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19 BML Covenants 19. MORTGAGEES OF
RECORD
19.1 Alienation of Common Areas or Community
Common Areas. Except
as permitted under Sections 4 and 5 hereof, after a Common Area or a Community
Common Area has been conveyed to the Association or a Community Association, no
part thereof may thereafter be abandoned, partitioned, subdivided, sold,
alienated, mortgaged, released, transferred, hypothecated or otherwise
encumbered without the approval of the Owners of seventy-five percent (75%) of
the Interests in the Development and such Owners' respective Mortgagees of
Records, if any. å 19.2 Notice to Mortgagees of Record. Upon the specific, written request
of a Mortgagee of Record to the Association Board, the Mortgagee shall receive
some or all of the following: (a) Copies of budgets, notices of assessment, or any other notices or
statements provided under this Declaration by the Association to the Owner of
the Unit covered by such Mortgagee's mortgage or security interest; (b) Any audited or unaudited financial statements of the Association
that are prepared for the Association and distributed to the Owners: (c) Copies of notices of meetings of the Owners; (d) Notice of the decision of the Owners to release any part
or all of the Development from the provisions of this Declaration; (e) Notice of the decision of the Owners to make any material amendment
to this Declaration, the By-Laws, or the Articles of Incorporation of the
Association; (f) Notice of the declaration of the Association to
terminate professional management and assume self-management of the Common
Areas and Community Common Areas; (g) Notice of any
substantial damage to any part of the Common Areas or a Community Common Area; (h) Notice of the commencement of any condemnation or
eminent domain proceedings with respect to any part of the Common Areas or a
Community Common Area; (i) Notice of any default by the Owner of the Unit that is
subject to the Mortgagee’s mortgage or security interest under this
Declaration, the By-Laws or the Rules and Regulations of the Association, which
default is not cured within 30 days of the date of the defaults (j) The right to examine the books and records of the
Association at any reasonable times; (k) Any lapse, cancellation or material modification of any
insurance policy or fidelity bond maintained by the Association; and (l) Notice of any proposed action that would require the
consent of a specific percentage of the Mortgagees of Record. The request of a Mortgagee of Record shall specify which of the above it
desires to receive and shall indicate the address to which any notices or documents
shall be sent by the Association. Failure of the Association to provide any of
the foregoing to a Mortgagee of Record who has made a proper request therefor
shall not affect the validity of any action that is related to any of the
foregoing. The Association may require a reasonable fee be paid by any
Mortgagee of Record for the information or actions requested hereunder. å | |||||||||
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