AgdaPkt 2014-05-12 Joint with Planning

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7.1.F. - Page 132 The Board may impose a fee for providing the requested documents which may not exceed the reasonable cost to prepare and reproduce them. (2)Audited Statement: Any Eligible Mortgage Holders and Eligible Insurers or Guarantors shall be entitled, upon written request, to an audited financial statement for the immediately preceding fiscal year. The Association shall also make available to prospective purchasers current copies of the Governing Documents, and the most recent annual audited financial statement, if such is prepared. The Association shall be entitled to charge a reasonable fee for reimbursement of its costs for providing any such copies of the Governing Documents or annual audited financial statement, if such is prepared. (3) Notice of Action: Upon written request to the Association, identifying the name and address of the Eligible Mortgage Holder or Eligible Insurer or Guarantor, and the Condominium number or address, such Eligible Mortgage Holder or Eligible Insurer or Guarantor will be entitled to timely written notice of: (a) Any proposed amendment of the condominium instruments effecting a material change in: (i) The boundaries of any Unit or the exclusive easement rights appertaining thereto; (ii) the interests in the general or limited common elements appertaining to any Unit or the liability for common expenses appertaining thereto; (iii) the number of votes in the owners association appertaining to any Unit; or (iv) the purposes to which any Unit or the common elements are restricted. (b) Any proposed termination of the condominium regime; (c) any condemnation loss or any casualty loss which affects a material portion of the Project or any Condominium on which there is a First Mortgage held, insured, or guaranteed by such Eligible Mortgage Holder or Eligible Insurer or Guarantor, as applicable; (d) any delinquency in the payment of Assessments or charges owed by an Owner of a Condominium subject to a First Mortgage held, insured or guaranteed by such Eligible Mortgage Holder or Eligible Insurer or Guarantor, which remains uncured for a period of sixty (60) days; (e) any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association; The Association shall discharge its obligation to notify Eligible Mortgage Holders or Eligible Insurers or Guarantors by sending written notices required by this Declaration to such parties who have provided a written request to the Association stating the name and address of such First Mortgagee or Eligible Insurer or Guarantor and the applicable Unit number at the address given on the current request for notice, in the manner prescribed by Section 9.10. (4) Consent of Eligible Mortgage Holders to Action: The approval of Eligible Mortgage Holders holding Eligible Mortgages on Condominiums which have at least fifty- one percent (51%) of the votes of Condominiums subject to Eligible Mortgages, shall be required to: (a) terminate the condominium regime after substantial destruction or condemnation of the Project occurs; (b) restore or repair the Project after a partial condemnation or repair other than in accordance with the Declaration and original plans and specifications; or (c) reallocate the interests in the Common Area resulting from a partial condemnation or partial destruction of the Project. (5) Right of First Refusal: The rights of an Owner to sell, transfer, or otherwise convey his Condominium shall not be subject to any right of first refusal or similar restriction except for any City or County Affordable Housing requirements. (6) Reserves: The Association shall establish and maintain an adequate Reserve Fund for the periodic maintenance, repair and replacement of the Common Area 69 [DRAFT][05.03.14] C:\Program Files\Neevia.Com\Document Converter\temp\4056.doc