Summit Village

ARTICLE IX 
MORTGAGE HOLDERS

            Section 9.1      "First Lender" shall mean any bank, savings and loan institution, insurance company or other financial institution holding a recorded first mortgage or deed of trust on any lot, or any First Lender who comes into possession of a lot pursuant to the remedies provided in the mortgage or deed of trust, and shall take the property free of any claims for unpaid assessments or charges against the lot so acquired that accrue before the time such First Lender or a purchaser, through foreclosure, obtains title through foreclosure proceedings, or such First Lender otherwise comes into possession. Such lot shall not be relieved from liability for any assessments thereafter becoming due, nor from the lien of any such subsequent assessment. The foregoing subordination shall not apply to any secondary financing covering the properties subject to assessment, nor to any primary financing provided by persons or entities other than First Lenders as defined in this Section. The liens created by this Declaration of Covenants, Conditions and Restrictions shall be superior to liens, mortgages, deeds of trust and other financing devices of such secondary financing and non-First Lender primary financing.

            Section 9.2      The Association shall, upon request by a mortgage holder, give written notice said mortgagee of any default of a mortgagor's obligations, which are not collected within thirty (30) days of notice by the Association. After such notice, any mortgage holder will be subject to the enforcement procedures delineated in Section 4.10 herein.