Laserfiche WebLink
Section 12.6. All taxes, assessments and charges which <br />may become liens prior to the first mortgage under state <br />law shall relate only to the individual House and Lot and <br />not to the Property as a whole. <br /> <br /> Section 12.7.'No provision of the Governing Documents <br />shall give an Owner, or any other party, priority over any <br />rights of the First Mortgagee of the House pursuant to its <br />mortgage in the case of a distribution to such Owner of <br />insurance proceeds or condemnation awards for losses to or <br />taking of the House. The Association shall give written <br />notice to all First Mortgagees of any condemnation or <br />eminent domain proceeding affecting the Property promptly <br />upon receipt of notice from the condemning authority. <br /> <br /> Section 12.B. The term of any agreement for <br />professional management of the Property, or any other <br />contract providing for services of the Declarant, sponsor, <br />or builder, may not exceed two (2) years. Any such <br />agreement must provide for termination by eith'er party, <br />with cause upon thirty (20) days prior written notice, and <br />without cause and without payment of a termination Fee or <br />penalty upon ninety (90) days or less prior written notice. <br /> <br /> Section 12.9. First Mortgagees shall have the right to <br />examine the books and records of the Association upon <br />reasonable notice during normal business hours, and to <br />receive upon written request, copies of the Association's <br />annual reports and other financial statements within ninety <br />(90) days of the end of the Association's fiscal year. <br />Owners holding §1% or more of the voting power in the <br />Association may require that an audited statement be <br />prepared at Association expense if one is not otherwise <br />available. <br /> <br /> Section 12.10. Upon written request to the Association, <br />identifying the name and address o~'the First Mortgagee, <br />insurer or guarantor and the House address, any First <br />Mortgagee, insurer or guarantor will be entitled to timely <br />written notice of: ~ <br /> <br /> a. Any condemnation loss or any casualty loss <br /> which affects a material portion of the Common <br /> Property. <br /> <br /> b. Any delinquency in the payment of assessments <br />or charges owned by an Owner of a House subject to a <br />first mortgage held, insured or guaranteed by such <br />First Mortgagee or eligible insurer or guarantor, which <br />remains uncured for a period of 60 days; <br /> <br /> c. Any lapse, cancellation or material <br />modification of any insurance policy or fidelity bond <br />maintained by the Association; <br /> <br />Northfork page 20 of 25 <br /> <br /> <br />