Sec. 82.069. RIGHTS OF SECURED LENDERS. The declaration may require that all or a specified number or percentage of the mortgagees or beneficiaries of deeds of trust encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but a requirement for approval may not operate to:
(1) deny or delegate control over the general administrative affairs of the association by the unit owners or the board; or
(2) prevent the association or the board from:
(A) commencing, intervening in, or settling any litigation or proceeding; or
(B) receiving and distributing insurance proceeds under Section 82.111.
Added by Acts 1993, 73rd Leg., ch. 244, Sec. 1, eff. Jan. 1, 1994.
Section: Previous 82.063 82.064 82.065 82.066 82.067 82.0675 82.068 82.069 82.070 82.101 82.102 82.103 82.104 82.105 82.106 NextLast modified: September 28, 2016