By-Laws Article VIII

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MORTGAGES

 

 

Section 8.01 Notice to Association

 

Any Owner who places a first mortgage lien upon his Unit or the mortgagee shall notify the Association and provide the name and address of the mortgagee. A record of such mortgagee and its name and address shall be maintained by the Association and any notice required to be given to the mortgagee pursuant to the terms of the Declaration or these By-Laws shall be deemed effectively given if mailed to such mortgagee at the address shown on such record in the time provided. Unless notification of any such mortgage and the name and address of the mortgagee are furnished to the Association, either by the Owner or the mortgagee, no notice to any mortgagee as may be otherwise required by the Declaration or these By-Laws shall be required and no such mortgagee will be entitled to vote on any matter to which he otherwise may be entitled by virtue of the Declaration or By-Laws or proxy granted to such mortgagee in connection with the mortgage.

 

Section 8.02 Notice of Unpaid Assessments

 

The Association shall, upon receipt of a mortgagee, a proposed mortgagee or purchaser who has a contractual right to purchase a Unit, furnish to such mortgagee or purchaser a statement setting forth the amount of unpaid Regular or Special Assessments against the Unit, whish statement shall be binding upon the Association and the Owners, and any Mortgagee or grantee of the Unit will not be liable for, nor will the Unit conveyed be subject to a lien for any unpaid Assessments in excess of the amount set forth in such statement.