5. HRSR 03-01-2010 - Laserfiche WebLink

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14.2.2. No Limitations on Sale /Right. of First Refusal. The right of a lion- Qualified Mortgagee to foreclose or accept a deed in lieu. of foreclosure on a Unit, or to sell, lease, transfer or otherwise convey a Unit which it acquires by foreclosure or deed in lieu of foreclosure, shall not be subject to any right of first. refusal or similar restrictions, 14.2.3. Priority of .lien. Any Non - Qualified Mortgagee that comes ' into possession of a V.nit by foreclosure of its first mortgage on a Unit, or by deed or assignment in lieu of foreclosure of the first mortgage on the Unit, takes the Unit free of any claims for unpaid Assessments or any other charges or bens imposed against tho Unit by the Association which have accrued against such Unit prior to the acquisitio-n of possession of the Unit by the Non -- Qualified Mortgagee, (1) except as provided in Section 515B.3-116 of MCIOA. or Section 6.9, (h) except that the Non-Qualified Mortgagee will be liable for any fees or costs of collection of the unpaid Assessments if the Associations lien priority includes such fees and costs, and (iii) except that any unreirnbursed Assessments or charges may be reallocated among all Units in accordance with their'allocated interests in the common interest community. 14.2.4.. Priority of Taxes and dither Charge, All taxes, assessments and charges which. may b ecome liens prior to the first mortgage under state law shall relate only to the individual Units and not to the common interest community as a whaler 14.2.5. Priority for insurance /Condemnation Proceeds. No provision of this Declaration or other Governing Documents shall give im downer, or any other party, priority over any rights of the Non - Qualified Mortgagee of the Unit pwsuant to its mortgage in the case of a distribution to such Owner of insurance proceeds or condemnation awards for losses to or a taking of the Unit and/or the Common Elements. The Association shall give written notice to all Non-Qualified Mortgagees of any condemnation or eminent domain proceeding affecting tho common interest community, promptly upon reedipt of notice from the condemning authority. 14.2.6. Notice Requirements. Non - Qualified Mortgagees shall be entitled to timely written notice of: 14.2.6.1. a condemnation loss or any casualty loss which affects a material portion of the common interest community or the Unit securing the mortgagq; 14.2,6,2., a sixty -day delinquency in the payment of Assessments or charges owed by the Owner of a Unit on which it holds a mortgage; 14.2.6.3. �i lapse, cancellation or material modification of any insurance policy maintained by the Association; and . 14.2.6.4. a proposed action which requires the consent of a specified percentage of Non-Qualified Mortg4gees pursuant to Section 13,2. 14.23. Any institutional insurer or guarantor of a mortgage on a Unit shall also be entitled to notice of the foregoing events or actions. MPLS -word 2021 80,3 36 i