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Mortgagees shall have the following rights and protections: <br /> <br /> Section 12.1Chanqes In Governing Documents. Any <br />amendment or addition to any material provisions of the <br />Governing Documents which establish, provide for, govern or <br />regulate any of the following m~tters shall, In ~ddition to <br />the required consent of the Owners as set forth in Article <br />XI[], also require the prior written approval of the First <br />Mortgagees holding mortgages on Houses to which are <br />allocated at least Fifty-one percent (51%) of the votes in <br />the Association. <br /> <br /> a. Voting; <br /> b. Assessments, assessment liens or subordination <br />of such liens; <br /> c. Reserves for maintenance, repair and <br />replacement of the Common Property; <br /> d. Insurance or fidelity bonds; <br /> e. Responsibility for maintenance and repair of <br />the Common Property; <br /> f. Expansion or contraction of the Property or the <br />addition, annexation or withdrawal of property to or <br />from the Property; <br /> g. Boundaries of any Lots; <br /> h. Rights to use of Common Property. <br /> <br /> Section 12.2. The consent of First Mortgagees holding <br />mortgages on Houses to which are allocated at leatst <br />sixty-seven percent (6?%) of the votes in the Association <br />is required to abandon or terminate the Association, except <br />as provided by law in the case of substantial destruction <br />by casualty or in case of a taking by condemnation or <br />eminent domain. <br /> <br /> Section 12.3. No House or Lot may be partitioned or <br />subdivided. <br /> <br /> Section 12.4. The right of an Owner to sell, transfer, <br />or otherwise convey his or her House shall not be subject <br />to any right of first refusal or similar restrictions. <br /> <br /> Section lZ.5. Any First Mortgagee, or any purchaser at <br />a foreclosure sale, that comes into possession of a House <br />or Lot by foreclosure of the mortgage or by deed or <br />assignment in lieu of foreclosure, will take the House or <br />Lot free of any claims for unpaid assessments or any other <br />charges or liens imposed against the House or Lot by the <br />Association which have accrued against such House or Lot <br />prior to the acquisition of possession of the House or Lot <br />by said First Mortgagee or purchaser, except for a share of <br />such assessments or charges resulting from and b~sed upon <br />reallocation of the same among all Houses or Lots in <br />accordance with their ownership interest. <br /> <br />Northfork page I9 of 25 <br /> <br /> <br />