Condominium Declaration - Laserfiche WebLink

Home Browse Search

. - • ; ' Association shall give written notice to all Eligible Mortgagees of any condemnation or eminent ' domain proceeding affecting the Praperty promptly upon receipt of notice from the condemning authority. 15.8 ReQuirements for Mana ement AQreements. T7�e term of any agreement for � . professional management of the Property shall not exceed two years. Any such agree�ent shall ' prcvide for terminatian withaat pena]ty ;,: terminatian fee by either party as iollows: (i} with cause, upon a minimum of thirty, and a maximum of forty-five, days prior written notice, and, {ii)without cause,uoon a minimum of sixty days priar written notice. _ 15.9 Access to Books and Records/Audit. Eligible Mortgagees, or an institutiona] insurer or guarantor of a mortgage Ioan against a Unit, shall have the right to examine the books and records of the Association upon reasonable notice, during aormal business hours, and to receive free of charge, upon written request, copies of the Association's annual reports and other I financial statements. Financial statements, including thase which are audited, shall be available within one hundred eighty days after the end of the Association's fiscal year. FNMA, or any Eligible Mortgagee, institutional guarantor or insurer of a mortgage loan against a Unit, may reGuire that, at its own expense, an audii of the Association's financial statements be made for the preceding year, in which case the Association shall cooperate in having an audit made and a . copy given to the requesting party. 15.10 Natice Reauirements. Upon written request to the Association, identifying the ' name and address oF the holder, insurer or`guarantor of a mortgage on a Unit, and the Unit number or address,the holder,insurer or guarantor shall be entitled to timely written notice of: I 5,10.1 a condemnation loss or any casualty]oss which affects a material portion of the Property or the Unit securing the mortgage; � 15.10.2 a sixty day delinquency in the payment of Assessments or charges owed by the Owner of a Unit on which it holds a mortgage; 15.10.3 a lapse, cancellation or material modification of any insurance policy maintained by the Association;and 15.10.4 a proposed action which requires the consent of a specified percentage of , Eligible Mortgagees. . SECT[ON 16 - SPECIAL DECLARANT RIGHTS Declarant hereby reserves exclusive and vnconditional authority to exercise the following special Declarant rights within the meaning of Section S 15B.1-]03(32) of the Act for as long as it owns a Unit,or for such shorter period as may be specifically indicated: 1 b.l Comolete Irnprovements. To complete each Building, Unit, and ather Iimprovements indicated on the Plat, or otherwise included in Declarant's development plans or MPLS-Word 9528I.1 i 3b