Slip Unit Owners. 8.2 Coverage. A. Casualty. All improvements upon the land shall be insured in an amount equal to the maximum insurable replacement value. (1) Loss or damage by fire and other hazards covered by a standard extended coverage endorsement, and (2) Such other risks as from time to time shall be customarily covered with respect to Docks similar in construction -10-

11 B. Public liability in such amounts and with such coverage as shall be required by the Board of Directors of the Association, including but not limited to hired automobiles and non-owned automobile coverages, and with cross liability endorsement to cover liability of the Boat Slip Unit Owners as a group to a Boat Slip Owner. C. Workmen s Compensation policy to meet the requirements of law. D. Such other insurance as the board of Directors of the Association shall determine from time to time to be desirable. 8.3 [Blank] 8.4 Premiums. Premiums upon insurance policies purchased by the Association shall be paid by the Association as a common expense. 8.5 Insurance Trustee; Shares of Proceeds. All insurance policies purchased by the Association shall be for the benefit of the Association and the Boat Slip Unit Owners and their mortgagees as their interests may appear, and shall provide that all proceeds are paid to ROSE ISLAND YACHT CLUB ASSOCIATION, INC. The duty of the Trustee shall be to receive such proceeds as are paid and hold the proceeds in trust for the purposes elsewhere stated in this instrument and for the benefit of the Boat Slip Unit Owners and their mortgagees, in the following shares, but which shares need not be set forth in the records of the Trustee (but see 4.3B): A. General Common Elements. Proceeds on account of damage to the General Common Elements shall be held in undivided shares for each Owner, such share being the same as the undivided share in the General Common Elements appurtenant to his Unit. B. When the Docks are not to be restored, then as an undivided share -11-

12 for each boat Slip Unit Owner, such share shall be determined by dividing the proceeds between the Boat Slip Unit Owners. C. Mortgagees. In the event a mortgagee endorsement has been issued as to a slip unit, the share of the Boat Slip Unit Owner shall be held in trust for the mortgagee and the Boat Slip Unit Owner as their interests may appear; provided, however, that no mortgagee shall have any right to determine or participate in the determination as to whether or not any damaged property shall be reconstructed or repaired, and no mortgagee shall have any right to apply or have applied to the reduction of a mortgage debt any insurance proceeds except distributions of such proceeds made to the Boat Slip Unit Owner and mortgagee pursuant to the provisions of the Declarations. D. Association as Agent. The Association is irrevocably appointed as agent for each Boat Slip Unit Owner and for each Owner of a mortgage or other lien upon a Boat Slip Unit and for each Owner of any other interest in the condominium property to adjust all claims for property damage less than ONE THOUSAND DOLLARS ($1,000.00), arising under insurance policies purchased by the Association and to execute and deliver releases upon payment of claims. The Association is irrevocably appointed agent for each Boat Slip Unit Owner and for each owner of any other interest in the condominium property to adjust all claims for property damage in excess of ONE THOUSAND DOLLARS ($1,000.00), arising under insurance policies purchased by the Association. For all such claims in excess of ONE THOUSAND DOLLARS ($1,000.00), the Association is authorized to execute and deliver releases and to accept claims for the Boat Slip Unit Owners and for the Owners and of any other interest in the condominium property, provided the Association has the consent of all approved mortgagees. This provision shall not be construed to confer upon the Association any authority -12-

13 with regard to any claims which a Boat Slip Unit Owner may have for personal injury. 9. Reconstruction or Repair After Casualty. 9.1 Determination to Reconstruct or Repair. If any part of the condominium property shall be damaged by casualty, whether or not it shall be reconstructed or repaired shall be determined in the following manner: A. General Common Elements. If the damaged improvement is a General Common Element, the damage property shall be reconstructed, unless it is determined in the manner elsewhere provided that the condominium shall be terminated. B. Docks. (1) Lesser Damage. If all the improvements are damaged by less than a total of eighty percent (80%), in the opinion of the Board of Directors, then the damaged property shall be reconstructed or repaired. (2) Major Damage. If all the improvements are damaged by more than a total of eighty percent (80%), in the opinion of the Board of Directors, then the damaged property shall be reconstructed or repaired only upon approval, in writing, of seventyfive percent (75%) of the Boat Slip Unit Owners; otherwise, the Condominium shall be terminated as set forth in this Declaration. 9.2 Plans and Specifications. Any reconstruction or repair must be substantially in accordance with the plans for the original docks; or if not, then according to plans and specifications approved by the Board of Directors of the Association, and if it is Major Damage, by the Owners of not less than seventy-five percent (75%0 of the condominium, which approval shall not be unreasonably withheld. 9.3 Responsibility. If the damage is only to those parts of a Boat Slip Unit -13-

