3.14. Article 14: Mortgagee Notices, Consents and Approvals

Section 14.1. of Eligible Mortgagees.

Any institutional holder, insurer, or guarantor of a First Mortgage who provides a written request to the Association stating its name and address and the street address of the Living Unit to which its First Mortgage relates shall be deemed an “Eligible Mortgagee”. Eligible Mortgagees shall be entitled to timely written notice of the following:

(a) Any property loss, condemnation or eminent domain proceeding affecting (1) a material portion of the Community Property, or (2) any Living Unit on which there is a First Mortgage held, insured or guaranteed by such Eligible Mortgagee.

(b) Any delinquency in the payment of assessments or charges owed by the Owner of a Living Unit subject to the First Mortgage of such Eligible Mortgagee, where such delinquency has continued for a period of sixty (60) days, or any other violation of the Governing Documents relating to such Living Unit or the Owner or occupant which is not cured within sixty (60) days.

(c ) Any termination, lapse, or material modification of any insurance policy required to be maintained by the Association.

(d) Any other matter with respect to which Eligible Mortgagees are entitled to notice or to give their consent as provided in this Declaration.

Section 14.2. No Priority.

No provision of this Declaration gives or shall be construed as giving any Owner or other party priority over any rights of the Mortgagee of a First Mortgage of any Living Unit in the case of distribution to such Owner of insurance proceeds or condemnation awards for losses to or a
taking of the Community Property.

Section 14.3. Notice to Association.

Upon request, each Owner shall be obligated to furnish to the Association the name and address of the holder of any Mortgage encumbering such Owner’s Living Unit.

Section 14.4. Failure of Mortgagee to Respond.

Any Mortgagee who receives a written request from the Association to respond to or consent to any action shall be deemed to have approved such action if the Association does not receive a written response from the Mortgagee within thirty (30) days of the date of the Association’s request, provided such request is delivered to the Mortgagee by certified or registered mail, return receipt requested. Nothing in this Section shall be deemed to require that the Association provide notices or requests to Mortgagees other than Eligible Mortgagees unless expressly required by the Governing Documents.