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2018-03-06 P & Z Packet
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2018-03-06 P & Z Packet
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unreimbursed assessments or charges may be reallocated among all Units in <br /> accordance with their interests in the Common Elements. <br /> 17.2 Priority of Taxes and Other Charges. All taxes, assessments and charges <br /> which may become liens prior to the first mortgage under state law shall relate <br /> only to the individual Units and not to the Property as a whole. <br /> 17.3 Priority for Condemnation Awards. No provision of the Governing Documents <br /> shall give an Owner, or any other part, priority over any rights of the Eligible <br /> Mortgagee of the Unit pursuant to its mortgage in case of a distribution to such <br /> Owner of insurance proceeds or condemnation awards for losses to or a taking of <br /> the Unit and/or the Common Elements. The Association shall give written notice <br /> to all Eligible Mortgagees of any condemnation or eminent domain proceeding <br /> affecting the Property promptly upon receipt of notice from the condemning <br /> authority. <br /> 17.4 Access to Books and Records/Audit. Eligible Mortgagees shall have the right to <br /> examine the books and records of the Association upon reasonable notice during <br /> normal business hours, and to receive free of charge, upon written request, copies <br /> of the Association's annual reports and other financial statements. Financial <br /> statements, including those which are audited, shall be available within one <br /> hundred twenty (120) days of the end of the Association's fiscal year. If a request <br /> is made by FNMA or any institutional guarantor or insurer of a mortgage loan <br /> against a Unit, for an audit of the Association's financial statements for the <br /> preceding year, the Association shall cause an audit to be made and deliver a copy <br /> to the requesting party. <br /> 17.5 Notice Requirements. Upon written request to the Association, identifying the <br /> name and address of the holder, insurer or guarantor of a mortgage on a Unit, and <br /> the Unit number or address, the holder, insurer or guarantor shall be entitled to <br /> timely written notice of: <br /> a. a condemnation loss or any casualty loss which affects a material portion <br /> on the Property or the Unit securing the mortgage; <br /> b. a 60 day delinquency in the payment of assessments or charges owned by <br /> the Owner of a Unit on which it holds a mortgage; <br /> C. a lapse, cancellation or material modification of any insurance policy <br /> maintained by the Association; and <br /> 33 <br /> 022818 <br />
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