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Your exclusive use by-law would include any restrictions that you and the unit owner agreed were reasonable – such as whether or not a barbecue was allowed, or restrictions on plant pots (or an obligation to maintain plants) etc etc. This would be there for future owners who might not respect the rest of the building's wishes as much as the current owner does.
If there is no agreement to establish an exclusive use by-law, then the area is subject to the same by-laws as any other area of common property but that doesn't mean necessarily that you can all take your deckchairs down there and start sunbaking.
In fact, you may find that your balconies are also common property for the sake of by-laws but obviously only accessible to the residents of the attached unit.
Sooner or later you are going to have to talk to a specialist strata lawyer who will tell you if an exclusive use by-law is even required and then help you draft one if it is.
There is also a complicating factor in a principle of law I've heard about recently where established and unchallenged use of an area like that is accepted as “ownership”. The details I have are hazy but if one of our lawyer readers could help, I'd love to know about it.