HomeMy WebLinkAbout0022 13.4• hlortqaqe. No apartment owr~er may mortgage his
apartment nor
a
yinterest in it withcut appraval of the
Association except Lo a bank, life insurance company or a
savings and loan association, or to a s~ller to secure a
portion or all of tne purchase price. Tt-~e approval of any
other mort~agee may be upon conditions de~ermi.neci by the
4ssociation or may be ar~itrarily withheld.
13.5 Exce ±i~ans. The foregoing provisio?~s of this
section entzt e"Maintenar~ce of Community Interests" sha~l
not apply t~ a transfer ta or purchase by a~ank, life insurance
company, savings and loan association or other institution that so
acquires its title as the result of ownina a mortgage upon the
apartment concerned, and this shall k~e so whether the title is
acquired by deed from the mortgagor, his successors or assigns,
or through foreclosure proceedinys; nor shall such provisi~n
apply to a tra~Sfer, sale or lease by a bank, life insurance
company, savings and loan association or other institution
that so acquires its title. rleither shall such provisions
require the approval of a~urchaser who acquire;~the title to
an apartment at a duly advertised public sale with ope~ bidding
pr-ovided by law, such as but not limited to execution sale,
foreclosure sale, judicial sale or tax sale. NAither shali
such provisions apply to the Develclper, or any perso~ who is
an officer, stockholder or direct~r of the Developer, or to
any corporation havin4 some or all of its directors, officers
or stockholders in cc,mmon with the Developer, and any such
person or corporation shall have the right to freely sell,
lease, transfer or otherwisp deal wzth ~he title and possessi`on
of an apartment un~t ~vithou~ complying with the provisions of
this section, and without the approval of the Association.
13.6 Unauthorized transactions. Ar.y sale; mortgage or
lease not aut orize pu~su3n~ to t e terms of this Declaration
shall be void unless su~sequently apFroved b}~ the Association.
; 13.7 RecordinQ ou--Av;~•aI. :'Yhanever in this section an
' apprcva? in recordab e~~rm is r~quired of ~ciie n~:.:;:.~=~t: ~ rln
in connection ~•rith the s?te, transfer or pledging of an
~ apartment, it is understood a~d agree~' that t~a saZe approval
' shall not be reCOI~eGi except at the same time and simultaneousl}~
vrith the recording of the Be~d or mortgage, as appropriate.
i 13.8 Notice of lien or suit.
,
~ (a) An apartment owner shall give no~ice, in writing,
' to the Association of every lien uFon his apartment rther
~ than for a~~thorize~? mor~g3ges, taxes and special assessments
' within five (5) days a~±Ar the attaching of the lien.
i
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j (b) Notice of suit. An apariment owner shall giv~
; noti~e, in v~t?~lfilrtg, to the Association of every suit or
( other proce~~ing v~hich may affect the title te his apart-
~ ment, such notice to be given within five (5) days after
~ the apartment o~mer shall receive knowiedqe or notice
~ thereof .
~ (c) railure to comply. Failure to comply with this
; sub-section corcerning Iiens will not affect the validity
of any judicial sale.
` 13.9 Whenever in this section an approval is requi~ed of
; the Associat?cn in ccnnection with the sale, trans£erring,
~ leasing or pledgina of any ac~artmen ar?d such approval shal~
; ~ot have been obtained p~i~suant t~ the provisions hereof, failuxe
; u~,or the part of the Assoczation to object in ~Yriting ~o such
~ sale, transfer, pledging cr leasing within ninety (90) days after
' the date thereof, or within thirty (30) days of the date upon
wl3ich the purchaser, transferee or lessee shall take p~ssession
of the premises, :yhichever date snall be later, shall cons'.it?.~te
~ waivEr by the Association of the written consent o+herrrrise
reyuired by this section.
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