Material Amendment
Change to the Condominium DocumentsCondominium DocumentsGoverning documents: for the Condominium and owners’ association’s creation, operation, and management; and including Condominium instruments for Condominium governance, such as declarations, plats, bylaws, rules and regulations, articles of… pertaining to:
- modifying, after a casualty or condemnation,
- insurance requirements,
- use of insurance proceeds, or
- rebuild requirements;
- altering or restricting the use of the
- CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. units,
- common elements, or
- other easements;
- decreasing mortgagee
- rights, or
- notices;
- altering or diluting
- voting rights, or
- the number of board seats;
- diluting Borrower'sBorrower'sPerson who is the obligor per the Note. ownership interest in, or use of, common elements;
- changing the structure or methodology for determining assessments and special assessments; or
- causing or allowing termination of the CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. structure without BorrowerBorrowerPerson who is the obligor per the Note. or mortgagee consent.