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guarantor of a first mortgage secured by a Residential Unit in the Condominium upon - <br /> written request made to the Association, shall have the right to examine the current <br /> copies of the CIC Documents and the books,records and financial statements of the <br /> Association or the Condominium during normal business hours. An audit of the accounts ` <br /> of the Association for the preceding fiscal year of the Association shall be rendered and <br /> made available to members of the Association within 120 days after the end of such fiscal <br /> year. In addition, it shall be made available to any such holder, insurer or guarantor of <br /> any first mortgage on a Residential Urtit who has filed a written request for such audit <br /> with the Association. <br /> 8. Material Amendments to Declaration and Bylaws or Material Changes; Limitations <br /> on Actions of Association.Notwithstanding anything in Article X of this Declaration to <br /> the contrary, any amendments to this Declaration and Bylaws of a material nature must <br /> be approved not only by an affirmative vote of at least 75% of the total voting power of <br /> the Association but also by the written consent of at least 75%of the holders of those first <br /> mortgagees of the units who have submitted to the Association a written request that they <br /> be notified of any proposed action requiring approval (based upon one vote for each <br /> mortgage held). Any of the following changes shall be deemed a "material amendment" <br /> or a "material change": <br /> a. Voting rights; <br /> b. Assessments, assessment liens, subordination of assessment liens or increases in <br /> assessments that raise the previously assessed amount by more than 25%; <br /> c. Reduction in reserves for maintenance, repair and replacement of common <br /> elements; <br /> d. Responsibility for maintenance and repair; � <br /> e. Reallocation of interest in the common elements and limited common Elements of <br /> the Condominium or rights to their use; <br /> f. Redefinition of the boundaries of any unit; <br /> g. Convertibility of units into common elements or vice-versa; � <br /> h. Expansion or contraction of the Condominium, or the addition and annexation or <br /> withdrawal of property to or from the Condominium. <br /> i. Hazard or fidelity insurance requirements; <br /> j. Restriction on the leasing of units; <br /> k. Imposition of any restrictions on a unit owner's right to sell or transfer his or her <br /> unit; <br />