AgdaPkt 2014-05-12 Joint with Planning

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7.1.F. - Page 133 improvements, which Reserve Fund shall be maintained out of Regular Assessments for Common Expenses. (7) Priority of Liens: Any Assessment Lien created under the provisions of this Declaration is expressly made subject and subordinate to the lien and encumbrance of any First Mortgage that encumbers all or any portion of the Project, or any Unit. Each First Lender who comes into possession of the Condominium by virtue of Foreclosure of the Mortgage, or any purchaser at a Foreclosure, will take the Condominium free of any claims for unpaid Assessments and fees, late charges, fines or interest levied in connection with such claims, against the Condominium and, for other than the Declarant Mortgage, which accrue more than six (6) months prior to the time such First Lender or purchaser at a Foreclosure takes title to the Condominium, except for fees or costs related to the collection of the unpaid Assessments, claims for a pro rata share of such Assessments or charges to all Condominiums including the mortgaged Condominium, and except for Assessment Liens as to which a Notice of Delinquent Assessment has been recorded prior to the Mortgage. Any First Lender who comes into possession of the Condominium by virtue of Foreclosure of the Declarant Mortgage, or any purchaser at a Foreclosure in connection therewith, will take the Condominium free of any claims for unpaid Assessments and fees, late charges, fines or interest levied in connection with such claims, against the Condominium which accrue at any time prior to the time such First Lender or purchaser at a Foreclosure takes title to the Condominium. (8) Deemed Approval: An Eligible Mortgage Holder who receives a written request to approve or consent to a proposal, and who fails to deliver or post to the requesting party a negative response within sixty (60) days after the notice of the proposal shall be deemed to have approved such request, provided the notice has been delivered to the Eligible Mortgage Holder by certified or registered mail, return receipt requested. (9)Amendments to Governing Documents-FHA: So long as any Mortgage which is a lien on a Condominium is insured or guaranteed by the Federal Housing Administration("FHA"), any amendments to the Governing Documents shall be subject to the following requirements: (a) The consent of Owners to which at least sixty-seven percent (67%) of the votes in the Association are allocated and the approval of the Eligible Mortgage Holders on Units to which at least sixty-seven percent (67%) of the votes of Units subject to a First Mortgage appertain, shall be required to terminate the condominium regime. (b) The consent of Owners to which at least sixty-seven percent (67%) of the votes in the Association are allocated and the approval of Eligible Mortgage Holders on Units to which at least fifty-one percent (51%) of the votes of Units subject to a First Mortgage appertain, shall be required to materially amend any provisions of the Governing Documents, or to add any material provisions thereto, which establish, provide for, govern or regulate any of the following: (1) voting; 2) Assessments, Assessment Liens or subordination of such liens; (3) Reserves for maintenance, repair and replacement of the common elements; 4) insurance or fidelity bonds; 5) rights to use of the common elements; (6) responsibility for maintenance and repair of the several portions of the condominium; (7) expansion or contraction of the condominium regime or the addition, annexation or withdrawal of property to or from the regime;(8)boundaries of any Unit; (9) the interests in the general common areas or limited common elements (Exclusive Use Common Areas) ; (10) convertibility of Units into Common Area or of Common Areas into Units; (11) leasing of Units; (12) imposition of any right of first refusal or similar restriction on the right of a Unit Owner to sell, transfer, or otherwise convey his or her Unit in the Project; (13) establishment of self-management by the Association where professional management has been required by FHA, FHLMC, FNMA or similar agency or lending corporation; or (14) amend any provisions included in the Governing Documents which are for the express benefit of holders or insurers of First Mortgages on Units. (c) For First Mortgagees to be Eligible Mortgage Holders and for any insurer or guarantor of a First Mortgage to be an Eligible Insurer or Guarantor under this Section 9.6.F, such First Mortgagees or insurer or guarantor of a First Mortgage must provide a written notice of request to the Association stating the name and address of such First Mortgagee or holder, insurer or guarantor of a First Mortgage and the applicable Unit number. 70 [DRAFT][05.03.14] C:\Program Files\Neevia.Com\Document Converter\temp\4056.doc