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4 <br />written request, shall also receive notice of the lapse of any <br />insurance pc-*--c,., maintained by the Association. <br />(a) A mortgagee, upon request in wrir:ng, snall <br />receive notice of (i) any condemnation or casualty loss that <br />on the Lot securing its mortgage, (ii) any delinquency of sixty <br />k 50 ) days or mc: a in paymenza assassmnen:s on t a I..:: se:::= :^g <br />its mortgage or (iii) any proposed action requiring the consent <br />of a specified percentage of the first mortgagees. <br />(c) Nc sion c-' this Declaration or cite 3.�laws <br />shall give a Lot Owner or any other person, priority over the <br />rights of first mortgagees, their successors on assigns, under <br />the mortgage to insurance or condemnation proceeds. <br />(d) First mortgagees, their successors or assigns, <br />shall have the right to inspect the books and records of the <br />Association during normal business hours. <br />tN WITNESS WHEREOF, the undersigned, being the Declarant <br />herein, has hereunto set its hand and seal this day <br />of 1988. <br />RZ3ERS CONSTRUCTION CO. <br />By <br />Its President <br />STATE OF MINNESOTA ) <br />) ss. <br />COUNTY OF HENNEPIN ) <br />The foregoing instrument was acknowledged before me <br />this day of , 1988, by <br />the President of RESERS CON. RUCTION CO., a Minnesota corpora- <br />tion, on behalf of the corporation. <br />Notary Public <br />THIS INSTRUMENT WAS DRAFTED BY: <br />LEONARD, STREET b DE:NARD (HMM) <br />:00 South ?i:.n St:eot, Suite 1500 <br />Minneapol:3, Minnesota 55402 <br />612/337-=300 <br />- _6 - <br />