Common use of Notice to First Mortgagees Clause in Contracts

Notice to First Mortgagees. In the event of substantial damage to or destruction of any part of the Common Elements, the institutional holder of any first deed of trust or mortgage on a lot will be entitled to timely written notice of any such damage or destruction and no provision of any document will entitle the owner of a lot or other party to priority over such institutional holder with respect to the distribution to such Lot Owner of any insurance proceeds.

Notice to First Mortgagees. In the event of substantial damage to or destruction of any part of the Common Elements, the institutional holder of any first deed of trust or mortgage xxxx- xxxx on a lot an Lot will be entitled to timely written notice of any such damage or destruction and no provision of any document establishing the Property will entitle the owner of a lot Lot or other party to priority over such institutional holder with respect to the distribution to such Lot Owner of any insurance proceeds.

Notice to First Mortgagees. In the event of substantial damage to or destruction of any part of the Common Elements, the institutional holder of any first deed of trust or mortgage on a lot will be entitled to timely written notice of any such damage or destruction and no provision of any document establishing the Property will entitle the owner of a lot Lot or other party to priority over such institutional holder with respect to the distribution to such Lot Owner of any insurance Insurance proceeds.