Special Project Oversight Committee (SPOC) Report #1

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perimeter walls, floors and ceilings which is owned in fee simple by each Unit owner and which is more specifically described in Section 3.2 of this Declaration. 2. LAND DESCRIPTION. 2.1 Land Submitted to Unit Ownership. The interest being submitted to the Oregon Condominium Act is the Declarant's interest under that 75 year ground lease between Declarant as lessee and the Salem Area Mass Transit District and Marion County, co-tenants, as lessor. The real property which is the subject of the ground lease is located in the City of Salem, County of Marion, State of Oregon, and is more particularly described as Block 5, SALEM, Marion County, Oregon. The northerly feet of Block 5 is hereby designated as variable property and the rights provided under ORS 100.150(1) are being reserved without any limitation other than the limitation that the supplemental declazation and plat be approved by all of the then existing unit owners. 2.2 Variable PropertX. The ternunation date of the variable property shall be July l, 2001. The maximum number of units that may be created in the variable property shall be 10. The minimum allocadon of undivided interest in common elements of each unit upon completion if all units are craeated shall be 1%, but the actual allocation as each unit is created shall be deternuned by the Board of Directors of the association of Unit owners based on the square footage of the units created and the probable benefit of common elements to the units created. There are no existing improvements on the variable property. The nature and proposed use of improvements on the variable property is consumer oriented retail and commercial office use, with transit related elements. The Declarant reserves the right to create limited common elements within the variable property consisting of pazking spaces. If by the ternunatio date of July 1, 2001 all or a portion of the variable property designated as nonwithdrawable variable property has not been withdrawn or reclassified, such property shall automatically be withdrawn from the condominium as of such date. As provided under ORS 100.155(2), any variable property automatically withdrawn may be later annexed to the condominium by the recording of a supplemental declaration and plat. The variable property may be withdrawn from the condominium. The statement by the local governing body or appropriate depaztment that the withdrawal of the variable properry will not violate any applicable planning or zoning regulation or ordinance is attached as an Exhibit. 3. NAME AND UNTT_DESCRIPTION. 3.1 Name. The name by which the property submitted hereunder shall be known is the COURTHOUSE SQUARE CONDOMINIUM. 3.2 Boundaries of Units. The Mall Unit shall be bounded by the vertical planes extending upwards at the perimeter shown on the plat and shall be bounded by horizontal plane tangential to !, the upper surface of the Parking Unit shown on the plat. Each Office Unit shall be bounded by the ~~ interior surfaces of the studs in its perimeter walls, the unfinished floors, and ceilings. The Office Units shall include all lath, furring, wallboard, plasterboazd, plaster, paneling, tiles, wallpaper, paint, finished flooring, ceiling tiles or material and any other materials constituting any part of its finished surfaces and the exterior surfaces so described. All other portions of the walls, floors or ceilings shall be a part of the common elements, including, without limitation, windows and window frames. In addition, each Office Unit shall include the following: (a) All spaces, interior partitions, trim, exterior doors, door frames, and all other fixtures and improvements within the boundaries of the Unit, including without limitation, ~` Page 2. Condominium Declaration ~r+~ 0923970920