HomeMy WebLinkAbout1698 and clear of the provisions of Article XI A (1) hereof, but
the purchaser (or grantee under such deed in lieu of foreclosure)
of each Unit shall be thereupon and thereafter subject to
the provisions of Article XI A (1) hereof, provided that if
the purchaser following such foreclosure sale (or grantee
under deed given is lieu of such foreclosure) shall be the
forcer holder of the foreclose3 mortgage, tae said former
holder. may thereafter sell or lease the Unit free and clear
of the provisions of Article XI A (1) hereof, but its grantee
shall thereupon and thereafter be subject to all o` the
provisions thereof.
6. The failure or reFusal by the Condominium
Association to exercise its rights pursuant to Article XI A (1)
hereof with respect to any particular bona fide offer to
purchase or lease a particular Unit shall not constitute a
waiver of such right with respect to any subsecuent bona
fide offer to purchase or lease the particular Unit or any
other Unit.
7. If any Unit Owner attempts to sell or lease
his Unit without giving the Condominium Association the -
notice required by Article XI A (1) hereof, such attempted
sale or~lease shall be void and shall confer no title or
interest whatsoever upon the intended purchaser or lessee.
8. MORTGAGES. ~
1. Any mortgage which is a lien against a Unit
and which is recorded after the recording o~ this Declaration
of Condominium shall be subject to the terms and conditions
of this Declaration of Condominium and the exhibits hereto,
as the same may be amended from time to time, and the holder
of any such mortgage and the obligation secured hereby
shall have no right:
(a) to participate in t:~e adjust.•nent of
losses with insurers or in the decision whether to repair or
restore damage to or destruction of the Commonly Insured
Real Proeerty; or
(b) to receive or apply tre ?roceecs of
insurance to the reduction of the mortgage debt or other•~rise,
except in the event of a termination pursuant to Article XIII 9
hereof or in the event and to the extent that insurance
proceeds is excess of tae cost of repair or restoration and
distributed to LTni: Owners pursuant to Articles XIII A hereo:.
2. Upon written reeuest to the Secretary of the
Candomiai;:.:~ Association by the ::older of ar.~• ~ortgaSe which
is a ? -e:t •~?o.^. a L'n_t setts:;g .or_z t a ::a.^:e o- scch holder,
tae adc:sss o: suca ho'_der, .^e ca_e o= suc -o:~cace a.^.C -
tae Cr.:~ •.cr. x:_c:^. sucz :nor=gage _s a 1_z^, =`:e Szc_eta:~
o: the C~rcc::::a~.:^ ?sscc:a~io^. s :all ^:a;.e sLC :::=o~at:or.
a :ec;s:s: :c ~e .:,a_zta_Zed fo. s~c^ ?L:~eses_::d such
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327 Pd~~~69?
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