Coach 2013 Annual Report Download - page 293

Section 2.14 Compensation. No member of the Board of Managers shall receive any compensation from the Condominium for acting as
such.
Section 2.15 Liability of the Board of Managers. To the extent permitted by Law, except as set forth below, no member or officer of the Board
of Managers shall have any personal liability with respect to any contract, act or omission of the Board of Managers or of the Managing Agent in connection
with the affairs or operation of the Condominium, the Common Elements or the Units. Every contract made by the Board of Managers or by the Managing
Agent shall provide or be deemed to provide that it is made by the Board of Managers or the Managing Agent, as agent for the Condominium, that the Board of
Managers members, officers or Managing Agent shall have no personal liability thereon and shall also state the applicable limitations of liability of Unit
Owners provided for in the next sentence. No Unit Owner, in its capacity as Unit Owner, shall be personally liable for any contract, act or omission of the
Condominium. Nothing in the preceding sentence shall limit a Unit Owner’s liability for the payment of Common Charges or Condominium Special
Assessments. Any such contract or agreement may also provide that it covers the assets, if any, of the Board of Managers. Notwithstanding anything herein to
the contrary, the Board of Managers shall have no liability to Unit Owners except that each member of the Board of Managers shall be liable for such members
own bad faith, gross negligence or willful misconduct: Unit Owners shall severally, to the extent of their respective interest in their Units and their Common
Interests, indemnify and hold harmless each member of the Board of Managers and officer, against any liability or claim arising out of such member or
officer serving in such capacity. The Board of Managers may contract or effect any transaction with any member of the Board of Managers, any Unit Owner,
or any Affiliate of any of them without, except in cases of bad faith, gross negligence or willful misconduct, incurring any liability for self dealing, provided
such contract or transaction is entered into in accordance with the provisions of Section 2.4(a) or (b) hereof.
2.15.1 Neither the Board of Managers nor any member thereof will be liable for either (i) any failure or interruption of any utility or other
service to be obtained by, or on behalf of, the Board of Managers or to be paid for as a Common Expense, except when any such failure or interruption is
caused by acts of bad faith, gross negligence or willful misconduct of the Board of Managers or any member thereof; or (ii) any injury, loss or damage to any
individual or property, occurring in or about either a Unit or any Common Element, unless caused by the acts of bad faith, gross negligence or willful
misconduct of the Board of Managers or any member thereof, as applicable.
Section 2.16 Limitations. The Board of Managers shall not be authorized, nor shall it cause the Condominium to mortgage, pledge,
hypothecate, or otherwise encumber any of the Common Elements unless the Law applicable thereto to so permits.
- 13 -