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56 <br />6557.03/12309 <br />Eligible Mortgagee or Eligible Insurer or Guarantor which remains unperformed for a period of sixty (60) <br />days; <br /> <br />(d) Any lapse, cancellation or material modification of an insurance policy or fidelity <br />bond maintained by the Association; or <br /> <br />(e) Any proposed action which would require the consent of Mortgagees of First <br />Mortgages as specified in Section 8.6. <br /> <br />Any failure by the Association to give such notice of default shall not in any event relieve the <br />Owner of responsibility to cure the default or prevent the Association from enforcing the performance of <br />the defaulted obligations by any of the procedures provided for in the Condominium Documents. <br /> <br />Section 8.3 otice of Condemnation or Destruction . In the event of the total or substantial <br />destruction of, or the commencement of eminent domain proceedings or other acquisition procedures by a <br />condemning authority against the Development or any portion thereof, Mortgagees of First Mortgages <br />shall be given timely written notice of such destruction or proceedings. <br /> <br />Section 8.4 Limitation on Right of First Refusal. The right of an Owner to sell, transfer or <br />otherwise convey his Condominium shall not be subject to any right of first refusal or any similar <br />restriction in favor of the Association. In the event there is permitted a right of first refusal in favor of <br />any other Person, it shall not be based upon the race, color, religion, sex, sexual preference, marital status, <br />national origin or ancestry of the vendee and it shall not impair the rights of a holder of a First Mortgage: <br /> <br />(a) to foreclose or take title to a Condominium pursuant to the remedies provided in <br />the Mortgage; <br /> <br />(b) to accept a deed (or assignment) in lieu of foreclosure in the event of a default by <br />the Mortgagor; or <br /> <br />(c) to sell or lease a Condominium acquired by the Mortgagee. <br /> <br />Section 8.5 Priority as to Proceeds and Awards. Any language contained in this <br />Declaration to the contrary notwithstanding, no Owner and no other party shall have priority over any <br />rights of Mortgagees pursuant to their Mortgages in the case of a distribution to Owners of insurance <br />proceeds or condemnation awards for losses to or taking of Units and/or the Common Area. <br /> <br />Section 8.6 Consent by Mortgagees to Amendments. Without the vote or prior written <br />consent of sixty-seven percent (67%) of the total voting power of the Association and the approval of a <br />majority of the Mortgagees of First Mortgages (unless a higher percentage of voting power of Mortgagees <br />of First Mortgages is specifically required elsewhere in this Declaration), the Association shall not <br />materially and adversely, with respect to such mortgages, amend any material provisions of the <br />Condominium Documents which establish, provide for, govern or regulate any of the following: <br /> <br />(a) Voting rights; <br /> <br />(b) Assessments, Assessment liens or priority of such liens; <br /> <br />(c) Reserves for maintenance, repair and replacement of the Common Area; <br /> <br />(d) Insurance or fidelity bonds; <br />7.1.K. - Page 60