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7.1.F. - Page 75 <br /> 2.4. Garage Use and Operations: <br /> A. Designation and Licensing of Parking and Storage Spaces: The Declarant, <br /> as long as Declarant owns a Residential Unit in the Project reserves the right to, and may <br /> establish and designate Parking Spaces and Storage Spaces in the Garage for the exclusive use <br /> of a specific Unit Owner by assignment, conveyance or license. There is hereby reserved by <br /> Declarant, with the right to sell, license, assign and transfer any of such rights, privileges and <br /> easements, the continuing rights, privileges and easements over and across the Garage for the <br /> designation, allocation, licensing and assigning non-exclusive and exclusive rights for the use of <br /> Parking Spaces and Storage Spaces in the Garage to Owners of Units in the Project on such <br /> terms, extent and duration that Declarant, in its discretion, determines to be appropriate. The <br /> Declarant shall have such right and privileges until (i) Declarant no longer holds title to a <br /> Residential Unit, or (ii) after Declarant delivers a written notice to the Association relinquishing <br /> such rights and privileges. Declarant shall have the right to sell, license, grant, lease, assign, <br /> convey or otherwise transfer or permit use ("Parking License") of the Parking Spaces in the <br /> Garage to Owners as described in this Section 2.4. Declarant shall have the right to sell, license, <br /> grant, lease, assign, convey or otherwise transfer or permit use ("Storage License") of the Storage <br /> Spaces in the Garage to Residential Owners as described in this Section 2.4. The allocation and <br /> licensing of Parking Spaces to Residential Owners shall be subject to the rights of use of Parking <br /> Spaces in portions of the Garage by Commercial Owners that are established under this <br /> Declaration as being appurtenant to the Commercial Units for use by the Commercial Owners and <br /> the Invitees of the Commercial Owners on the basis set forth in Section 2.4.B. <br /> B. Commercial Parking Spaces: Declarant shall allocate, assign and license for <br /> use by each of the Commercial Owners Commercial Unit Parking Spaces in the Garage as <br /> provided in this Section 2.4.B. <br /> (1) Commercial Unit A shall have and be licensed the use of forty (40) <br /> Parking Spaces in the Garage situated in the area shown on the Condominium Plan as "CU-A <br /> Parking". It is understood that the use of such thirty eight (38) of the forty (40) Parking Spaces <br /> in the CU-A Parking Area by the Commercial Owner of Commercial Unit A shall be subject to the <br /> use of such CU-A Parking Area as shared parking being available for general parking after normal <br /> business hours of Commercial Unit A (with normal business hours being from 7 a.m. to 7 p.m., <br /> Monday through Saturday). Two (2) of the forty (40) Parking Spaces shall be available at all <br /> times for the use of the Owner and the Invitees of the Commercial Owner of Commercial Unit A <br /> for use of the ATM machines within the Project that are part of the operations of the Owner of <br /> Commercial Unit A. The Commercial Owner of Commercial Unit A may install a security system <br /> for the CU-A Parking Area, subject to the reasonable approval of the Declarant, as long as <br /> Declarant holds Declarant's Rights hereunder. After Declarant no longer retains such Declarant <br /> Right's, such rights to install a security system for the CU-A Parking Area shall be subject to the <br /> reasonable approval of the Board. <br /> (2) ATM Drive-through. Commercial Unit A, as long as such Commercial <br /> Unit A is being used as a financial institution, particularly as a credit union, bank or savings and <br /> loan, may be licensed the use of areas within the Garage for installation, use, operation, <br /> maintenance and repair of an ATM machine and a drive aisle for access to such an ATM machine <br /> by the customers, employees and agents of the Commercial Owner of Commercial Unit A, by the <br /> Declarant. The area for installation, use, operation, maintenance and repair of such an ATM <br /> machine and a drive aisle shall be set forth in a license agreement which may be made between <br /> Declarant and the Commercial Owner of Commercial Unit A. <br /> (3) Commercial Unit B may have and may be licensed the use of up to <br /> twelve (12) Parking Spaces in the Garage situated in the area shown on the Condominium Plan <br /> as "CU-B Parking". It is understood that the use of such CU-B Parking Area by the Commercial <br /> Owner of Commercial Unit B may be subject to the use of such CU-B Parking Area being <br /> available for general parking after normal business hours. <br /> (4) The rights and obligations regarding the use of Commercial Parking <br /> Spaces by a Commercial Owner shall be set forth in a written License Agreement between <br /> Declarant and the Commercial Owner. <br /> 12 <br /> [DRAFT][05.03.14] C:\Program Files\Neevia.Com\Document Converter\temp\4056.doc <br />