§ 64.34.272. Rights of secured lenders
The declaration may require that all or a specified number or percentage of the holders of mortgages encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to (1) deny or delegate control over the general administrative affairs of the association by the unit owners or the board of directors, or (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 except pursuant to RCW 64.34.352. With respect to any action requiring the consent of a specified number or percentage of mortgagees, the consent of only eligible mortgagees holding a first lien mortgage need be obtained and the percentage shall be based upon the votes attributable to units with respect to which eligible mortgagees have an interest.
[1989 c 43 § 2-119.]
Sections: Previous 64.34.244 64.34.248 64.34.252 64.34.256 64.34.260 64.34.264 64.34.268 64.34.272 64.34.276 64.34.278 64.34.280 64.34.300 64.34.304 64.34.308 64.34.312 NextLast modified: April 7, 2009