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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 in the
condominium constituent documents shall not impair the rights of a
Eirst mortgage to:
_ (a) Foreclose or take title to a condominium
unit pursuant to the remedies provided in the
mortgage, or
(b) accept a deed (or assignment) in lieu of
foreclosure in the event of d~fault 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 or 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;
(c) partition or subdivide any condominium
uni t; ~ ,
(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 insurance'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-
ments, 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 i~s now or~hereafter provision for addition to
or expansion of the condominium project, then a change in the ~ro
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 condemnation 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 condo-ninium is subject to additions or expansion complies
with the following limitations:
(i) unit owners have a minimum percentage
undivided interest in the common elements, and a
corresponding maximum interest subject to diminution
to no less than such minimum, each such percentage
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': BOOK348 PAGE~UV~
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