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MOSS & BARNETT <br />A PROFESSIONAL ASSOCIATION <br />Page 3 <br />February 16, 1993 <br />Finally, it is possible that, in connection with a sale or refinancing of <br />any of your properties, an issue may be raised as to whether mortgagees of one <br />or more of the parcels in the development must consent to the amendments to <br />the declarations. I think the declarations provide generally that this is not <br />required, but certainly an argument can be made that any change in the <br />restrictions affecting the outlots would require the consent of those <br />mortgagees. I did not attempt to obtain joinders or consents of mortgagees to <br />the amendments, because I think it was most important to obtain the signatures <br />of all owners and get the amendments recorded. Under each of the amendments, <br />however, each owner agreed to use reasonable efforts to obtain the consent of <br />its mortgagee(s) if necessary. <br />JLW/jvn <br />1357ZJVN <br />Enclosures