14 for which the responsibility of maintenance and repair is that of the Boat Slip Unit Owner, then the Boat Slip Unit Owner shall be responsible for reconstruction and repair after casualty. In all other instances, the responsibility of reconstruction and repair after casualty shall be that of the Association. 9.4 Estimates of Costs. Immediately after a determination is made to rebuild or repair damage to property for which the Association has the responsibility of reconstruction and repair, the Association shall obtain reliable and detailed estimates of the cost to rebuild or repair. 9.5 Assessments. If the proceeds of insurance are not sufficient to defray the estimated costs of reconstruction and repair by the Association, or if at any time during reconstruction and repair, or completion of reconstruction and repair, the funds for the payment of the costs of reconstruction or repair are insufficient, assessments shall be made against the Boat Slip Unit Owners who own the damaged Boat Slip Unit, and against all Boat Slip Unit Owners in the case of damage to General Common Elements, in sufficient amounts to provide funds for the payment of such costs. Such assessments against Boat Slip Unit Owners for damage to Boat Slip Units shall be in proportion to the costs of reconstruction and repair of their respective Boat Slip Units. Such assessments on account of damage to General Common Elements and restricted General Common Elements, shall be in proportion to the Owner s share in the General Common Elements. Provided, however, in the event that the insurance proceeds are insufficient to pay the trustee s fees and expenses and to make needed repairs and any Owner is unable to pay an assessment to make up such insufficiency, then such owner s mortgagee shall have the option to make up said insufficiency or to require the Association, the insurance trustee and the insurer to pay such mortgagee as its interests may appear from the insurance proceeds. -14-

15 10. Use Restrictions.. The use of the condominium property shall be in accordance with the following provisions as long as the condominium exists and the Boat Slip Units are in useful condition exists upon the land Boat Slip. Each Boat Slip shall be used only as a mooring and permanent dockage for boats and accessory use as related thereto General Common Elements. The General Common Elements shall be used only for the purposes for which they are intended Nuisances. No nuisances shall be allowed upon the condominium property, nor any use or practice that is the source of annoyance to other Boat Slip Unit Owners or which interferes with the peaceful possession and proper use of the property by its owners. All parts of the condominium shall be kept in a clean and sanitary condition, and no rubbish, refuse or garbage allowed to accumulate nor any fire hazard allowed to exist. No Boat Slip Unit Owner shall permit any use of his Slip Unit to make any use of the General Common Elements that will increase the cost of insurance upon the condominium property Lawful Use. No immoral, improper, offensive or unlawful use shall be made of the condominium property nor any part of it; and all valid laws, zoning ordinances and regulations of all governmental bodies having jurisdiction shall be observed. The responsibility of meeting the requirements of governmental bodies for maintenance, modification or repair of the condominium property shall be the same as the responsibility for the maintenance and repair of the property concerned Leasing. There shall be no restrictions on Leasing. The Lessor shall furnish an executed copy of the Lease to the Association prior to occupancy by the Lessee There shall be no age restrictions imposed against users of the premises. -15-

16 Provided, however, that Boat Slip Unit Owners shall closely supervise minors to insure that they do not become a nuisance to other Owners No advertisements or notices of any type shall be erected upon the General Common Elements. Provided, however, the Board of Directors in their regulations may vary this requirement. The Owner may display his name, insignia and flag to distinguish his Boat Slip Unit Regulations. Reasonable regulations concerning the use of the condominium property may be made and amended from time to time by the Association in the manner provided by its Articles of Incorporation and Bylaws. Copies of such regulations and amendments shall be furnished by the Association to all Boat Slip Unit Owners and Owners of the condominium. The Board of Directors can assess a fee, in addition to regular assessments, against any Boat Slip Owner who fails to comply with the regulations after the Boat Slip Owner has been given written notice of his or her failure to comply and the Boat Slip Owner does not comply within thirty (30) days of receipt of notice. Any Boat Slip Owner who does not accept delivery of written notice or no longer receives mail at their last known address as shown on the membership voter list of the Association shall be deemed to have received notice ninety (90) days after deposit of the written notice with the United States Postal Service for delivery. The fee shall be collected and enforced in the same manner as provided in Paragraph as stated hereinabove. The fee shall be determined at the discretion of the Board of Directors, but in no event shall it exceed an amount equal to one-half (1/2) of the value of the Boat Slip as assessed by the Oldham County Property Valuation Assessor for the preceding year Intentionally Deleted All Dock boxes or other appurtenances of each unit shall not intrude into -16-

