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'nle amendment 1llU8t be approveu by Hell"")ers entitled to cast dt lealt 67 percent (or such higher perclntage a. i. required by a speci~ic provisiQn hereof, the Act or the Declaration) of the vote. ot all Owners at ^ duly held meeting thereof, provided that these By-Laws may not be amended without Decl^rant's prior written consent until the earlier of~ (i) that date which is 60 days after ~h~ date by which 67' of the Units nave been ~onveyed t~ Owners other than DeclarAnt: or (ii) that date wnich is 5 years after the date of the first conveyance of a Un~t to a Unit OWner other than a Declarant. Additionally, any amendment to these By-Laws which is material or which restricts the rights granted by these By-Laws or the Declaration ~o anyone or more First Mortgagees shall, in add1tion to the required consont of the Owners, also require the written consent ~f all of the First ~ortgagees. During such time that Declarant retains control of the Association, any amendments to these By-Laws shall be subject to approval by the Veterans Administrat10n. ARTICLE VII INDEMNIFICATION ~ND FIDELITY BOND COVERAGE Section 1. Indemnification of Directors and Officers. The Association shall indemnify and ~old harmless every Director and officer, his heirs, ~xecutor8 and ad~inistratorb, against all loss, cOsts, judgment and expense, incluch.ng att:.ol"lI""Ys' fee", which may be imposed upon or rea90na~~i incurred by him in connection with or arising out of the defense or settlement of any claim, action, 8Ult 0r proceeding to which he may be made a party by reason of his being or having bban a director or officer of the Association whether o~ not he is an offlcer or dirp.ctor at the time of incurring such loss, cost, Judgment or expense, except as t~ matt~rs as to which he &hall be finally adJudged in such action, suit or proceed..ng to h~ve been guilty of willful or fraudulent conduct detrimental to the best intarests of the Association. Iu the event of a settlement, indemnification shall be provided only in connectlO" wlth such matters covereJ by the settlement as to which the Board of Directors has such matters covered by the settlement as to wnich the Board 0: Directors has a9~e~d on behalf of the Association that the person to b~ indemnified has not been ;uilty of willful or fraudulent cond.1cl detrimental to the be9t lnterest of the Association in the perfor11lance of h18 duty as such director or officer 1n reta-::lon t~ the ~t~er involv&d. The foregolng rights shall not b~ exclusive of other right.s to w~ich snch director or c-fficer may b~ eQtttle~. All lidbility, loss, damage, costs and -15-