6.2. SR 03-01-2010 - Laserfiche WebLink

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13,x,4, A majority of the votes ai' ~7wners of Catntnarcial Units as to any amendment which materially or adversely affects the Commercial Units, the rights ar obligations related thereto: the Limited Common. Elements allocated to the Camn~ercial Units ox ~e oper~txan of the Ca~nrnercial Units, 1~,2, procedures, Approval of the Owners may tae obtained in writing or at a meeting . of the Assaciatian duly held in a.ccardan.ce with fhe bylaws. Consents of Eligible Mortgagees or other Mortgagees, if :required, shall be ~. writing. 7'he amsndrnent shalt be effective when recorded as provided in MC~~A. Ari affidavit by the President ar Secretary of the Association as to the outcome of the vote, or the execution aftbe foregoing agreements ar~consents, shall be adequate evidence thereof for all purposes, including vrithaut limitation, the recording of the arr~endment. ~ . S~CT~C)N ~4 ~~~TS ~~' M~T~T~A~~~S 1t is important that individual mortgage loans on the Units be available to Cv~ners wad prospective Owners, and that, in order to enhance the availability ai' such financing, the Cravernin.g L~ocun~ents contain qualxf~catian pravisians~that are acceptable to lenders, guarantors and insurers of Unit lawns, such as the ~edexal National Mortgage Association ~~ii~NMA„}, the Federal Dome Laan Mo~~tgage Corporation (``F~LMC"} and. the Federal dousing Administration . ~"FAA."}. Accordingly, Mortgagees and Eligible Mortgagees shall have the rights and protections set forth in. this Sactian l~, which rights and protections shall contx'al as against any . other provisions of ~e ~averning ~acun~ents, i4,1, Eligible Morl~a eg___es, Eligible Mortgagees shall have the fallowing rights and protections: ~ . 14, ~ , 1, Consent to Certain Amend:~ents, The written consent of Eligible Mortgagees ~~epresent~g at least ~~y-one percent of the Units that are subject to first mox~gages held by Eligible Mortgagees abased. upon one vote per U~t financed) :hair 6e required fir any amendment to the ~averning I~ocunaents which causes any change in . provisions relating to the following; ~i} voting rights; iii} increases in Assessments over twsn~y-eve percent; viii} Assessment liens, ox priority of Assessment liens; ~iv~ reductions in reserves for Maintenance, repair anal replacement of Ca~mman Elements; ~v) responsibility four maintenance and. repairs; Zvi} reallocation of interests in. the Conan Elements ar Limited Ca~nmon dements, or rights to their use; ~vix~ redefinition of any Unit boundaries; ' viii} canvertibility~ ~ of Units into Carnman Elements ar vice versa; fix} expansion or cantractian of the Frotaerty or the addition, . annexation ax withdrawal of property to ,or frdn~ the P'raperty; fix) hazard ar frdelity insurance requirements;, ~xi} imposition of res~ictions on the les,sing of Units; ~xii} irnpasition of any restrictions an an Owner's right to sell o~~ i~ansfer his or heir Unit; ~xiii} a decision by ~e Association cif the cr~m.man intexest ca~nn~unitY involves ~~~yy or ~ . more Unit} to establish self managen~cnt when prafessianal management is ~n effect as required previously by the Governing r~acu~nents ar an Eligible Mortgagee; ~xiv} restoration or repair ot'the Property (after a hazard damage or partiat conden~n.s,tion~ . ~. a manner other than that specified in the governing T~acuments; ~xv} any action to ~~s-w~~a~oz~~o~~ ~~ '