Coach 2013 Annual Report Download - page 336

Article 14
Sale, Lease and Mortgages of Units; Estoppel Certificates
Section 14.1 Sales and Leases of Units. The Unit Owner of each Unit, may, without the prior consent of the Board of Managers or any
other Unit Owner, sell, assign or otherwise transfer, lease, sublease, license or encumber its Unit (whether by merger, consolidation, sale, lease, sublease,
license, mortgage, assignment or otherwise, but subject to any restrictions provided herein or in any other of the Condominium Documents); provided,
however, that: (i) no lien to secure repayment of any sum borrowed may be created on any other Unit without the prior written consent of the owner of such
other Unit or on any of the Common Elements (as opposed to the applicable Unit Owner’s undivided interest therein) without the prior written consent of all
Unit Owners; and (ii) no Unit Owner (other than such borrowing Unit Owner), nor the Board of Managers, will be liable for repayment of any portion of any
such loan, unless all such Unit Owner(s) and Board of Managers, as applicable, otherwise so agree in writing.
Section 14.2 Leasing of Units. Subject to the provisions of these By-Law, a Unit Owner (including a Permitted Mortgagee who acquires title
to the Unit through foreclosure or by deed or assignment in lieu of foreclosure or otherwise) may lease or sublease the Unit in whole or in part, without any
notice to or consent of the Board of Managers or other Unit Owner but subject, in all events, to the provisions of the Condominium Documents. Any lease for
all or part of a Unit shall be consistent with and shall be deemed to incorporate by reference these By-Laws.
Section 14.3 [Intentionally Omitted].
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