HomeMy WebLinkAbout1977 ium of any default by the mortgagor of such unit in the performance - ;
of such mortgagor's oblgations under the condominium documents which !
is not cured within-sixty (60) days.
(2) Any "right of first refusal"contained fn the
condominium constituent documents shall not impair the rights of a -
first mortgage to:
(a) Foreclose or take title to a condominium
uhit pursuant to the .remedies provided in the-
mortgage, or - -
_ (b) accept a deed (or assignment) in lieu of
foreclosure in the event of default by a mortgagor,
' or `
(c) sell or lease a unit acquired by the
. mortgagee. -
- (3) Any first mortgagee who obtains title to a unit -
pursuant to the remedies provided in the mortgage, foreclosure of the -
mortgage, or deed (or assignment) in lieu of foreclosure, shall not - _
be liable for such unit's unpaid dues-or charges which accrue prior
to the acquisition of title to such unit by the mortgagee.
- (4) Unless at least 758 of the first mortgagees -
(based upon one vote for each mortgage owned)-or owners (other than
the sponsor, developer or builder) of the individual condominium
.units have given-their prior written approval, the Condominium
Association shall not-be entitled to: -
-(a} by-act or omission seek to abandon or
--terminate the condominium;- - -
(b) change the pro rata interest er obligations
of any condominium unit for (i) purposes of levying assessments or
- charges or allocating distributions of hazard insurance proceeds or
condemnation awards, or (ii) determining the prorata share of -
ownership of-each unit in the common elements;
I - _ - -
- {c) partition or subdivide any condominium
unit; - -
- (d) by act or omission seek to -abandon, parti-
tion, subdivide, encumber, sell or transfer the common elements. The
` granting of easements for public utilities or for other public pur-
` poses consistent with the intended-use of the_common elements by the
condominium-project shall not be deemed a transfer within the meaning
of this clause;
(e) use hazard insur-ance proceeds for losses to
- any condominium property (whether to units or to common-elements) for
other than the_-repair, replacement or reconstruction of such improve-
inents, except as provided by statute in case of substantial loss to
- the units and/or common elements of the condominium project; provid-
ed, however, if there is-now or hereafter provision for zddition.to
or expansion of the condominium project, then a change in the pro _
+ - rata interest or obligations of any individual unit for (1) the -
purpose of levying assessments or charges or allocating distributions
of hazard insurance proceeds or conde~enation awards, or (2) determin-
' ing the pro rata share of ownership of each unit in the Common- -
elements will be permitted .provided that the provision pursuant to
` which the condominium is subject to additions or expansion complies
with the following liAitations:
3
(i.) unit owners have a minimum percentage
undivided interest in the common elements, and a
- corresponding maximu~a interest subject to diminution
to no less than such minimum, each such percentage
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