33-1229. Rights of secured lenders
The declaration may require that all or a specified number or percentage of the
mortgagees, beneficiaries of deeds of trust or sellers under contracts, as defined in
section 33-741, for conveyance of real property encumbering the units approve specified
actions of the unit owners or the association as a condition to the effectiveness of
those actions, but requirement for approval shall not operate to either:
1. Deny or delegate control over the general administrative affairs of the
association by the unit owners or the board of directors.
2. Prevent the association or the board of directors from commencing, intervening
in or settling any litigation or proceeding, or receiving and distributing any insurance
proceeds pursuant to section 33-1253.
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