Common interest community document - 2015

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