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i <br />and to the Association. First mortgagees, upon writter request, <br />shall also receive notice of the lapse of any insura ice policy <br />maintained by the Association. <br />(b) A first mortgagee, upon request in writing, shall <br />receive * notice of (i) any condemnation or casualty loss that <br />affects either a material portion of the^Properties or the house <br />on the Lot securing its mortgage, (ii) 4my delinquency of sixty <br />(60) days or more in payments of assessments on the Lot securing <br />its mortgage or (iii) any proposed action requiring the consent of <br />a specified percentage of the first mortgagees. <br />(c) No provision of this Declaration or the Bylaws shall <br />give a Lot Owner or any other person, priority over the rights of <br />first mortgagees, their successors on assigns, under the mortgage <br />to insurance or condemnation proceeds. <br />(d) First mortgagees, their successors or assigns, shall <br />have the right to inspect the books and records of the Association <br />during normal business hours. <br />IN WITNESS WHEREOF, the Declarant has executed this instrument <br />as of the day and year first above written. <br />REBERS CONSTRUCTION CO. <br />Sidney B. Rebers, <br />President <br />STATE OF MINNESOTA <br />COUNTY OF HENNEPIN <br />) <br />) ss. <br />) <br />The foregoing instrument was acknowledged before me this _ _ <br />day of_ _ _ _ _ _ _.^989. by_ _ _ _ _ _ _ _ _ _ _ _ _ _ _, the President <br />rcnoof REBERS CONSTRUCTION CO., a Minnesota corporation, on behalf of <br />the corporation. <br />Notary Public <br />- 20 -