Common use of Mortgagee Protective Agreements Clause in Contracts

Mortgagee Protective Agreements. To execute and cause to be recorded from time to time agreements in favor of holders or insurers of mortgages secured upon portions of the properties. Such agreements may condition specified action, relevant to this instrument, of the activities of the Association upon approval by a specified group or number of mortgage holders or insurers. Actions and activities which may be so conditioned by such agreement may include, but shall not be limited to the following: (i) any act or omission which seeks to abandon, partition, subdivide, encumber, sell or transfer the Common Areas or any other real estate or improvements owned, directly or indirectly, by the Association for the benefit of any lots; (ii) any change in the method of determining the obligations, assessments, dues or other charges which may be levied against the owners of lots; (iii) any act or omission which may change, waive or abandon any scheme or regulations, or enforcement thereof, pertaining to the architectural design, exterior appearance or exterior maintenance and improvements erected upon the Properties, driveways, or the upkeep of lawns or plantings located upon the Properties; (iv) failure to maintain specified fire and extended coverage insurance on insurable portions of the Common Areas; (v) use of hazard insurance proceeds for losses to any improvement erected upon the Common Areas for other than the repair, replacement or reconstruction of such improvements; (vi) the failure to maintain kinds of insurance and amounts, from and covering risks as specified by such mortgage holders or insurers;

Mortgagee Protective Agreements. To execute and cause to be recorded from time to time time, agreements in favor of holders or insurers of mortgages secured upon portions of the properties. Such agreements may condition specified action, action relevant to this instrument, Declaration of the activities of the Association upon approval by of a specified group or number of mortgage holders or insurers. Actions and activities which may be so conditioned by such agreement may include, but shall not be limited to to, the following: (i) any act or omission which seeks to abandon, partition, subdivide, encumber, sell sell, or transfer the Common Areas common area, or any other real estate or improvements owned, directly or indirectly, by the Association for the benefit of any lots; lots or units. (ii) any change in the method of determining the obligations, assessments, dues dues, or other charges which may be levied against the owners of lotslots and/or units; (iii) any act or omission which may change, waive or abandon any scheme or regulations, or enforcement thereof, pertaining to the architectural design, exterior appearance or exterior maintenance and or improvements erected upon the Propertiesproperties, or the maintenance of party walls, party fences, driveways, or the upkeep of lawns or plantings located upon the Propertiesproperties; (iv) failure to maintain specified fire and extended coverage insurance on insurable portions of the Common Areascommon areas; (v) use of hazard insurance proceeds for losses to any improvement erected upon the Common Areas common areas for other than the repair, replacement or reconstruction of such improvements; (vi) the failure to maintain kinds the types of insurance and insurance, amounts, from forms, and covering risks as specified by such mortgage holders or insurers;; (vii) permitting holders of specified mortgages on lots and/or units to jointly or singularly, pay taxes or other charges which are in default which may have become a charge against the common area, to pay overdue premiums on hazard insurance policies, and to secure new hazard insurance coverage on the lapse of any such policy for such property, and permitting mortgagees making any such payments to recover the amount thereof from the Association.

Mortgagee Protective Agreements. To execute and cause to be recorded from time to time agreements in favor of holders or insurers of mortgages secured upon portions of the properties. Such agreements may condition specified action, relevant to this instrument, of the activities of the Association upon approval by a specified group or number of mortgage holders or insurers. Actions and activities which may be so conditioned by such agreement may include, but shall not be limited to the following: (i) any act or omission which seeks to abandon, partition, subdivide, encumber, sell or transfer the Common Areas or any other real estate or improvements owned, directly or indirectly, by the Association for the benefit of any lots; (ii) any change in the method of determining the obligations, assessments, dues or other charges which may be levied against the owners of lots; (iii) any act or omission which may change, waive or abandon any scheme or regulations, or enforcement thereof, pertaining to the architectural design, exterior appearance or exterior maintenance and improvements erected upon the Properties, driveways, or the upkeep of lawns or plantings located upon the Properties; (iv) failure to maintain specified fire and extended coverage insurance on insurable portions of the Common Areas; (v) use of hazard insurance proceeds for losses to any improvement erected upon the Common Areas for other than the repair, replacement or reconstruction of such improvements; (vi) the failure to maintain kinds of insurance and amounts, from and covering risks as specified by such mortgage holders or insurers;; (vii) permitting holders of specified mortgages on lots to jointly or singly, pay taxes or other charges which are in default which may have become a charge against the Common Area, to pay overdue premiums on hazard insurance lapse of any such policy for such property and permitting mortgagees making any such payments to recover the amount thereof from the Association.

Mortgagee Protective Agreements. To execute and cause to be recorded from time to time agreements in favor of holders or insurers of mortgages secured upon portions of the properties. Such agreements may condition specified action, relevant to this instrument, instrument of the activities of the Association upon approval by a specified group or number of mortgage xxxx- xxxx holders or insurers. Actions and activities which may be so conditioned by such agreement may include, but shall not be limited to the following: (i) any act or omission which seeks to abandon, partition, subdivide, encumber, sell or transfer the Common Areas or any other real estate or improvements owned, directly or indirectly, by the Association for the benefit of any lots; (ii) any change in the method of determining the obligations, assessments, dues or other charges changes which may be levied against the owners of lots; , (iii) any act or omission which may change, waive or abandon any scheme or regulationsreg- ulations, or enforcement thereof, pertaining to the architectural design, exterior appearance appear- ance or exterior maintenance and improvements erected upon the Propertiesproperties, driveways, or the upkeep of lawns or plantings located upon the Propertiesproperties; (iv) failure to maintain specified fire and extended coverage insurance on insurable portions of the Common Areas; (v) use of hazard insurance proceeds for losses to any improvement erected upon the Common Areas for other than the repair, replacement or reconstruction of such improvements; (vi) the failure to maintain kinds of insurance and amounts, from and covering cov- ering risks as specified by such mortgage holders or insurers;; (vii) permitting holders of specified mortgages on lots to jointly or singly, pay taxes or other charges which are in default which may have become a charge against the Common Area, to pay overdue pre- miums on hazard insurance lapse of any such policy for such property and permitting mortgagees making any such payments to recover the amount thereof from the Association.