17 the General Common Elements more than six (6) inches and shall not be permanent in nature. Further access for repairs and service shall be maintained at all times Pets. Usual household pets are permitted, subject to reasonable limitations as to their use, restraint and conduct as may be further promulgated by the Board from time to time Fuel. Fuel (diesel only) may be delivered in the condominium property to fuel boat fuel tanks by properly licensed vendors and insured vendors. No owner may deliver fuel of any type (gasoline or diesel) to fill boat fuel tanks. Refueling of gasoline powered vessels in the marina is strictly prohibited. Refueling of diesel powered vessels is permitted when done by a properly licensed and insured vendor of fuel previously approved by the Board of Directors to deliver fuel within the property. Owners may not refuel themselves unless they are a properly licensed and insured vendor of fuel and have been approved to do so by the Board of Directors. 11. Maintenance of Community Interests. In order to maintain a community of congenial Owners who are financial responsible and thus protect the value of the slips, the transfer of a Boat Slip Unit by any Owner other than the Developer shall be subject to the following provisions as long as the condominium exists upon the land, which provisions each Owner covenants to observe: 11.1 Transfer Subject to Approval. A. Sale. No Boat Slip Unit Owner may dispose of a Boat Slip Unit or any interest in a Boat Slip Unit by sale without approval of the Association except to an Owner Approval of Association. The approval of the Association that is required for the transfer of ownership of Boat Slip Units shall be obtained in the following manner: -17-

18 A. Notice of Association. (1) Sale. A Boat Slip Unit Owner intending to make a bona fide sale of his Slip Unit or any interest in it shall give to the Association notice of such intention, together with the name and address of the intended purchaser and such other information concerning the intended purchaser as the Association may reasonably require. (2) Failure to Give Notice. If the above required notice to the Association is not given, then at any time after receiving knowledge of a transaction or event transferring ownership or possession of a Boat Slip Unit, the Association at its election and without notice, may approve or disapprove the transaction or ownership. If the Association disapproves the transaction or ownership, the Association shall proceed as if it had received the required notice on the date of such disapproval. B. Certificate of Approval. (1) Sale. If the proposed transaction is a sale, then within thirty (30) days after receipt of such notice and information, the Association must either approve or disapprove the proposed transaction. If approved, the approval shall be stated in a certificate executed by the president or secretary of the Association, which shall be recorded in the Public Records of Oldham County, Kentucky, at the expense of the purchaser. (2) The standard of approval shall be: (a) Financial responsibility. (b) Maintenance of records and collection of assessments Disapproval by Association. If the Association shall disapprove a transfer of ownership of a Boat Slip Unit, the matter shall be disposed of in the following -18-

19 manner: A. Any sale not authorized pursuant to the terms of this Declaration shall be void unless subsequently approved by the Association. B. The ownership shall not be transferred on the Association s records. 12. Compliance and Default. Each Boat Slip Unit shall be governed by and shall comply with the terms of the master Deed, Declaration of Condominium, Articles of Incorporation, and Bylaws and the Regulations adopted pursuant to those documents, and all of such as they may be amended from time to time. Failure of a Boat Slip Unit Owner to comply with such documents and regulations shall entitle the Association or other Boat Slip Unit Owners to the following relief in addition to the remedies provided by the Condominium Act: 12.1 Negligence. A Boat Slip Unit Owner shall be liable for the expense of any maintenance, repair or replacement rendered necessary by his negligence or by that of any member of his family or his or their guests, employees, agents or lessees, but only to the extent that such expense is not met by the proceeds of insurance carried by the Association. A Boat Slip Unit Owner shall pay the Association the amount of any increase in its insurance premiums occasioned by use, misuse, occupancy or abandonment of a Boat Slip Unit or its appurtenances, or of the General Common Elements, by the Boat Slip Unit Owner Costs and Attorney s Fees. In any proceedings arising because of an alleged failure of Boat Slip Unit Owner or the Association to comply with the terms of the Master Deed, Declaration of Condominium, Articles of Incorporation of the Association, the Bylaws or the Regulations adopted pursuant to them, and the documents and regulations as they may be amended from time to time, the prevailing party shall be entitled to recover the costs of -19-

