[§514B-124]  Association meetings; purchaser's right to vote.  The purchaser of a unit pursuant to a recorded agreement of sale shall have all the rights of a unit owner, including the right to vote; provided that the seller may retain the right to vote on matters substantially affecting the seller's security interest in the unit, including but not limited to, the right to vote on:

     (1)  Any partition of all or part of the project;

     (2)  The nature and amount of any insurance covering the project and the disposition of any proceeds thereof;

     (3)  The manner in which any condemnation of the project shall be defended or settled and the disposition of any award or settlement in connection therewith;

     (4)  The payment of any amount in excess of insurance or condemnation proceeds;

     (5)  The construction of any additions or improvements, and any substantial repair or rebuilding of any portion of the project;

     (6)  The special assessment of any expenses;

     (7)  The acquisition of any unit in the project;

     (8)  Any amendment to the declaration or bylaws;

     (9)  Any removal of the project from the provisions of this chapter; and

    (10)  Any other matter that would substantially affect the security interest of the seller. [L 2004, c 164, pt of §2; am L 2005, c 93, §7]