55-79.73:1 - Amendment to condominium instruments; consent of mortgagee
§ 55-79.73:1. Amendment to condominium instruments; consent of mortgagee.
A. In the event that any provision in the condominium instruments requiresthe written consent of a mortgagee in order to amend the condominiuminstruments, the unit owners' association shall be deemed to have receivedthe written consent of a mortgagee if the unit owners' association sends thetext of the proposed amendment by certified mail, return receipt requested,to the mortgagee at the address supplied by such mortgagee in a writtenrequest to the unit owners' association to receive notice of proposedamendments to the condominium instruments and receives no written objectionto the adoption of the amendment from the mortgagee within 60 days of thedate that the notice of amendment is sent by the unit owners' association,unless the condominium instruments expressly provide otherwise. If themortgagee has not supplied an address to the unit owners' association, theunit owners' association shall be deemed to have received the written consentof a mortgagee if the unit owners' association sends the text of the proposedamendment by certified mail, return receipt requested, to the mortgagee atthe address filed in the land records or with the local tax assessor'soffice, and receives no written objection to the adoption of the amendmentfrom the mortgagee within 60 days of the date that the notice of amendment issent by the unit owners' association, unless the condominium instrumentsexpressly provide otherwise.
B. Subsection A shall not apply to amendments which alter the priority of thelien of the mortgagee or which materially impair or affect the unit ascollateral or the right of the mortgagee to foreclose on a unit as collateral.
C. Where the condominium instruments are silent on the need for mortgageeconsent, no mortgagee consent shall be required if the amendment to thecondominium instruments does not specifically affect mortgagee rights.
(1993, c. 1; 1998, c. 32; 2007, c. 675.)