It's not possible natively, but you could build something internally to accomplish this. It would just take a little creative dev work to design, but not too complicated.
You could essentially, have the 1st monitor trigger a POST notification or something similar sent to your internally built application, and have that error notification trigger an API call that disables the 2nd monitor. Once the 1st monitor clears, a 'Clear' POST or notification from the 1st monitor triggers your application to send another API call that re-enables the 2nd monitor again. Help on the API call that triggers the monitor change below. Hope this helps