Condominium Declaration - Laserfiche WebLink

Home Browse Search

.T I i � � • � provis on governing the following: (i) voting rights; (ii) increases in an annual Assess ent of ' more t an twenty-five percent over the prior year's annual Assessment; (iii)Assessment li ns,or priorit of Assessment liens; (iv) reductions in reserves for maintenance, repair and repla ment of Co mon Elements; {v) responsibility for maintenance and repairs; (vi) reallocat' n of interes s in the Common Elements or Limited Cammon E}ements, or rights to their us • (vii) redefi ition of any Unit boundaries; (viii) convertibility of Units into Cammon Elernents r vice versa; ix) expansion or contraction of the Property or the addition, annexation or withdra at of prope y to or from ihe Property;(x) hazard or fidelity insurance requirements; (xi) imposi 'on af materi 1 restrictions on ihe leasing of Units; (xii) imposition of any restrieti�ns an an O ner's right t sell or transfer his or her Unit; (xiii) restoration or repair of the Property (after a azard damag or partial condemnation) in a manner other than that specified in the Gov rning Docu ents; (xiv) any action to terminate the le�al status of the Condominium after subs antia] destru tion or condemnation occurs; or (xv) any provisions that expressly benefit El'gible Mortg�gees,or insurers or guarantors of mortgages. � ' �15.2 Consent to Certain Actions. Subject to Declarant's rights under Sectio , the writte consent of Eligible Mortgagees representing at leasT sixty-seven percent of the Uni that are su ject to first mortgages held by Eligible Mortgagees (based upon one vote pe Unit financ d} shall be required to (i) abandon or terminate the Condominium; {ii) chan e the allocat ons of voting rights,Common Expense obligations or interests in the Common Ele ents; (iii) p rtition or subdivide a Unit except as permitted by statute; {iv) abandon, pa ition, subdiv de, encumber, or sell any Common Elements; or {v) use hazard insurance procee s for other t an khe repair,replacement or reconstruction of the Property,except as otherwise pro ided. by law , 153 Consent to Subdivision. No Unit may be partitioned or'subdivided witho t the prior �tten approvai ofthe Owner and Eligible Mortgagee thereof,and the Association. 15.4 No Ri�ht of First Refusal. The right of an Owner to sell, transfer, or othe ise convey his or her Unit shall not be subject to any right of first refusal or similar restrictions. 15.5 Priorit of Lien. Any Person who comes into possession of a Unit by forecl sure of the �irst mortgage on a Unit, or by deed or assignrnent in lieu of foreclosure of th first mortga e on a Unit, takes the Unit free of any claims for unpaid Assessments or any ther charge or liens imposed against the Unit by the Association which have accrued against such Unit p or to the acquisition of possession of the Unit by said Person; (i) except as pravid d in � Section 6.9 and the Act and (ii) except that any unreimbursed Assessments or charges m y be realloc ted among ali Units in accordance with their interests in the Cornmon Elements. � 15.6 Prioritv of Taxes and Other Char�es. All taxes, assessments and charges hich rnay be ome liens prior to the first mortgage under state law shall relate only to the indiv�dual Units a d not to the Property as a whole. i 15.7 Priority for Condemnation Awards. No provision of the Governing Docur�ents shall gi e an Owner, or any other party, priority over any rights of the Eligible Mortgagee 'f the Unit pu suant to its mortgage in the case of a distribution to such Owner of insurance procee s or corrde nation awards for losses to or a taking of the Unit and/or the Common Elements. The MPLS-Wo 95281.I1 35