TEL3 Master Deed (6 of 16)
- The percentage share of each unit is set forth in the schedule attached hereto as Annex "C"
- (d) The Declaration of Restrictions may provide for the procedures, restrictions and/or limitations relating to transfers, mortgages, hypothecations. leases and other dispositions of unit/s.
Section 8. The Condominium Corporatiom.
- (a) The DECLARANTS shall, before transferring registrable title to any unit. form and organize a condominium corporation to be known as "The Eastwood Lafayette Three Condominium Association, Inc." (hereinafter referred to as the "Condominium Corporation"), pursuant to the provisions of the Condominium Act (R.A. 4726) and of the Corporation Code of the Philippines (B-P. 68) for the purpose of holding title to all Common Areas and of managing the Project.
- (b) All unit owners and those who have no more pecuniary obligations to the DECLARANTS shall automatically become members of the Condominium Corporation, to the exclusion of all others. The interest of each member in the Condominium Corporation shall be equal to its appurtenant unit share as set forth in Annex "C" hereof. Such interest cannot be assigned. mortgaged, hypothecated or transferred in any manner by a member except as an appurtenance to his unit.
- (c) Only unit owners updated in the payment of their association dues and other assessments, in addition to the incorporators of the Condominium Corporation, are entitled to vote or have voting rights in any meeting of the Condominium Corporation where voting is called for, provided that the voting right of the amortizing purchaser is deemed assigned to the DEVELOPER until such time as the obligation including but not limited to the installments. association dues and other fees and assessment of the amortizing purchaser to the DECLARANTS are extinguished.
- (d) Each member of the Condominium Corporation shall share in the common expenses of the Project, and shall accordingly be assessed therefor, in the same sharing or percentage, corresponding to his appurtenant interest or participation in the Condominium Corporation without prejudice to the right of the latter to charge him for special assessments as provided in Par. (a)4 Section 4 of Part II hereof.
Section 9. Amendments/Revisions of Plans and Master Deed
- (a) DEVELOPER reserves the right to amend at any time the development plan by filing such additional, supplemental and/or revised plans and/or specifications as may be required to describe adequately the completion of improvements together with the changes therein, if any. Such completion may be shown by a certificate of an architect or engineer certifying the improvements have been constructed as herein represented, or designating any changes made. Such plans, specifications or certificate, when signed...
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