Common use of Right of Other Unit Owners Clause in Contracts

Right of Other Unit Owners. Upon receipt of a Notice under Section 9.13(b)(1) above, the other Unit Owners, acting in concert or otherwise, shall have the right to acquire the mortgaged property by making the following payments in cash within ninety (90) days of the Notice under Section 9.13(b)(1). (A) To the Mortgagee: the full amount of the indebtedness secured by such mortgage, together with the Mortgagee's cost and expenses allowable under Civil Code Section 2924(d). (B) To the mortgagor Unit Owner: the consideration, if any, that was agreed by the Mortgagee to be paid to such mortgagor Unit Owner in consideration of its giving such deed in lieu of foreclosure. If the other Unit Owners oversubscribe the mortgaged interest and cannot reach timely agreement to divide such interest among themselves, then the Unit Owner which shall acquire the mortgaged interest shall be chosen by the mortgagor Unit Owner by lot.