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.. • . ° • ; Association shall give written notice_to all Eligible Mortgagees of any condemnation or eminent � domain proceeding affecting the Property promptly upon receipt of notice from the condemning authority, 15.8 Requirements for Management A�reements. The term of any agreement for - . professional management of the Property shall not exceeii two years. Any such agreement shall ' provide for terminatian withaut penalty ar terminatian fee by either parry as iollows: (i) with cause, upon a minimum of thirty, and a maximum of forty-five, days prior written notice, and, (ii)without cause,upon a minimum of sixty days prior written notice. . 15.9 Access to Boaks and Records/Audit. Eligible Mortgagees, or an institutional insurer or guarantor of a mortgage loan against a Unit, sha�l have the right to examine the books and records of the Association upon reasonable notice, during rtormal business hours, and to . receive free of charge,upon written request, copies of the Association's annual reports and other I financia} statements. Financial statements, including those which are audited, shall be available within one hundred eighty days after the end of the Association's fiscal year. FNMA, or any . Eligible Mortgagee, institutionai guarantor or insurer of a mortgage loan against a Unit, may require that, ai its own expense, an audit of the Association's financial statements be made for the preceding year, in which case the Association shall cooperate in having an audit made and a . copy given to the requesting party. 15.10 Notice Requirements. Upon wriiten request to the Association, identifying the ' name and address of the holder, insurer or guarantor of a mortgage on a Unit, and the Unit number or address,the holder,insurer or guarantor shail be entitled to timely written notice of: I 5.10.1 a condemnation loss or any casaalty loss which affects a material portion o f the Property or the Unit securing the mortgage; � I5.10.2 a sixty day delinquency in the payment oF Assessments or charges owed by the Owner of a Unit on which it holds a mortgage; 15.10.3 a lapse, cancellation or material modification of any insurance policy maintained by the Association;and 15_10_4 a proposed action which requires the consent of a specified percentage of Eiigible Mortgagees. � SECTION lb - SPECIAL DECLARANT RICHTS Declarant hereby reserves exclusive and unconditional authority to exercise the following speciai Declarant rights within the meaning of Section S 15B.1-103(32) of the Act for as long as it owns a Unit,or for such shorter period as may be specifically indicated: 16.1 Complete �nprovements. To complete each Building, Unit, and other improvements indicated on the Plat, or otherwise incladed in Declarant's development plans or MPLS-Word 95281.1 I 36