constutea"majoramendment."


Infact,nolendereversigneduptobeaPermiedMortgagee. Thus,wehavelenderapathy.Howcanweobtaintheir approvalforthisterminaon?


Fortunately,UCA§ 3221. Rights of Secured Lenders providesa deemedapprovalfromlendersaer45days,iftheprocess thereinisfollowedstrictly.Thisrequires:noce"…atthe addressofthesecuredlenderendorsedonanymortgageor deedoftrustofrecordandattheaddresstowhichtheunit ownermailsanyperiodicpaymentpaidtothesecuredlender.


Thus,toproperlynofyeachlender,weneededtoobtaina copyoftherecordedmortgage(fortheocialaddressonthe recordedform)aswellasthelender'scurrentmailingaddress forpayments.Thissecondnoceaddressprovedimpossiblein somecaseswhenwelearnedmanyownersmakemortgage paymentselectronically,andthushavenopostal"mailing address"fortheirlender.


Thereisalistofitemstobesenttothelenders,foundinthe UCA.


Thatisahugeamountofwork,especiallyifweareunsureof theresultoftheownervote.Inourcase,wehad100% approvaloftheconceptbeforedraingbegan.Thewildcard


(Connued on page 34)


| 15 


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