BML Covenants

19.      MORTGAGEES OF RECORD

19.1   Alienation of Common Areas or Community Common Areas. Except as permitted under Sections 4 and 5 hereof, after a Common Area or a Community Common Area has been conveyed to the Association or a Community Association, no part thereof may thereafter be abandoned, partitioned, subdivided, sold, alienated, mortgaged, released, transferred, hypothecated or otherwise encumbered without the approval of the Owners of seventy-five percent (75%) of the Interests in the Development and such Owners' respective Mortgagees of Records, if any. å

19.2  Notice to Mortgagees of Record. Upon the specific, written request of a Mortgagee of Record to the Association Board, the Mortgagee shall receive some or all of the following:

(a) Copies of budgets, notices of assessment, or any other notices or statements provided under this Declaration by the Association to the Owner of the Unit covered by such Mortgagee's mortgage or security interest;

(b) Any audited or unaudited financial statements of the Association that are prepared for the Association and distributed to the Owners:

(c) Copies of notices of meetings of the Owners;

(d) Notice of the decision of the Owners to release any part or all of the Development from the provisions of this Declaration;

(e) Notice of the decision of the Owners to make any material amendment to this Declaration, the By-Laws, or the Articles of Incorporation of the Association;

(f) Notice of the declaration of the Association to terminate professional management and assume self-management of the Common Areas and Community Common Areas;

(g)    Notice of any substantial damage to any part of the Common Areas or a Community Common Area;

(h) Notice of the commencement of any condemnation or eminent domain proceedings with respect to any part of the Common Areas or a Community Common Area;

(i) Notice of any default by the Owner of the Unit that is subject to the Mortgagee’s mortgage or security interest under this Declaration, the By-Laws or the Rules and Regulations of the Association, which default is not cured within 30 days of the date of the defaults

(j) The right to examine the books and records of the Association at any reasonable times;

(k) Any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Associa­tion; and

(l) Notice of any proposed action that would require the consent of a specific percentage of the Mortgagees of Record.

The request of a Mortgagee of Record shall specify which of the above it desires to receive and shall indicate the address to which any notices or documents shall be sent by the Associ­ation. Failure of the Association to provide any of the foregoing to a Mortgagee of Record who has made a proper request therefor shall not affect the validity of any action that is related to any of the foregoing. The Association may require a reasonable fee be paid by any Mortgagee of Record for the information or actions requested hereunder.                                                                         å