HomeMy WebLinkAbout0511 24.7 Reserved Right of Developer. Notwithstanding
anything to the contrary contained in this Declaration, Developer.
expressly reserves the right to amend this Declaration at any time
during the course of registration ~f this Condominium in any state
in-order to accomplish a successful registration of this
Condominium in that state, provided, said amendment does not
materially, adversely affect the rights of the unit owners,
lienors of record, or Institutional Mortgagees. Such amendment
need not be approved by the Association, unit owners, lienors or
Institutional Mortgagees of units of the Condominium whether or
not elsewhere required for amendments.
24.8 Developer Consent Required. As long as
Declarant has title to any unit, no amendment to this Declaration
shall be made to this Declaration or any exhibits hereto, unless
Developer shall consent in writing to the amendment, which consent
may be withheld by Developer for any reason. _
25. REGISTRY OF OWNERS AND MORTGAGEES. The Association
shall at all times maintain a registry setting forth the names of
the owners of units. In the event of a sale or transfer of a
condominium unit, the purchaser or transferee shall notify the
Association in writing of his interest in such condominium unit
together with the recording information of the instrument by which
such purchaser of transferee has acquired his interest in the
unit. Each unit owner shall notify the Association of all
mortgages encumbering a condominium unit and any transfer thereof,
the amount of such mortgages, and the recording information for
the mortgages. the holder of a mortgage encumbering a condominium
unit may notify the Association of the existence of such mortgage,
and upon receipt of that notice, the Association shall register in
its records all pertinent information pertaining to the mortgage..
26. NOTICE TO AND RIGHTS OF INSTITUTIONAL MORTGAGES.
26.1 Casualty. In the event of any substantial
damage or destruction to a unit or any part of the common
elements, Institutional Mortgagees will be entitled to timely
notice of such damage or destruction.
'f 26.2 Default. In. the event a unit owner shall be in
.default in the payment of any assessments as provided for herein,
I and said default shall not be cured within thirty (30) days, the
! Association shall cause notice of such default to be given to any
Institutional Mortgagee of the unit.
~ 26.3 Condemnation. In the event any portion of the
condominium property s made the subject matter of a condemnation
proceeding, all. Institutional Mortgagees shall be entitled to
timely written notice of s~ich proceeding.
26.4 Rights of Institutional Mortgagees. An
Institutional Mortgagee shall, upon request a entitled to:
(a) Inspect the books and records of the Association;
(b) Receive an annual financial statement of the
Association within ninety (90) days following the end of the
fiscal year;
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~ (c) Receive written notice of all meetings of the
Association, and be permitted to desiynate a representative
to attend all such meetings; but said representative shall
have no right to participate or vote at said meeting.
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