| INVESTOR OWNER SALES LIMITATIONS | ||||
| THERE IS A 25% LIMITATION ON THE SALE OF UNITS TO PERSONS WHO WISH TO LEASE THEIR UNIT AS AN INVESTOR OWNER. |
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| For information on the current limitation status contact: Linda Biscombe, Realty Coordinator at 610-539-0616 |
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| The following is an excerpt from the Declaration of Condominium Section 13.SALES, LEASES AND CONVEYANCES for Westover Harbor Condominium: | ||||
Not withstanding the foregoing, or any other provision hereof, until such time as there are no more than twenty-five percent (25%) of Units in the Condominium which are owned by Unit Owners who do not occupy their Units but lease them or hold them for lease to third parties, i.e. no Unit Owner shall be permitted to sell or convey his/her/its Unit to any Person who does not intend to occupy the Unit as a principal residence. At such time as there are less than twenty-five percent (25%) of Units in the Condominium owned by Unit Owners who do not occupy their Units and lease or hold their Units for lease to third parties, upon application by any Unit Owner to the Board, and subject to other provisions herein stated, the Board may grant permission for a sale of the Unit to a Person who does not intend to occupy the Unit or for a lease of a Unit to a third party who is not a Unit Owner. However, at any time, and from time to time thereafter, that the percentage of Units leased or held for lease to third parties who are not Owner Occupants equals or exceeds twenty-five percent (25%), the above restriction against conveyance of Units to persons who do not intend to occupy their Units and against leasing Units to third parties shall remain effective to prohibit such conveyance or leasing. |
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Not withstanding the foregoing, the prohibition against conveyance or leasing of Units to persons who are not Owner Occupants at times that the maximum twenty-five percent (25%) limitation is equaled or exceeded, shall not be applied to prohibit any Unit Owner presently owning but not occupying, and leasing or holding for lease, his/her/its Unit at the time of this Amendment, from entering into a new lease of his or her Unit, provided that any such lease shall be subject to all other provisions of this Declaration, including those set forth in Section 22, below, Further, in the event of extreme hardship to a Unit Owner resulting from the provisions hereof, the Council may grant written consent to permit the leasing of a Unit to a third party or the conveyance thereof a Person who does not intend to occupy the Unit. |