By-Laws: Article VII — Mortgages

Section 1. Notice to the Board. A Unit Owner who mortgages his Unit shall notify the Board of the name and address of his mortgagee and shall file a confirmed copy of the note and mortgage with the Board; the Board shall maintain such information in a book.

Section 2. Notice of Unpaid Common Charges. The Board, whenever so requested in writing by a mortgagee of a Unit, shall promptly report any then unpaid common charges due from, or other default by, the Owner of the mortgaged Unit.

Section 3. Notice of Default. The Board, when giving notice to a Unit Owner of a default in paying common charges or other default, shall send a copy of such notice to each holder of a mortgage covering such Unit whose name and address has heretofore been furnished to the Board.

Section 4. Examination of Books. Each Unit Owner and each mortgagee of a Unit shall be permitted to examine the books of account of the Condominium at reasonable times, on business days.

Section 5. Availability of Audited Financial Statements. If the Condominium consists of 50 or more units, the Association shall make an audited statement for the preceding fiscal year available within 120 days of the Association’s year-end to the holder, insurer or guarantor of any first mortgage that is secured by a unit in the Condominium on submission of a written request for the statement If the condominium consists of fewer than 50 units and there is no audited statement available, any mortgage holder shall be entitled to have an audited statement prepared at its own expense.

Source: Consolidation of the Liberty Commons Condominium Declaration of Trust and By-Laws as recorded in the Worcester Northern District Registry of Deed in Book 3785, Page 151 and the First Amendment to Liberty Commons Condominium Declaration of Trust and By-Laws as recorded in the Worcester Northern District Registry of Deed in Book 4129, Page 72.
Information Last Refreshed On: 7/13/2012