33-1229. Rights of secured lenders
The declaration may require that all or a specified number or percentage of the mortgagees, beneficiaries of deeds of trust or sellers under contracts, as defined in section 33-741, for conveyance of real property encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but requirement for approval shall not operate to either:
1. Deny or delegate control over the general administrative affairs of the association by the unit owners or the board of directors.
2. Prevent the association or the board of directors from commencing, intervening in or settling any litigation or proceeding, or receiving and distributing any insurance proceeds pursuant to section 33-1253.
Section: Previous 33-1222 33-1223 33-1224 33-1225 33-1226 33-1227 33-1228 33-1229 33-1230 33-1241 33-1242 33-1243 33-1244 33-1245 33-1246 NextLast modified: October 13, 2016