5. HRSR 03-01-2010 - Laserfiche WebLink

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14,1,9. Access to Boobs and RecordslAudit. Eligible Mortgagees shall have the right to examine the • books and records of the- Association upon reasonable notice and during normal business hours, and to receive free of charge, upon w.ittern request, copies of the Association's annual reports and other financial statements. Financial statements, including those which are audited, shall be available within one hundred twenty days* after the end of the Association's fisoaf year. If the common interest comet' unity consists of fewer than R4 Units, FNMA, or any institutional. guarantor or insurer of a mortgage loan against a unit, may require that, at its own expense, an audit of the Association's financial statements be made for the preceding year, in which case the Association shall cooperate in having are audit made and a copy given to the requesting party: If the • common interest community consists of fifty or more Units, the Association shall provide the requested audit at its expense. 14.1.10. Notice Requirements. Eligible Mortgagoes shall be entitled to timely written notice of; 14.1.10.1, a condemnation loss or any casualty loss which affects a material portion of the Property or the Unit securing the mortgage; 14.1.10.2, a sixty day delinquency in the payment of Assessments or charges aged by the Owner of a Unit on which it holds a mortgage; 14.1.103, a lapse, cancellation or material' modification of any insurance policy maintained by the Association; and 14.1.10.4. a proposed action which requires the consent of a specified percentage of Eligible Mortgagee, 14.2. Rights of Non - Qualified Mort a ces. Notwitbstanding anything to the contrary in this Declaration, Mortgagees that have not qualified for status as Eligible Mortgagees as defused in Section 1.12 (a "Non-Qualified Mortgagee ") shall have • the following rights and protections in lieu of the rights and protections provided to Eligible Mortgagees: 14.11. Consent to Certain. Amendments and Actions. In addition to any additional requirements imposed by this Declaration or by law, the consent of Non- Qualified Mortgagees representing at least fifty-one perce-ftt of the votes allocated to Units that are subject to first mortgages held by Non-Qualified Mortgagees (based upon one vote per 'nit financed) shall be required for (i) any amendment to this .Declaration or other Governing Documents of a matorial adverse nature to Ikon- Qualified Mortgagees; and (ii) any action to terminate the common interest community after substantial destruction or cond.ernnation. occurs. A. Non. - Qualified Mortgagee shall .be deemed to consent to and approve of any such amendment or action in the event the No n- Qualified Mortgagee fails to submit a. written obgrection to the Association within sixty (60) days after it receives notice of the same, by registered or eertifed mail, with a retim receipt requested. - t . i MPLS -Word 2021$03 35 s i