HomeMy WebLinkAbout0145 17.5 Liabilit of Institutional Mort a ees. If an
Institutional Mortgagee o a ns t e o a con om n um parcel as a
result of foreclosure of the first mortgage, or as a result of a
deed or other arrangements in lieu of foreclosure of the .first
mortgage, the Institutional Mortgagee, its successors and assigns,
shall not be liable for the share of common expenses or assess-
ments by the Association pertaining to such condominium parcel
applicable to the time prior to acquisition of title as a resul t
of the foreclosure or deed or other arrangements in lieu of fore-
closure, unless such share is secured by a claim of lien for
assessments .that is recorded prior to the recording of the fore-
closed mortgage. Such unpaid share of common assessments shall be
deemed to be common expenses collectible from all of the unit
owners, including such acquirer, and his successors and assigns.
No other sale or transfer shall relieve any unit from liability
for any assessments due, nor from the lien of any such subsequent
assessment. The written statement of the Association that the
lien is subordinate to the institutional mortgage or that the unit
is not subject to the assessment shall be dispositive of any _
question pertaining thereto.
17.6 Liabilit of Others. Any person who acquires an
interest in a unit, except t rough foreclosure of a first mortgage
of record (or deed or other arrangements in lieu thereof), as
specifically provided in the subparagraph immediately preceding,
including, without limitation, persons acquiring title by opera-
tion of law, including purchasers at judicial sales, shall not be
entitled to occupancy of the unit or enjoyment of the common ele-
ments until such time as all unpaid assessments due and owing by
the former owner have been paid.
,17.7 Assi nment of Claim b Association. The
Association, acting through its Board o Directors, shall have the
right to assign its claim and lien rights for the recovery of any
unpaid assessments to Developer or to any unit owner or group of
unit owners, or to any third party.
- 17.8 No Abridgement of Rights of Institutional
Mortgagees. Nothing herein shall abridge or limit the rights or
responsibilities of an Institutional Mortgagee of a unit, as set
out herein or in the statutes made and provided for same.
17.9 Budget. The Board of Directors of the Associa-
tion shall approve the annual budget for the Condominium in
advance for each fiscal year, which budget shall be in the form
prescribed by the By-Laws of the Association.
18. LIENS. With the exception of liens which may result
from the construction of the Condominium, no liens of any nature
may be created subsequent to the recording of this Declaration
against the condominium property as a whole (as distinguished from
individual units) except.with the unanimous consent of the unit
owners. -
18.1 Consent of Unit Owners. Unless a unit owner has
expressly requeste or consente to wor being performed or
materials being furnished to his unit, such labor or materials may
not be the basis for the filing of a lien against the unit. No
labor performed or materials furnished to the common elements
shall be the basis for a lien thereon unless such labor performed.
or materials furnished was authorized by the Association, in which
event the same might be the basis for~the filing of a lien against
all condominium parcels in the proportions for which the owners
thereof are liable for common expenses. s
DC-13
a~332 ~~F 145
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