Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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ARTICLE IX MORTGAGEE RIGHTS AND PROTECTION Notwithstanding any other provisions of this Declaration to the contrary: Section 1 Mortgage Permitted: Any Lot Ow her may encumber his Lot with a mortgage. For purposes of this [eclaration a "mortgage" means a deed of trust as well; and a "m( rtgagee" also means the beneficiary under a deed of trust. A "fii'st mortgage" similarly also means "a first deed of trust". Section 2 Subordination: Any lien creal ed or claimed unde~ the provisions of this Declaration is expr~ssly made subject\and sL~bordinate to the rights of any first mort gage that encumber~ all or a portion of the Project, or any Lot ma( e in good faith and? for value, and no such lien shall in any way defeat, invalidate k or impair the obligation or priority of such f~rst mortgage unless the.. mortgagee expressly subordinates his intersst, in writing, to such lien. Section 3 Amendment: No amendment to this Declaration, the Articles or the By-Laws shall affect the 'ights of any mortgagee under any mortgage made in good faith and for value and recorded before the recordation of any such amendme%t unless the mortgagee either joins in the execution of the amen(~ent or approves it in writing as a part of such amendment. Section 4 Restrictions on .~rtain Cha~ges: Amendments of a material nature must be agreed to by L~t owners representing sixty-seven percent (67%) of the total~ voting power of the Association. In addition, approval must be I obtained from fifty-one percent (51%) of the Eligible Mortgage ~olders (as defined in Article I of this Declaration) of Lots that are subject to first mortgages. A change to any of the followin~ would be considered as material: ~ (a) voting rights; (b) assessments, assessment liens, or subordination of assessment liens; (c) reserves for maintenance, repair nd replacement of common areas; (d) responsibility for m~intenance an repairs; 35