Forty Six Sixteen Lovers Lane Condo

What Forty Six Sixteen Lovers Lane Condo's governing documents say

This is an amendment to the condominium declaration for Forty Six Sixteen Lovers Lane Condo in Forney, TX. It modifies the original rules primarily to define certain rights and protections for mortgagees (lenders). This document is a partial, ancillary amendment — it does not contain the full set of community rules.

• Mortgagee consent required: Material amendments to the declaration or any action to terminate the project require consent from mortgagees representing at least a specified percentage of votes of unit estates subject to mortgages. If a mortgagee fails to respond within 60 days of proper notice (certified mail with return receipt), implied approval is assumed.
• Association notice obligations to mortgagees: The association must promptly notify any mortgagee (and guarantor) of: any condemnation or casualty loss affecting a material portion of the project or the specific unit; any 60-day delinquency in assessments by that unit owner; any lapse, cancellation, or material modification of the association's insurance; and any proposed action requiring mortgagee consent.
• Liability limit for first mortgagees acquiring title: A first mortgagee who obtains title to a unit through foreclosure or other mortgage remedies is only liable for up to six months of the unit's unpaid regularly budgeted dues or charges that accrued before the mortgagee acquired title. This limits the association's lien priority for collection of older debts.
• Priority of mortgagee rights: No unit owner or other party has priority over the first mortgagee's rights to insurance proceeds or condemnation awards for losses to or takings of units and common elements. The amendment specifies that mortgagee rights take precedence in such cases.
• What this document doesn't cover: This amendment only addresses mortgagee-related provisions. It does not include the full condominium declaration, so rules about pet limits, leasing (e.g., any minimum lease term), assessments amounts, use restrictions, or other typical HOA/condo rules are not provided here.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.