Laserfiche WebLink
1. Effect of Succeeding Sections.The succeeding Sections of this Article XI shall take . <br /> precedence over all other provisions and sections of this Declaration, and the Bylaws of <br /> the Association and in the event of any inconsistency or contradiction, the following <br /> Sections shall control. ' <br /> 2. Time of Written Notice for Certain Occurrences.The holder, insurer, or guarantor of a <br /> first mortgage on any unit in the Condominium,who has advised the Association in <br /> writing of its name and address and the name and address of the unit covered by such <br /> mortgage and in said writing has requested the Association to notify it of any of the <br /> following matters, is entitled to timely written notice of <br /> a. Any condemnation, or casualty loss that affects either a material portion of the <br /> Condominium or the unit on which there is a first mortgage being held; <br /> b. Any delinquency in the payment of assessments or charges owed or any other <br /> default in the performance of any obligation owed under the CIC Documents by <br /> an owner of a unit subject to a first mortgage held, insured, or guaranteed by such <br /> holder, insurer or guarantor, which remains incurred for a period of at least 60 <br /> days; <br /> c. Any lapse, cancellation, or material modification of any insurance policy or <br /> fidelity bond maintained by the Association; and <br /> d. Any proposed action that requires the consent of a specified Percentage of eligible <br /> mortgage holders as specified in Section 8 of this Article XI below. <br /> The terms "timely written notice" means that period of time which is reasonably <br /> sufficient to enable the mortgage holder,insurer or guarantor to take action with respect <br /> to the subject matter of the notice. <br /> 4. No Restrictions on Mortgaging Units.No provision in this Declaration or the Bylaws of <br /> the Association shall restrict an owner's right to mortgage his or her unit. In addition, no <br /> such provision shall limit an owner's financing options by requiring the use of a specific <br /> lending institution or a particular type of lender. <br /> 5. No Limitations on Unit Owner's Ability to Sell. The Association shall not impair or <br /> restrict a unit owner's right to sell, transfer or convey his or her unit. The Association <br /> shall never hereafter have a right of first refusal. <br /> 6. Availability of CIC Documents.The Associarion shall at all times have current copies <br /> of the CIC Documents as well as its own books,records and financial statements for <br /> inspection by unit owners or by holders, insurers and guarantors of first mortgages that <br /> are secured by units in the Condominium. These documents shall be available during <br /> normal business hours or under other reasonable circumstances. <br /> 7. Examination of Records; Audited Financial Statement. Any holder,insurer, and <br />