Beverly Oaks Homeowners Association
A few more votes are needed on the Amendment
Second Voting Period 2015
to be completed on September 30, 2015
You will receive a confirming copy of your choices by e-mail.
If you do not receive the confirmation within 5 minutes, please re-vote.
Address (Beverly Oaks street number, list one if multiple)
Homes Owned
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Please vote early. Votes must be received by 4:00 PM, September 30, 2015. If you change your mind before the deadline you may vote again - your last vote will be the one that is counted.
Amendment to the Covenants and Restrictions

Overview: This proposed release is required by many mortgage holders before they will lend on real estate. This paragraph was inadvertently left out of the 2013 covenants and restrictions update.

Proposed: Subordination of the Lien to Mortgages The lien of the assessments provided for herein shall be subordinate to the lien of any mortgage or mortgages now or hereinafter placed upon the properties subject to assessment; provided, however, that such subordination shall apply only to the assessments which have become due and payable prior to a sale or transfer of such property pursuant to a decree of foreclosure, or any other proceeding in lieu of foreclosure.  Such sale or transfer shall not relieve such property from liability for any assessments thereafter becoming due, nor from the lien of any such subsequent assessments. 

Board Recommendation: The Board of Directors recommends approving this amendment. This is the exact language from the 1982 document.

Impact: No financial impact to the Association. Increases owners ability to borrow money on their home including first mortgages and home equity loans.

Note: 67% of the owners must approve this initiative for this transaction to be completed. Please vote.

I approve of the proposed amendment
I do not approve of the proposed amendment.


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Updated 05/29/15

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