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<br />Section 3. <br /> <br />Section 4. <br /> <br />Section 1. <br /> <br />a. Any condemnation, loss or any casualty loss which effects a <br />material portion of the project or any Unit on which there is a First <br />Mortgage held, insured or guaranteed by such Mortgage holder <br />or insurer or guarantor, is applicable; <br /> <br />b. Any delinquency in the payment of assessments or charges owed, <br />or any other default in the performance of any obligation under <br />the Declaration, By-Laws or Articles of Incorporation by an owner <br />of a Unit subject to a First Mortgage held, insured or guaranteed <br />by such holder or insurer or guarantor, which remains uncured <br />for a period of 60 days; <br /> <br />c. Any lapses, cancellation or material modification of any insurance <br />policy maintained by the Association; <br /> <br />d. Any proposed action which would require the consent of a <br />specified percentage of Mortgage holders as specified in Article <br />XXI, Section 3. <br /> <br />Examination of Books and Records. First Mortgagees and holders, <br />insurers and guarantors of First Mortgages shall have the right to <br />examine the books and records of the Association, as set forth more fully <br />in the By-Laws. <br /> <br />Desiqnation Representative. Any holder of a First Mortgage on a Unit <br />may designate a representative to attend meetings of members. <br /> <br />ARTICLE XX <br />SPECIAL DECLARANT RIGHTS <br /> <br />Special Declarant RiQhts. Declarant hereby reserves the following rights <br />for its benefit: <br /> <br />a. The right to complete improvements indicated on CIC Plat; <br />b. The right to create Units by this Declaration; <br /> <br />c. The right to maintain sale offices, management offices, signs <br />advertising the common interest community, and models, provided <br />that no more than one combined sale and management office may <br />be maintained within the Units and no more than one model Unit; <br /> <br />d. The right to use easements through the common elements for the <br />purpose of making improvements from the CIC; <br /> <br />e. The right to appoint or remove any officer or director of the <br />Association during the period of declaring control, which shall <br />expire on the earliest of the following events; <br /> <br />1. Surrender of the right of control by the Declarant; <br />2. 60 days after the conveyance of 75% of the Units to the <br />owners other than Declarant; and <br /> <br />14 <br />