Condominium declaration - Laserfiche WebLink

Home Browse Search

i 't .. � " • • rovi I ion overnin the followin : i votin ri � p S g g gO g ghts; (») mcreases in an annual Assess ent of more�than twenty-five percent over the prior year's annual Assessment;(iii}Assessment 1 ens,or priority of Assessment liens; (iv) reductions in reserves for maintenance, repair and repla ement of Cpmmon Elements; (v) responsibility for maintenance and repairs; (vi) realloca ion of interests in the Common Elements or Limited Common Elements, or rights to their us ; (vii) redefnition of any Unit boundaries; (viii) convertibility of Units into Cammon Elements r vice versa� (ix) expansion or contraction of the Property or the addition, annexation ar withdr wai of property to or frorn the Property;(x)hazard or fidelity insurance requirements; (xi) impos�tian of material restrictions on the.leasing of Units; (xii) imposition of any restrictions on an wner's right to sell or transfer his or her Unit; (xiii) restoration or repair of the Property(after a hazard dama�e or partial condemnation) in a rnanner other than that specified in the Go erc�ing Documents; (xiv) any action to terminate the lega] status of the Condominium after sub tantial destruction or condemnation occurs; ar (xv) any provisions that expressly benefit ligible Mort�agees,or insurers or guarant�rs of mortgages. � 15.2 Consent to Certain Actions. Subject to Declarant's rights under Secti n, the writt�n consent of Eligible Mortgagees representing at leasT sixty-seven percent of the U its.that are spbject to first mortgages held by Eligible Mortgagees {hased upon one vote p r Unit finan�ed) shall be required to (i) abandon or terminate the Condaminium; (ii} cha ge the allocations of voting rights,Common Expense obligations or interests in the Common El ments; (iii) p�artition or subdivide a Unit except as permitted by statute; {iv) abandon, p rtition, subdivide, encumber, or sell any Common Elements; or {v) use hazard insurance proce ds for other than the repair,replacement or reconstruction of the Property,except as otherwise p ovided by]a�pv. ,, 15.3 Consent to Subdivision. No Unit may be partitioned or'subdivided with ut the prior�vc-itten approval of the Owner and Eligible Mortgagee thereof,and the Association. I 15.4 No Ri�ht of First Refusal. The right of an Owner to sell, transfer, or o erwise convey his or her Unit shall not be sub}ect to any right of first refusal or similar restriction . � 15.5 Prioritv of Lien. Any Person who comes into possession of a Unit by fore losure of thc first mortgage on a Unit, or by deed or assignment in lieu of foreclosure of t e first mortgage on a Unit, takes the Unit free of any claims for unpaid Assessments or an other charges or liens imposed against the Unit by the Association which have accrued again t such Unit �rior to the acquisition of possession of the Unit by said Person; (i) except as pra ided in . Sect�on 6.9 and the Act and (ii) except that any unreimbursed Assessments or charges ay be reallocated among all Units in accordance with their interests in the Common Elements. ' I 15.b Prioritv of T'axes and Other Charees. Alt taxes, assessments and charge which may �ecome liens prior to the first mortgage under state law sha11 relate only to the in ividual Units and not to the Property as a whole. I 15.7 Prioritv for Condemnation Awards. No provision of the Governing Doc ments shatl �ive an Owner, or any ather party, priority over any rights of the Eligible Mortgage of the Unit�ursuant to its mortgage in the case of a distribution to such Owner of insurance proc eds or cond mnation awards for losses to or a taking of the Unit and/or the Common Element . The MPLS-Word 95281_I! 3 5