200506707 - Laserfiche WebLink

Browse

200506707 ARTICLE XIX. RIGHTS OF FIRST MORTGAGEES 19.0 Notification to First Mortgagees. Upon receipt by the Association of a written request from a first mortgagee or insurer or a governmental guarantor of a first mortgage informing the Association of its correct name and mailing address and number and address of the unit to which the request relates, the Association shall provide such eligible mortgage holder or eligible insurer or guarantor with timely written notice of the following: 19.0.1 Any condemnation loss or casualty loss which affects a material portion of the condominium or any unit on which there is a first mortgage held, insured or guaranteed by such eligible mortgage holder or eligible insurer or guarantor. 19.0.2 Any delinquency in the payment of assessments or charges owned by an owner of a unit subject to a first mortgage held or insured or guaranteed by such eligible mortgage holder or eligible insurer or guarantor or any other default in the performance by the owner of any obligation under this Declaration, or the Association's By -Laws or Rules and Regulations, which delinquency or default remains uncured for the period of 60 days. 19.0.3 Any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association. 19.0.4 Any proposed action which requires the consent of a specified percentage of eligible mortgage holders as set forth in Section 19.1 of this Declaration. 19.1 Actions Reguiring Approval of Eligible Mortgage Holders. To the extent permitted by applicable law, eligible mortgage holders shall have the following rights: 19. 1.1 Any restoration or repair of the condominium, after a partial condemnation or damage due to an insurable hazard shall be performed substantially in accordance with the Declaration and the original plans and specifications, unless other action is approved by eligible mortgage holders holding first mortgages on units the owners which have at least 51% of the votes in the Association allocated to owners of all units subject to first mortgages held by eligible mortgage holders. 19.1.2 Any election to terminate the legal status of the condom ini Lill i alter substantial destruction or a substantial taking in condemnation of the condominium shall not be effective unless approved by eligible mortgage holders including first mortgages on units and owners of which have at least 51 % of the votes in the Associations allocated to owners of all units subject to first mortgages held by eligible mortgage holders. 19.1.3 When professional management of the Association has been previously required by an eligible mortgage holder or eligible insurer or guarantor, whether said -23 -