COURTESY /RTT/TC3 THIRD AMENDMENT TO THE CONDOMINIUM DECLARATION FOR MERCER SQUARE CONDOMINIUMS THIS THIRD AMENDMENT TO CONDOMINIUM DECLARATION FOR MERCER SQUARE CONDOMINIUMS (this “Amendment’’) is made effective this 8th day of September, 2008, by CLYDE LANE CONDOMINIUM DEVELOPMENT, L.P., a Georgia limited partnership (“Declarant”).
WITNESSETH: WHEREAS, Declarant executed that certain Condominium De Gkon) 5 ed nN Document No. 200600387407 in the Official Public Records of Dalfe as (the “Original Declaration”), which Original Declaration crea regime pursuant to the provisions of Chapter 82, The Uniform Coydg Net-ef the Texas in the Official Public Records of Dallas Ca First Amendment”) and (b) a Second Amendment to Condominium Dégtara ercer Square Condominiums being herein called the “Degfaratto alized terms used herein having the same : aC xe UateNo? the Declaration and continuing through the date hereof, Declarant has z€ netvans! is the Declarant under the Declaration and is entitled Q of Das ant thereunder, including without limitation exercising the ndér-Segtion 10.2(a) of the Declaration to unilaterally amend the Petiarant owns a Unit and if such amendment is required by an ental lender or purchaser of mortgage loans to enable such lender lender or governmental lender or purchaser of mortgage loans to enable such lender or purchaser to make or purchase mortgage loans on Units; NOW, THEREFORE, Declarant hereby amends the Declaration as follows: 1. Section 3.1(c) of the Declaration is amended and restated to read as follows: “(c) Units may be leased; however, no lease shall be made for transient or hotel purposes or for any term of less than six (6) months (except for leases by Declarant or
nd restated to read as follows: “(c) Units may be leased; however, no lease shall be made for transient or hotel purposes or for any term of less than six (6) months (except for leases by Declarant or leases by a Mortgagee following a foreclosure of liens securing Lien Indebtedness). No Owner shall lease less than an entire Unit. Each lease must be in writing, shall state that it is subject in all respects to the provisions of this Declaration, the Bylaws and the Regulations, and shall provide that any failure by the Tenant thereunder to comply v@ the terms and provisions of this Declaration, the Bylaws or the Regulations shall be-a Association promptly following execution.”
2. The following new Section 4.4 is added.to the Declaration satan copies of the Declaration, the Association Articles o 2 "Bhar and s.Assoclation’s books, uments, books, records ade available to Owners, sss hours. If a Mortgagee and financial statements of the Association will Mortgagees and potential purchasers during norme submits a written request, the Association will gj for the preceding fiscal year within o Association’s fiscal year-end.”
3: The following ne d to the Declaration: “Section 4.5 Decl AS y management contract or employment contract entered into by # require more than ninet penalty. In addition, an ease, including franchises and licenses, to which grant is a party may not require more than ninety (90) asAhe Association deems appropriate. In addition, unless coverage is not 6r has been waived in writing, the Association will maintain any reasonable insurance and bond for condominium developments required by any Mortgagee that is a national institutional mortgage lender, insurer, underwriter, guarantor, or purchaser on the
maintain any reasonable insurance and bond for condominium developments required by any Mortgagee that is a national institutional mortgage lender, insurer, underwriter, guarantor, or purchaser on the secondary market, such as the Federal Home Loan Mortgage Corporation or Federal National Mortgage Association, and must try to comply with any notifications or processes required by any such Mortgagee.”
5, The following new Section 5.4(h) is added to the Declaration: “(h) To the extent it is reasonably available, the Association will maintain directors and officers’ liability insurance, indemnity bonds, or other insurance the Board of Directors deems advisable to insure the Association’s directors, officers, committee members, and managers against liability for any act or omission in carrying out their duties in those capacities.”
6. The following new Section 5.4() is added to the Declaration: “G) The Association will maintain blanket fidelity coverage for a who handles or is responsible | for funds held or administered by the Assopf as an abliges or insured and should be for an amount that exgeéd estimated maximum funds, including reserve funds, that custody at any time the policy is in force; or (ii) an amount ¢ regular assessments on all Units. A management agent that s“Agsociation funds 6 with e coverages. The premiums on all bonds and insurance required under ubsection and subsection mo above, except those maintained by any managemep q If available, the bonds and insurance req above shall provide that they may not be‘\é least 30 days’ prior written notice to the Asse jybstantially modified without at ept in the case of non-payment al is“obtained of Mortgagees holding first priority Lien At least fifty-one percent (51%) of the votes of Units
tten notice to the Asse jybstantially modified without at ept in the case of non-payment al is“obtained of Mortgagees holding first priority Lien At least fifty-one percent (51%) of the votes of Units ien Indebtedness are allocated.”
the Association will send timely written notice to any Mortgagee who has requested such notice of any proposed amendment to this Declaration effecting a change in (i) the boundaries of any Unit or any exclusive easement rights appertaining thereto, (ii) the interests in the Common Elements pertaining to any Unit or the liability for Common Expenses, (iii) the number of votes in the Association appertaining to any Unit or (iv) the purpose for which any Unit or the Common Elements are restricted.”
9, Declarant hereby waives any Development Right or Special Declarant Right to do the following: (a) add real property to the Condominium; (b) convert Common Elements into Units or Limited Common Elements; (c) withdraw land from the Condominium; (d) use easements through the Common Elements for the purpose of making improvements within the Condominium or the Property; or (e) convert a Unit into (i) two or more Units, (ii) Common Elements, or (iii) two or more Units and Common Elements.
10. Except as expressly amended hereby, the Declaration shall remai force and effect. The Declaration, as hereby amended, is in all respects rag confirmed and remains in full force and effect.
this Amendment.
=xecuted as of the date first set forth above.
DECLARANT Clyde Lane Condominium Development, L.P., a Georgia limited partnership By: Clyde Lane Condominium Development GP, LLC, a Georgia limited liability company, its sole general partner By: Post Services,ff a Georgia o6 fp ") , Its sole member Lk, By: KB Name: David C Nard Title: Executive Vice Presiti
Development GP, LLC, a Georgia limited liability company, its sole general partner By: Post Services,ff a Georgia o6 fp ") , Its sole member Lk, By: KB Name: David C Nard Title: Executive Vice Presiti THE STATE OF TEXAS § § COUNTY OF DALLAS § A 2008, by David C.
-9/Georgia corporation, on behalf € Condominium Development GP, , ongddshavf of said limited liability company as e€ e Condominium Development, L.P., a Notary Public, State of é aa This instrument was acknowledg&yy Ward, Executive Vice President of Post S of said corporation as the sole member LLC, a Georgia limited liability comp the sole general partner on beka Georgia limited partnership.
Printed Name: al, od EPS My Commission Expires: 0 -07- 2270 FILED AND RECORDED N € [BX 4401 NORTHSIDE PARKWAY, SUITE 800 | ig Be) OFFICIAL PUBLIC RECORDS 3/27, SN ATLANTA, GA 30327-3057 Bea Vi \ SSB a7 PTET nF. Warren, County Clerk Dallas County TEXAS September 16, 2008 12:43:57 > FEE: $32.00 20080299545