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

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. 1 . Any institutional lender will , upon request. , he entitled to (a) inspect the books and records of the Association during normal business hours, and (l,) receive an • annual audited financial statement of the Association within ninety (9u ) days following the end of the fiscal year of the Association, and (c) written notice of all meetings of the Association and be permitted to designate a representative to 1. attend all such meetings. F. Condominium dues or charges shall include ca an adequate reserve fund for maintenance, repairs and replacement of those common area improvements that must he replaced on a a periodic basis, and shall be payable in regular installments g rather than by special assessments. G. No provision of the condominium constituent documents gives a condominium unit owner, or any other party, n priority over any rights of first mortgagees of condominium units pursuant to their mortgages in the case of a distribution w to condominium unit owners of insurance proceeds or condemnation s. awards for losses to or tr :ing of condominium units and/or common elements. cn H. Each holder of a first mortgage lien on a X unit who comes into possession of the unit by virtue of fore- closure of the mortgage, or any purchaser at a foreclosure sale, will take the unit free of any claims for unpaid assess- ca ments and charges against the unit which accrue prior to the .a. time such holder comes into possession of the unit, except for •• •, claims for a pro rata share of such assessments or charges resulting from a pro rata reallocation of such assessments or ,,° charges to all project units including the mortgaged unit, and except for assessment liens recorded prior to the mortgage. I . Any agreement for professional management of the condominium project, or any other contract providing for services of the developer, sponsor, or builder, may not exceed one ( 1 ) year. Any such agreement must provide for termination by either party for cause on thirty (30) days written notice, or without cause and without payment of a termination fee on ninety (90) days or less written notice. J. Partition or subdivision of any unit is !•.ui'jcct to rights of institutional lenders as provided in Section 2. 3. x 8.7 Owner's Right and Obligation tomaintain and Pepa i r: t.xeeht tor those portions of the project which the Ac soe it inn is required to maintain and repair, each unit owner shall , at ia his sole cost and expense, maintain and repair his unit, and , shall maintain the landscaping within the private patio areas appurtenant thereto which is part of the restricted common area, keeping the same in good condition. Each owner shall bear the cost of maintenance, repair and replacement of the following items within or serving such owner's unit: patio; interior stairway; interior surfaces of all perimeter and interior walls, ceiling and floors ( including carpeting, tile, wall paper, paint or other , overing) garbage disposals, panel radiant heat in coiling, ranges, refrigerator.^,, dishwashers, appliances of any nature whatsoever, heating, ventilating and air-vonditiohinq equipment :servicing such unit (although lh sorb -19- s / . . ,