North Dakota Code 47-04.1-15 – Approval by lender of amendment
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Notwithstanding any requirement in the condominium declaration or bylaws requiring a lender’s approval of any amendment of the declaration or bylaws, after being given a thirty-day written notice beginning with the date of mailing, any lender contacted at the last-known address that does not refuse or approve of the proposed amendment is deemed to have approved the amendment. This section does not apply to any proposed amendment that affects a lender’s right to enforce the terms of the mortgage.
Terms Used In North Dakota Code 47-04.1-15
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37