20 the proceeding and such reasonable attorney s fees as may be awarded by the court No Waiver of Rights. The failure of the Association or any Boat Slip Unit Owner to enforce any covenant, restriction or other provisions of KRS through , this Master Deed, Declaration, the Articles of Incorporation of the Association, the Bylaws or the Regulations shall not constitute a waiver of the right to do so thereafter. 13. Amendments. Except as elsewhere provided otherwise, this Master Deed, Declaration of Condominium and the Bylaws of ROSE ISLAND YACHT CLUB ASSOCIATION, INC., may be amended in the following manner: 13.1 Notice. Notice of the subject matter of a proposed amendment shall be included in the notice of any meeting at which a proposed amendment is considered A resolution for the adoption of a proposed amendment may be proposed by either the Board of Directors of the Association or by members of the Association. Directors and co-owners-members not present in person or by proxy at the meeting considering the amendment may express their approval in writing, provided such approval is delivered to the secretary at or prior to the meeting. Provided, however, such amendment shall not change the configuration or size of any boat Slip Unit in any material fashion or materially alter or modify the appurtenances to such Slip Unit nor change the proportion or percentage by which the Owner of a Boat Slip Unit shares the common expenses and owns the common surplus, unless the record owner thereof shall join in the execution of the amendment. Except as otherwise provided, such approvals must be either: A. By not less than seventy-five percent (75%) of the entire coownership-membership of the Board of Directors and by not less than two-thirds (2/3) of the votes which members present or by proxy are entitled to cast at such meeting. -20-

21 B. Until the first election of directors, by all of the directors, provided the amendment does not increase the number of Boat Slip Units or alter the boundaries of the General Common Elements Proviso. Provided, however, that no amendment shall discriminate against any Boat Slip Unit Owner or against any Slip Unit or class or group of Slip Units unless the Boat Slip Unit Owners so affected shall consent; and no amendment shall change any Boat Slip Unit or the share in the common expenses, unless the record Owner of the Boat Slip concerned and all record Owners of the mortgages on such Unit shall join in the execution of the amendment. Neither shall an amendment make any change in the section entitled Insurance or in the section entitled Reconstruction or Repair After Casualty unless the record Owners of all mortgages upon the condominium shall join in the execution of the amendment Execution and Recording. A copy of each amendment shall be attached to a certificate certifying that the amendment was duly adopted, which certificate shall be executed by the officers of the Association with the formalities of a deed. The amendment shall be effective when such certificate and copy of the amendment are recorded in the Public Records of Oldham County, Kentucky. 14. Termination. The condominium may be terminated in the following manner, in addition to the manner provided by the Condominium Law: 14.1 Destruction. If it is determined in the manner elsewhere provided that the Docks shall not be reconstructed because of major damage, the condominium plan of ownership will be terminated Agreement. The condominium may be terminated at any time by the approval in writing of all record Owners of Boat Slip Units and all record owners of mortgage on -21-

22 Boat Slip Units. If the proposed termination is submitted to a meeting of the co-ownersmembers of the Association, the notice of the meeting giving notice of the proposed termination, and if the approval of the owners of not less than seventy-five percent (75%) of the General Common Elements, and of the record owners of all mortgages upon the Boat Slip Units, are obtained in writing not later than thirty (30) days from the date of such meeting, then the approving Owners shall have an opportunity to buy all of the Boat Slip Units of the other Owners for the period ending on the 60 th day from the date of such meeting. Such approvals shall be irrevocable until the expiration of the option, and if the option is exercised, the approvals shall be irrevocable. The option shall be upon the following terms: A. Exercise of Option. The option shall be exercised by delivery or mailing by certified mail to each of the record Owners of the Boat Slip Units to be purchased of an agreement to purchase, signed by the record Owners of Boat Slip Units who will participate in the purchase. Such agreement shall indicate which Boat Slip Units owned by Owners not approving the termination, but the agreement shall effect a separate contract between each seller and his purchaser. B. Price. The sale price for each Boat Slip Unit shall be the fair market value determined by agreement between the seller and purchaser within thirty (30) days from the delivery or mailing of such agreement, and in the absence of agreement as to price, it shall be determined by arbitration in accordance with the then existing rules of the American Arbitration Association, except that the arbitration shall be by two (2) appraisers, one of whom shall be appointed by the seller and one of whom shall be appointed by the purchaser, who shall base their determination upon an average of their appraisals of the Boat Slip Unit; and a judgment of specific performance of the sale upon the award rendered by the arbitrators may be -22-

