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Common interest community document - 2015
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2595 Lydiard Circle #2 - 20-117-23-11-0041
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Common interest community document - 2015
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8/22/2023 3:48:44 PM
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6/22/2017 11:36:13 AM
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x Address Old
House Number
2595
Street Name
Lydiard
Street Type
Circle
Address
2595 Lydiard Circle
Document Type
Misc
PIN
2011723110041
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„ , <br /> 19. Insurance and Fidelity Bonds.The Association shall cany workers compensation � <br /> insurance whenever it has eligible employees. The Association may carry fidelity <br /> insurance and shall do so whenever required by a holder, insurer or guarantor of a <br /> mortgage. The Association may enter into binding agreements with one or more holders, ' <br /> insurers or guarantors of mortgages obligating the Association to keep specified <br /> coverages in effect for specified periods and to notify a holder, insurer or guarantor of <br /> any changes to coverage. <br /> 20. Adequate Remedies for Unit Owners' Failure to Pay Assessments.The provisions of <br /> Articles VI and VII of this Declazation provide adequate remedies in the case of <br /> Defaulting Unit Owner's failure to pay assessments levied by the Association. <br /> 21. Exemption from Liability for Unpaid Assessments. A mortgage holder, insurer or <br /> guarantor who obtains title to or takes possession of a unit pursuant to the remedies <br /> provided in the mortgage or foreclosure of the mortgage or deed(assignment) in lieu of <br /> foreclosure shall not be liable for such unit's unpaid assessments which accrue prior to <br /> the acquisition of title to such unit by such holder, insurer or guarantor in the case of a <br /> deed,or prior to the expiration of the statutory period of redemption in the case of a <br /> mortgage foreclosure. Any such delinquent assessments extinguished pursuant to the <br /> foregoing sentence may be reallocated and assessed to all units as a common expense. <br /> Any such sale or transfer pursuant to a foreclosure shall not relieve the purchaser or <br /> transferee of a unit from liability for, nor the unit from the lien of, any assessments made <br /> thereafter. Moreover, any lien for delinquent common expense assessments or other <br /> charges that the Association has on a unit shall be subordinate to a first mortgage on the <br /> unit if that mortgage was recorded before the delinquent assessment was due. <br /> 22. Subordination of Fees, Late Charges, Fines or Interest.Any fees, late charges, fines <br /> or interest which may be levied by the Association in connection with unpaid <br /> assessments or violations of the CIC Documents shall be subordinate to the lien of the <br /> first mortgage on the unit to which they have been levied. <br /> 23. Professional Management Contracts.Any contract for professional management of the <br /> Condominium or any other contract providing for the services of such developer, sponsor <br /> or builder of the Condominium, shall not exceed 2 years. Any such agreement shall <br /> provide for termination by either party without cause and without payment of a <br /> termination fee on 90 days or less written notice and shall include a right of termination <br /> without cause that the Association may exercise at any time after the Declarant has <br /> relinyuished control over the Condominium and Association. This right of terminarion <br /> shall not require the payment of any penalty or an advance notice of more than 90 days. <br /> 24. Priority.No provision of the CIC Documents shall be deemed to give a unit owner, or <br /> any other party, priority over any rights of any mortgage holder, insurer, or guarantor <br /> pursuant to its mortgage in the case of a distribution to the unit owners of insurance <br /> proceeds or condemnation awards for losses to or taking of units and/or common <br /> elements of the Condominium. <br />
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