Coach 2013 Annual Report Download - page 284

(g) selling, leasing, licensing, mortgaging and otherwise dealing with (but not voting the Common Interest of) Units
acquired by the Board of Managers or its designee on behalf of all Unit Owners;
(h) making Alterations to, and Repairs of, the Common Elements or parts thereof damaged or destroyed by fire or other
casualty or necessitated as a result of condemnation or eminent domain proceedings;
(i) enforcing obligations hereunder and under the Declaration and the Rules and Regulations of each Unit Owner,
including, without limitation, commencing, prosecuting and settling litigation in connection therewith;
(j) opening and maintaining bank accounts on behalf of the Condominium (with respect to matters within its jurisdiction
as provided in these By-Laws) and designating the signatories required therefor;
(k) adjusting and settling insurance claims (and executing and delivering releases in connection therewith) if the loss is to be
adjusted and settled by the Board of Managers in accordance with Article 12 hereof;
(l) borrowing money on behalf of the Condominium, when required in connection with the operation and Maintenance of, or
the making of Repairs to, or Alterations of, the General Common Elements; provided, that that (i) the consent of the Owner of Office Unit 1 (for so long as (A)
Office Unit 1 is then owned by Coach or any Coach Affiliate or not less than 60% of Office Unit 1 is then occupied by Coach or a Coach Affiliate, or (B)
Office Unit 1 has not been subdivided and not less than 60% of Office Unit 1 is then occupied by the then Unit Owner of Office Unit 1) and its Permitted
Mortgagee (if same shall be required under the terms of the Permitted Mortgage) shall be required for any borrowing by the Board of Managers in an amount in
excess of $750,000.00 (subject to the provisions of Section 20.7 hereof), (ii) no lien to secure repayment of any sum borrowed may be created or suffered on
any Unit or its Appurtenant Interest in the General Common Elements without the consent of the applicable Unit Owners and, if same shall be required under
the terms of the Permitted Mortgage on such Units, the Permitted Mortgagee, and then only if the documents evidencing such lien specifically provide that if
any such sum borrowed by the Board of Managers is not repaid by the Board of Managers, a Unit Owner who pays to the creditor such proportion thereof as
such Unit Owner’s interest in the Common Elements bears to the interest of all the Unit Owners in the Common Elements shall be entitled to obtain from the
creditor and the creditor shall be obligated to provide a release of any judgment or other lien which said creditor has filed or has the right to file against such
Unit Owner’s Unit, and (iii) no Unit Owner shall have any personal liability for the repayment of such borrowing except to the extent set forth in clause (ii)
above;
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