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2021-03-24 CC Packet
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2021-03-24 CC Packet
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<br />unreimbursed assessments or charges may be reallocated among all Units in <br />accordance with their interests in the Common Elements. <br /> <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 /> <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 /> <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 />statements, including those which are audited, shall be available within one <br />is made by FNMA or any institutional guarantor or insurer of a mortgage loan <br />preceding year, the Association shall cause an audit to be made and deliver a copy <br />to the requesting party. <br /> <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 /> <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 /> <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 /> <br /> c. a lapse, cancellation or material modification of any insurance policy <br />maintained by the Association; and <br /> <br /> <br /> <br /> <br /> <br />_____ <br />33 <br />022818 <br /> <br />
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