The following provisions are for the benefit of holders, insurers and guarantors of first Mortgages on Dwelling Units in the Properties.  The provisions of this Article apply to both this Declaration and to the Bylaws, notwithstanding any other provisions contained therein.

11.1  Notices of Action.  An institutional holder, insurer, or guarantor of a first Mortgage who provides written request to the Association (such request to state the name and address of such holder, insurer, or guarantor and the street address of the Dwelling Unit to which its Mortgage relates, thereby becoming an “Eligible Holder”), will be entitled to timely written notice of:

(a)  Any condemnation loss or any casualty loss which materially affects a material portion of the Common Area;

(b)  Any delinquency in the payment of assessments or charges owed by a Dwelling Unit subject to the Mortgage of such Eligible Holder, where such delinquency has continued for a period of sixty (60) days, or any other violation of the Declaration or Bylaws relating to such Dwelling Unit or the Owner or Resident which is not cured within sixty (60) days; or

(c)  Any lapse, cancellation, or material modification of any insurance policy maintained by the Association.

11.2  No Priority.  No provision of this Declaration or the Bylaws gives or shall be construed as giving any Owner or other party priority over any rights of the first Mortgagee of any Dwelling Unit in the case of distribution to such Owner of insurance proceeds or condemnation awards for losses to or a taking of the Common Area.

11.3  Notice to Association.  Upon request, each Owner shall be obligated to furnish to the Association the name and address of the holder of any Mortgage encumbering such Owner’s Dwelling Unit.