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��� <br />19. <br />' _ ' �: ' •t; � � '. tr . �� � ...q.. <br />Association within thirty (30) days after <br />recsipt of notice that the foreclosure has <br />been commenced, shall be required to pay a <br />reasonable rentaZ for the apartmen� as de�er- <br />mined by the Board of Directors, for the <br />period from the expiratian of such thirty <br />(30) days until possession is de�.ivered, and <br />the Associa�ion may sue or take any other <br />approp�iate action to collect the rent, iTnpaid <br />rental shall constitute an additi.onal laen upon <br />such apaxtment. Nothzng contained herein, how- <br />ever, shal.l. be deemEd to give any such 1.ien <br />pxi.ority over a tirs� martgage of record. Any <br />first mortgagee or its successors in interest <br />who obtains ti�le to an apartment pursuant to <br />the remadi�s provided in �he ritartgage or fore- <br />closure of the mortgage, or deed (or assagru�ent) <br />in ].ieu o� �oreclosure will not be Zzable for <br />such apartment's unpaid assessments or ren�al <br />which accrue przor to the acqu�.sition of tit3.e <br />to such unit by the mortgagee or its successoxs <br />in interest in the case of a deed (or assignment) <br />in ].ieu ot foreclosure, or prio� to the expiration <br />of the statutory period of redemption in the case <br />pf- a mortgage _.�orec�.osure o - . � - - <br />Article ZII. of the By-Laws is hereby amended <br />by the add�ti.on of the £oZlowi.ng new <br />Section i2: <br />5ec�ion 12. Annua�. Reports. The Board of <br />Directors shall also cause to be prepared an <br />Annual Report, which may incorporate the <br />intormation required in Section 11 of this <br />Azticle. Thzs Annual Report shall be distri- <br />buted to al]. members, and sha�l containr at <br />a mimin�un, the �ollowing: <br />a. A statement of any capitai expenditures <br />in excess of $1,Q00 anticipa�ed by the <br />Association during �h� current year or <br />succeeding two fiscaJ. years; <br />b. A staternen� of the status and amount of <br />any reserve for replacement fund and any <br />portion of the fund designated for any <br />specifi�d pro�ect by the $oard of D�.rectors; <br />c. A copy af the statement of financial condi-- <br />tion for the Association for the last ��.sca]. <br />year; <br />d. A statem�nt of the status of any pending <br />suits o� judgments in which the Associ�tion <br />is, a pax-ty; <br />e. A state�tent oi i.he in5urance coverage <br />provided by the Association; and <br />f. A statement of any unpaid assessments by <br />the Assaciation on individual apar�ments, <br />identi�ying the apartment number and the <br />amount of the unpaid assessment. <br />� <br />