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27 <br /> <br /> <br /> <br />receives proper notice of the proposal, provided the notice was delivered by certified or registered mail, with <br />a "return receipt" requested. <br /> <br />B. Notice of Action: Upon written request to the Association, identifying the name and <br />address of the First Lender, and the Condominium number or address, such First Lender will be entitled <br />to timely written notice of: <br /> <br />(1) Any condemnation loss or any casualty loss that affects either a material <br />portion of the Project or any Condominium on which there is a First Mortgage held, insured, or <br />guaranteed by such First Lender; <br /> <br />(2) any default in performance of obligations under the Governing Documents or <br />delinquency in the payment of Assessments or charges owed by an Owner of a Condominium subject <br />to a First Mortgage held, insured or guaranteed by such First Lender, which remains uncured for a period <br />of sixty (60) days; <br /> <br />(3) any lapse, cancellation or material modification of any insurance policy or <br />fidelity bond maintained by the Association; and, <br /> <br />(4) any proposed action which would require the consent of a specified <br />percentage of First Lenders. <br /> <br />The Association shall discharge its obligation to notify First Lenders by sending written notices <br />required by this Declaration to such parties, at the address given on the current request for notice, in the <br />manner prescribed by Section 9.10. <br /> <br />C. First Lenders Rights Confirmed: Any First Lender who comes into possession of <br />the Condominium by virtue of Foreclosure of the Mortgage, or any purchaser at a Foreclosure, will take <br />the Condominium free of any claims for unpaid Assessments and fees, late charges, fines or interest <br />levied in connection with such claims, against the Condominium which accrued prior to the time such <br />First Lender or purchaser at a Foreclosure takes title to the Condominium, except for claims for a pro rata <br />share of such Assessments or charges to all Condominiums including the mortgaged Condominium, and <br />except for Assessment Liens as to which a Notice of Delinquent Assessment has been recorded prior to <br />the Mortgage. <br /> <br />9.7. Limitation of Restrictions on Declarant: Declarant is undertaking the work of construction <br />of residential Condominiums and incidental improvements upon the subject Property. The completion of that <br />work and the sale, rental, and other disposal of the Condominiums is essential to the establishment and <br />welfare of the Property as a residential community. In order that the work may be completed and said <br />Property be established as a fully occupied residential community as rapidly as possible, nothing in this <br />Declaration shall be understood or construed to: <br /> <br />A. Prevent Declarant, its contractors, or subcontractors from doing on the Property or <br />any Condominium, whatever is reasonably necessary or advisable in connection with the completion of said <br />work; or <br />B. Prevent Declarant or its representatives from erecting, constructing and <br />maintaining on the Property (except upon Units owned by others), such structures as <br />may be reasonable and necessary for the conduct of its business of completing said work and establishing <br />said <br />Property as a residential community and disposing of the same in parcels by sale, lease or <br />otherwise; or, <br /> <br />C. Prevent Declarant from conducting on Property (except upon Units owned by <br />others) its business of completing said work and of establishing a plan of Condominium ownership and of <br />disposing of said Property in Condominiums by sale, lease or otherwise (including use of one (1) or more <br />114