5. HRSR 03-01-2010 - Laserfiche WebLink

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13.1.4. A majority of the votes of Owners of Commercial Units as to any amendment which materially or adversely affects the Commercial Units, the rights or obligations related thereto, the Limited Common Elerneh.ts allocated, to the Comiiiercial Units or the operation of the Commercial Units, 13.2, Procedures. Approval of the Owners may be obtained in Ming or at a meeting of the Association duly hold in accordance with the Bylaws. Consents of Eligible Mortgagees or other Mortgagees, if required, shall be in writing. The am ndment shall be effective when recorded as provided in MCIaA.. An' affidavit by the President or Secretary of the Association as to tho outcome of the vote, or the execution of the foregoing agreements or-consents, shall be adequato evidence thereof for all purposes, including without limitation, the recording of the amendment. SECTION 14 PJGHTS OF MORTGAGEES It is important that individual mortgage loans on the Units be available to Owners and prospective Owners, and that, in order to enhance the availability of such financing, the Govern ng Documents contain qualification provisions that are acceptable to lenders, guarantors and insurers of Unit loans, such as the Fedoral National Mortgage Association '(TNN A. "), the Federal ITome Loan Moilgage Corporation ("FHLMC") and the Federal Housing .Administration ("FHA"). Accordingly, Mortgagees and Eligible Mortgagees shall have the rights and protections set forth in this Section 13, which rights and protections shall control as against any other provisions of the Governing Documents? 14.1. Eh ible Mo yagees. Eligible Mortgagees shall have the following rights and protections: 14.1.1. Consent to Certain Amendments. The written consent of Eligible Mortgagees representing at least fifty-ono percent of the Units that are subject to first mortgages held by Eligible Mortgagees (based. upon one vote per Unit financed ) shall be required for any amendment to the Governing Documents which causes any change in provisions relating to the followhag: (i) voting rights; (ii) increases in Assessments over twenfy -five percent; (iii) Assessment liens, or priority of Assessment liens; (iv) reduction8 in reserves for maintenance, repair and replacement of Common Elements; (v) responsibility for maintenance and repairs; (vi) reallocation of interests in the Common Elements or Limited Common Elements, or rights to their use; (vii) redefinition of any Unit boundaries; ' (viii) convertibility ' of Units into Common Elements or vice versa; (ix) expansion or contraction of the Property or the addition, annexation or withdrawal of property to ,or from the Property; (x) hazard or fidelity insurance requirements; . (xi) imposition of restrictions on the leasing of Units; (iii) imposition of any resat ction.s on an Owner's right to sell or transfer his or her Unit; (Xiii) a decision by the Association (if the common interest community involves fifty or more Units) to establish self management when professional management is In effect as requir6d previously by the governing Documents or an Eligible Mortgagee; (xiv) restoration or repair of the Property (after a hazard damage or partial condemnation) iii a m=er other than that specified in the Governing Documents; (xv) any action. to MPLS -word 2021 80.3 33