Coach 2013 Annual Report Download - page 335

(e) The Board of Managers shall give a copy of any notice of default received by it from the declarant under the Master
Declaration or from the Association with respect to the ERY FAPOA Declaration to each Unit Owner, Sub-Board, and Permitted Mortgagee. Each Unit Owner
or Sub-Board may cure such default if the Board of Managers fails to do so, and shall promptly notify the Board of Managers of its intent. If more than one
Unit Owner or Sub-Board notifies the Board of Managers of such intent, Unit Owners or a Sub-Board shall have priority to cure such default in order of their
Common Interests, with the Unit Owner or Sub-Board with the highest Common Interest having the highest priority. A Permitted Mortgage shall also have the
right to cure such default on behalf of its Unit Owner or Sub-Board.
(f) In the event that the Board of Managers fails to perform its obligations hereunder with respect to any YP Obligation
Assessment and the Association fails to cause the Board of Managers to remedy such failure within ten (10) business days of the occurrence thereof, the Yards
Parcel Owner shall be entitled, at its election, to make demand on and/or exercise any remedies against the Unit Owners directly to fund their respective
Individual Association Shares of such YP Obligation Assessment. In no event shall the Yards Parcel Owner be obligated to bring suit against the Board of
Managers or to exhaust remedies against the Condominium prior to making such demand on the Unit Owners to fund their Individual Association Shares of
such YP Obligation Assessment or exercising any other remedies of the Yards Parcel Owner hereunder against the Condominium. Any suit by the Yards Parcel
Owner against the Board of Managers and/or each Unit Owner to enforce the obligation to pay a YP Obligation Assessment may, at the option of the Yards
Parcel Owner, be brought in a single action or successive actions (subject to any applicable statute of limitations). No Unit Owner shall be liable for payment
of more than its Individual Association Share of any YP Obligation Assessment, and any Unit Owner that has duly paid its Individual Association Share of a
YP Obligation Assessment to the Board shall not be obligated to pay any duplicative amount to the Yards Parcel Owner. Yards Parcel Owner shall hold any
funds received from the Unit Owners on account of the YP Obligation Assessment in the name of and for the account of Yards Parcel Owner, and shall apply
such funds to the Condominium’s Association Share (as defined in the ERY FAPOA Declaration) of obligations under the Master Declaration.
(g) The obligations of the Board of Managers and its rights (and the rights of the Yards Parcel Owner) against the Unit
Owners pursuant to this Section 13.2 are essential elements permitting the development of the Property. Every deed conveying title to a Unit to a Unit Owner,
and every lease of all or substantially all of a Unit, shall make reference to the provisions of this Section 13.2, and shall expressly state that the Condominium
Declaration and/or the applicable conveyance is subject to the ERY FAPOA Declaration.
(h) In no event may the provisions of this Section 13.2 be amended, modified, deleted or waived without the express written
consent of Yards Parcel Owner.
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