Sec. 34.07.025. Amendment of declaration; lienholder consent.

374 words·~2 min read·/ak/title-34/chapter-7/34-07-025

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(a)If a declaration requires an association of apartment owners to obtain the consent of a lienholder with a lien on the property before the association may amend the declaration, the association may obtain the consent of the lienholder under this section.

(b)To amend the declaration under

(a)of this section, the association of apartment owners shall send to a lienholder a dated written notice and a copy of the proposed amendment by certified mail, return receipt requested, to the most recent address of the lienholder shown on the mortgage, deed of trust, or other document that established the lien and to any other address provided by the lienholder to the association in writing.

(c)The association of apartment owners shall include in the notice provided under

(b)of this section

(1)a statement that the association intends to amend the declaration;

(2)a request that the lienholder consent to the amendment;

(3)a statement that the association will amend the declaration if the lienholder fails to respond to the notice within 60 days after the postmark date of the notice; and

(4)a statement that the lienholder may not unreasonably withhold the lienholder's consent.

(d)If an association of apartment owners complies with

(b)and

(c)of this section and the lienholder fails to respond to the association within 60 days after the postmark date of the notice provided under

(b)of this section, the lienholder is considered to have approved the proposed amendment.

(e)A lienholder may not unreasonably withhold the lienholder's consent to an amendment under this section.

(f)This section is not intended to be the exclusive method for an association of apartment owners to obtain the consent of a lienholder to an amendment of the declaration. If the association obtains the consent of a lienholder without using the method provided by this section, the association may obtain the consent of other lienholders by using the method provided by this section.

(g)This section applies to a lienholder whose lien on the property has been recorded under AS 40.17 .

(h)In this section, “lienholder” means a person that is a mortgagee, lender, or other holder of a lien on the property.