Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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the affec'~.sd mortgagees naming the mortg~ ;ees, as their interests may Sectior~ 7 :'qt,-~t~,-ss to Mortgaqees 9f Recorc On any loss to any Lot coverec b% a mortgage, if such loss ex, seeds Two Thousand Five Hun~'ed Dollars ($2500.00), or on any loss to the co~on area, su=h loss .~::ceeds Ten ~ousand Dollars ($i),000.00) , or any t~ing of such common areas, notic~ in writing of such loss or taking shmll be g:ven to each mortgagee of record If any Owner of a Lot is in dsfz%u!t under any provision of t~is Declaration, or the ~-Laws ,. or- th:.~ rules and repletions ado' ~ted by the Association, which =e~ult is not cur~ within thirty (30) days after written no~ce to such o~er, ~e ~sociation shal giv~ to the mortgagee of reco~d cf such o~er written notice of such default and of the fact that ssid thirty (30) day period has e~ired. If any Lot ~nd/or the co~on area is ~d6 th~ s~ject ~tter of any con~ation or ~nent do--in proc,~eding or is otherwise sought ~o bs ac~ired by a cond~ing au' .hority, then the first mortg~ge~ on such ~t shall be given timel f written notice by the Associat~n of such proceeding or proposed ac~isition. Section 8 . ~ffect of Breach: No breach o~ any provision of this Declaration shall in~id~te ~e lien of ~. mortgage in good faith and for v~lue, but all of the cond tions, covenants and restrictions contained herein shall be bin ~ing on any owner whose title is derived through the foreclosure s~le, trustee's sale, otherwise. Section 9 Ap_pearance at Meeting~: Because of its financial interest in the Broject, any first mortgagee or .ts representative may appear (but cannot vote) at meetings of the members and the Board, and m~y at such meetings draw attention to violations of this Declaration that have not been corrected ~r made the subject of remedial proceedings or assessments. ~pon request, a first mortgagee shall also be given written notic~ of all such meetings. Section 10 Contracts T~zTn%n~f~le: Any~ ~reement between the Association and Declarant or between t]~e Association and a professional manager pursuant to which th~ Declarant or Manager agrees to provide services shall provide fo~ termination by either party withcuu cause or payment of a termination fee on ninety (90) days written notice and shall have a maximun contract term of one (1) year provided that the Board can renew ~ny such contract on a year to year basis. 37