23 entered in any court of competent jurisdiction. The expense of the arbitration shall be paid by the purchaser. C. Payment. The purchase price shall be paid in cash. D. Closing. The sale shall be closed within ten (10) days following the determination of the sale price Certificate. The termination of condominium in either of the foregoing manners shall be evidenced by a Certificate of the Association executed by its president and secretary certifying as to facts affecting the termination, which certificate shall become effective upon being recorded in the Public Records of Oldham County, Kentucky Shares of Owners After Termination. After termination of the Condominium, the Boat Slip Unit Owners shall own the condominium property and all assets of the Association as owners in common undivided shares that shall be the same as the undivided shares in the General Common Elements appurtenant to the Owner s Boat Slip Unit prior to the termination Amendment. This section concerning termination cannot be amended without consent of all Boat Slip Unit Owners and of all record owners of mortgages upon the Boat Slip Units. 15. Severability. The invalidity in whole or in part of any covenant or restriction, or any section, subsection, sentence, clause, phrase or word, or other provision of this Declaration of Condominium and the Articles of Incorporation, Bylaws and Regulations of the Association shall not affect the validity of the remaining portions. 16. Intentionally Deleted. 17. If the Unit Owner desires to construct any improvements on the premises, he shall -23-

24 first submit plans and specifications to the Board of Directors of the Association and their approval shall be required. The Association may not unreasonably withhold their consent. 18. The right to amend, alter, quitclaim or to release and exchange the easement for egress, ingress and utilities shall rest and be reserved to the Board of Directors of the Association. The submission of an easement by this Master Deed may be changed or altered by this reservation; provided, however, that ingress and egress is preserved for the benefit of the members in the exchange. 19. For the purposes of this Master Deed, Limited Common Elements which, inter alia, mean the following: 19.1 The use and enjoyment is restricted to the individual Boat Slip Unit contiguous and abutting the Limited Common Element For purposes of maintenance, alterations, repair and assessments, a Limited Common Element shall be construed and treated as a General Common Element under this Declaration The use and enjoyment of the Clubhouse and Swimming Pool shall be restricted to the Unit Owner holding a valid, recorded deed to the individual unit. The Owner holding the exclusive right of use shall be allowed to place his name, the boat s name and the insignia or insignias of the Owner or his clubs on the unit in his exclusive possession. 20. Intentionally Deleted. 21. Intentionally Deleted. 22. Encroachments. If any portion of the General Common and Limited Common Elements encroaches upon any Slip, or if any Slip encroaches upon any other Slip or upon any portion of the General Common and Limited Common Elements as a result of the manner in -24-

25 which they were constructed, or as a result of settling or shifting of the Slips or as a result of alterations or refurbishing of the General Common and Limited Common Elements, one or more Slips made by or with the consent of the Board of Directors, a valid easement for the encroachment and for the maintenance of the same shall exist as long as the Slips shall exist. In the event the improvements of the Slips, and adjoining unit, or any adjoining General Common and Limited Common Elements, shall be partially or totally destroyed as a result of fire or other casualty, or as a result of condemnation or eminent domain proceedings, and then rebuilt, encroachments of parts of the General Common and Limited Common Elements upon any unit, or of any unit upon any other unit, or upon any portion of the General Common and Limited Common Elements, due to such rebuilding, shall be permitted, and valid easements for such encroachments and the maintenance thereof shall exist so long as the buildings or Slips shall stand. 23. Intentionally Deleted. 24. Priority. As to priority between the lien of a recorded mortgage and the lien for an assessment, the lien for assessment shall be subordinate and inferior to any recorded institutional first mortgage regardless of when said assessment was due, unless such share is secured by a claim of lien for assessments that is recorded prior to the recording of the mortgage, but not to any other mortgage. The Association shall maintain a register of institutional first mortgages. A copy of all notices given by the Association to the owner of such condominium parcel encumbered by such institutional first mortgage, or a mortgage held by a real estate investment trust, shall be sent to the mortgagee. 25. Mortgagee. If the mortgagee of a first mortgage of record, or any other purchaser or purchasers of a condominium parcel obtains title to the condominium parcel as a result of the -25-

