Agmt02 Maria La Rocca Estates - Laserfiche WebLink

Browse Search

Section il Additional Rights Qf Lenders: Notwithstanding any Drovision in this Declaration to the ~ontrary, iD~titutional lenders shall have the following rights: A. First mortgagees of individua2 Lots may, jointly or separately, pay taxes or other charges w]~ich are in default and which may have become a charge against any association comm. on property and may pay overdue premi~m~ on hazard insurance policies, or secure new hazard insurance overage on the lapse of a policy, for such con, non property and firs]~ mortgagees ~king such payments shall be owed immedgate reimburs, m~ent therefor from the Association. Entitlement to such reimbursement shall be reflected in an agreement in favor of all first ~0rtgagees of Lots duly executed by the Association; ., B. Association dues or charges sh~.ll include ~ adequate reserve fund for maintenance, repairs an~ replacemen~ of those cobb,on area i~urovements that must be repla~edon a peri.o~ichmsis, and shall be payable in regular installment~ rather than~yspecial assessments; C. Each holder of a first mortgage ien on a Lot who comes into possession of the Lot by virtue f foreclosure of the mortgage, or any purchaser at a foreclosure ~ale under a first deed of trust, will take the Lot free of ~n¥ claims for unpaid assessments and charges against the Lot whJ.ch accrue prior to the time such holder acquires title to the Lot and D. The Project governing instrument, contain no provisions creating a "right of first refusal," but she uld any such rights be created in the future, any such right shall not impair the rights of any institutional lender to: (1) forecl,~se or take title to a Lot pursuant to the remedies provided in the mortgage, or (2) accept a deed (or assignment) in lieu of fc ~eclosure in the event of a default by a mortgagor, or (3) inter:ere with a subsequent sale or lease of a Lot residence so acquire by the mortgagee. 38