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AgdaPkt 2012-03-19
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AgdaPkt 2012-03-19
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Last modified
3/20/2012 2:54:48 PM
Creation date
3/15/2012 5:34:10 PM
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Special
Agency Type
City Council
Date
3/19/2012
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6. 1. B. - Page 63 <br />(4) A non judicial foreclosure by the Association to collect upon a debt for <br />delinquent Assessments shall be subject to a right of redemption. The redemption period within <br />which the Unit may be redeemed from a foreclosure sale underthis paragraph ends ninety(90) days <br />after the sale. <br />In addition to the requirements of California Civil Code Section 2924, a notice of default shall <br />be served by the Association on the Owneras legal representative in accordance with the manner of <br />service of summons in Article 3 (commencing with Section 415.10) of Chapter 4 of Title 5 of Part 2 <br />of the California Code of Civil Procedure. Upon receipt of a written request by an Owner identifying <br />a secondary address for purposes of collection notices, the Association shall send additional copies <br />of any notices required by this Section to the secondary address provided. The Association shall <br />notify Owners of their right to submit secondary addresses to the Association, at the time the <br />Association issues the pro forma operating budget pursuant to California Civil Code Section 1365. <br />The Owner's request shall be in writing and shall be mailed to the Association in a mannerthat shall <br />indicate the Association has received it. The Owner may identify or change a secondary address at <br />any time, provided that, if a secondary address is identified or changed during the collection <br />process, the Association shall only be required to send notices to the indicated secondary address <br />from the point the Association receives the request. <br />G. Sale by Trustee: Any sale by the trustee shall be conducted in accordance <br />with the provisions of §§ 2924, 2924b, 2924c, 2924f, 29248, 2924h and 2924] of the California Civil <br />Code applicable to the exercise of powers of sale in mortgages and deeds of trust, including any <br />successor statutes thereto, or in any other manner permitted by law. The fees of a trustee may not <br />exceed the amounts prescribed in California Civil Code §§ 2924c and 2924d. Nothing in this <br />Declaration shall preclude the Association from bringing an action directly against an Owner for <br />breach of the personal obligation to pay Assessments, nor from taking a deed in lieu of foreclosure. <br />H. Purchase By Association: The Association, acting on behalf of the <br />Condominium Owners, shall have the power to bid for the Condominium at a Foreclosure sale, and <br />to acquire and hold, lease, mortgage and convey the Condominium. If the purchase of a <br />Condominium would result in a five percent (5 %) or greater increase in Assessments, the purchase <br />shall require the vote or written consent of a majority of the total voting power of the Association, <br />including a majority of Members other than Declarant. During the period a Condominium is owned <br />by the Association, following Foreclosure: <br />(1) no right to vote shall be exercised on behalf of the Condominium; <br />(2) no Assessment shall be assessed or levied on the Condominium; and, <br />(3) each other Condominium shall be charged, in addition to its usual <br />Assessment, its share of the Assessment that would have been charged to such Condominium had <br />it not been acquired by the Association as a result of Foreclosure. <br />After acquiring title to the Condominium at Foreclosure sale following notice and publication, <br />the Association may execute, acknowledge and record a deed conveying title to the Condominium <br />which deed shall be binding upon the Owners, successors, and all other parties. <br />19 <br />03/06/12 <br />TAWPW1N601PR0JECTS\333 MAIN STREET\DEC - DRAFTING FORM[7][03 06 12].doc <br />
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