Recission of Enabling Declaration Establishing A Plan For Condominum Ownership 2-27-1981

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rights of any institutional lender to: (1 ) foreclose or take title to a condominium unit pursuant to the remedies provided in the mortgage, or (2) Accept a deed (or assignment) in lieu of foreclosure in the event of default by a mortgagor, or (3) sell or lease a unit acquired by the mortgagee. • D. Except as provided by statute in case of condemnation or substantial loss to the units and/or common elements of the condominium project, unless the holders of at least three-fourths (3/4 ) of the first mortgages (based upon one vote for each first mortgage owned), or owners (other than the sponsor, developers, or builder) of the individual condominium units have given their prior written approval, the Association and/or the owners shall not he entitled to: ( 1 ) by act or omission, seek to abandon or terminate the condominium project (except for abandonment or termination provided by law in the case of substantial destruc- j tion by fire or other casualty or in the case of a taking by 1) condemnation or eminent domain); ac (2) change the pro rata interest or obliga- tions of any individual condominium unit for the purpose of: ( i ) levying assessments or charges or allocating distributions of hazard insurance proceeds or condemnation awards, or ( ii ) determining the pro rata share of ownership of each condominium unit in the common area; (3) partition or subdivide any condominium U unit ; (4 ) by act or omission, seek to abandon, partition, subdivide, encumber, sell or transfer the common area. (The granting of easements for public utilities or for other public purposes consistent with the intended use of the common area by the condominium project shall not he deemed a transfer within the meaning of this clause) ; (5) use hazard insurance proceeds for losses to any condominium property (whether to units or to common area) for other than the repair, replacement or recon- struction of such condominium property, except an provided by statute in case of substantial loss to the units and/or common area of the condominium project. (6) make any material amendment the Declaration or to the Bylaws; "material amendment" shall mean any amendment governing the folowing subjects: (a) the percentage interest of the unit owners in the common elements of the project ; (b) the fundamental purpose for which the project was created (such as a change from residential use to a different use) ; (c) voting; (d) assessments, assessment liens and subordi- nation thereof ; (e) the reserve for repair and replacement of common elements; ( f) property maintenance obligation:;; (q) casualty and liab: lty insurance; (h) reconstruction in the event of damage or destruction; ( i ) rights to use the common • elements; (j ) annexation; (k) any provision which by its terms is specifically for the benefit of first mortgagees or specifically confers rights on first mortgagees. (7) effectuate any decision by the Assoc- iation to terminate professional management and assume self- management . 28 • o