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Association of: (i) any default in the performance by the Owner of such Lot in any of the obligations imposed upon such Owner pursuant to either the Articles of Incorporation of the Association, Bylaws of the Association, or hereunder, and which is not cured within sixty (60) days of its occurrence; (ii) any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association; or (iii) any proposed action which would require the consent of a specified percentage of first mortgage holders as provided herein or in the Articles or Bylaws of the Association. Section 2. Miscellaneous Ri2hts of Mort2a2ees. Anything herein or in the Articles of Incorporation or Bylaws of the Association to the contrary notwithstanding: (a) Any first mortgagee of any Lot may obtain title to a Lot pursuant to the remedies provided in such first mortgage or foreèlosure of such first mortgage, accept a deed in lieu of foreclosure or sell or lease a Lot acquired by it and such rights shall not be impaired by any right of first refusal now or hereafter provided herein or in the Articles of Incorporation or Bylaws of the Association. (b) The Association shall not, by act or omission, change, waiver, or abandon the scheme or enforcement of regulations herein provided relative to the architectural design or the exterior appearance of the improvements on the Lots, maintenance of the exterior of the improvements on the Lots, or walks, fences, driveways, lawns and plantings thereon without first obtaining the prior written approval of the members entitled to cast 2/3rds of the votes in the Association and 2/3rds of the holders of all first mortgages of record with respect to Lots (based on one vote for each first mortgage owned). (c) First mortgagees and any guarantor or insurer of a first mortgage on a Lot shall have the right to examine the books and records of the Association at reasonable times during normal business hours and, upon request, to receive annual financial statements of the Association within 90 days following the end of each of its fiscal years. (d) First mortgagees and any insurer or governmental guarantor of a first mortgage on a Lot shall have the right, upon request. to be afforded written notice of the occurrence of any damage or destruction to any material part of a Lot. any improvement thereon, and of any proceedings or proposed acquisition of any material part of the Property pursuant to condemnation or eminent domain. The Association shall. upon request. enter into an agreement with all first mortgagees as to any or all of the subject matter of this subparagraph (d). -20-