AgdaPkt 2014-06-23 Closed and Joint SA

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7.1.L. - Page 97 (ii) change the pro rata interest or obligations of any Condominium in order to levy assessments or charges, allocate distribution of hazard insurance proceeds or condemnation awards, or determine the pro rata share of ownership of each Condominium and the Common Area. In the case of a Condominium Development subject to additions or expansions, in which sections or phases are established by the Governing Documents, this requirement will be deemed waived to the extent necessary to allow the phasing or additions in accordance with the Governing Documents; (iii) partition or subdivide any Condominium; (iv) seek to abandon, partition, subdivide, encumber, sell or transfer the Common Area by act or omission. The granting of easements for public utilities or other public purposes consistent with the intended use of the Common Area by the Condominium Development or as authorized under Section 2.9 is not a transfer within the meaning of this clause. In the case of a Condominium Development subject to additions or expansions in which sections or phases are established by the Governing Documents, this requirement will be deemed waived to the extent necessary to allow the phasing or additions in accordance with the Governing Documents; or (v) use hazard insurance proceeds for losses to any Condominium property(whether Units or Common Area)for other than the repair, replacement or reconstruction of the Condominium property. 11.6.2 Material Adverse Amendments: The approval of Mortgagees who represent at least 51%of the votes of Condominiums that are subject to Mortgages must be obtained prior to: (a)the adoption of any amendment of a material adverse nature to Mortgagees;or(b)any action to terminate the legal status of the Development after substantial destruction or condemnation or for other reasons. Approval from a Mortgagee shall be assumed if a Mortgagee fails to submit a response to any written proposal for an amendment or proposed action within 60 days after the Mortgagee receives proper notice of the proposal, provided the notice was delivered by certified or registered mail within a "return receipt" requested. 11.7 Distribution of Insurance and Condemnation Proceeds. No Owner,or any other party,shall have priority over any right of any first Mortgagees pursuant to their Mortgages in case of payment to the Condominium Owners of insurance proceeds or a condemnation award for losses to or taking of Condominium Units or Common Area. Any provision to the contrary in this Declaration or in the Bylaws or other documents relating to the Development is to such extent void. 11.8 Mortgagee Notice. If any Owner is in default under any provision of this Declaration or under any provision of the Articles, Bylaws or the Rules and the default is not cured within 60 days after written notice to that Owner,the Association, upon request,shall give to any first Mortgagee of such Owner a written notice of such default and of the fact that the 60-day period has expired. Any Mortgage holder or guarantor shall have the right to timely written notice of any of the following: (i) any condemnation or casualty loss that affects either a material portion of the Development or the Condominium securing the Mortgage; (ii) any 60-day delinquency in the payment of assessments or charges owed by the Owner of any Unit encumbered by the holder's, insurer's or guarantor's Mortgage; (iii) a lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association; and (iv) any proposed action that requires the consent of a specified percentage of eligible Mortgage holders. CLSS\51643\927586.5 43 June 16,2014