26 foreclosure of the first mortgage, or by voluntary conveyance in lieu of such foreclosure, such acquirer of title, his successors or assigns, shall not be liable for the share of common expenses or assessments by the Association pertaining to such condominium parcel or chargeable to the former Owner of such condominium parcel which became due prior to acquisition of title as a result of the foreclosure or voluntary conveyance in lieu of said foreclosure, unless the share is secured by a claim of lien for assessments that is recorded prior to the recording of the foreclosed mortgage. Such unpaid shares of common expenses of assessments shall be deemed to be common expenses collectible from all of the Owners of the condominium parcels, including such acquirer, his successors and assigns. 26. First Mortgage. Where an institutional first mortgage by some circumstances fails to be a first mortgage but it is evident that it is intended to be a first mortgage, it shall, nevertheless, for the purposes of this Declaration and Exhibits annexed, be deemed to be an institutional first mortgage. 27. All ROSE ISLAND YACHT CLUB Boat Slips shall be conveyed subject to the following restrictions: 27.1 Subject to taxes for current year Easements. 28. Intentionally Deleted. 29. The President and Secretary of ROSE ISLAND YACHT CLUB have executed this instrument, acknowledging their consent and that of the Board of Directors to the refiling of the Master Deed in response to the Court of Appeal s decision in Steenrod v. Louisville Yacht Club, and to properly establish the ROSE ISLAND YACHT CLUB as a condominium. -26-

27 IN WITNESS WHEREOF, this MASTER DEED, DECLARATION OF CONDOMINIUM for a Property Regime has been executed by the parties on the day and year first above written. DEVELOPER/OWNER: HARMONY LANDING DEVELOPMENT CO., INC. By: Name: As: ROSE ISLAND YACHT CLUB CONDOMINIUMS By Name: As: Russ Ensch Commodore (President) By Name: As: Jacque Steyn Vice Commodore (Vice President) By Name: As: Ron Pike Treasurer By Name: As: Terry Chambers Secretary By Name: As: David Metry Member at Large -27-

28 By Name: As: Lisa Jackson Director By Name: As: Doug Gorman Director By Name: As: Teri Kute Director By Name: As: Bob Ring Director -28-

29 STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared, as of HARMONY LANDING DEVELOPMENT COMPANY, INC., as DEVELOPER/OWNER, who, upon being duly sworn, acknowledged that he/she executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Russ Ensch, as Commodore (President) of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that he executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Jacque Steyn, as Vice Commodore (Vice President) of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that she executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires -29-

30 STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Ron Pike, as Treasurer of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that he executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Terry Chambers, as Secretary of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that he/she executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared David Metry, Member at Large of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that he executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires -30-

31 STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Lisa Jackson, as Director of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that she executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Doug Gorman, as Director of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that he executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Teri Kute, as Director of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that she executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires -31-

32 STATE OF KENTUCKY ) ) ss. COUNTY OF ) I hereby certify that on this the day of, 2015, before me, an officer duly authorized to administer oaths and take acknowledgements, personally appeared Bob Ring, as Director of ROSE ISLAND YACHT CLUB CONDOMINIUMS, who, upon being duly sworn, acknowledged that he executed the foregoing instrument on behalf of said entity for the uses and purposes set forth herein. Notary Public, Kentucky, State at Large My Commission expires THIS DOCUMENT PREPARED BY: Dennis J. Stilger, P.S.C Brownsboro Park Blvd., Suite H Louisville, KY Tel: (502) Fax: (502) djstilger@live.com MASTER DEED.RESTATEMENT.HARVEYS ON THE RIVER YACHT CLUB.ROSE ISLAND YACHT CLUB