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<br />fidelity bond maintained by the ~ssociation, and (iii) any <br />proposed action WhlCh requires consent of a specified percentage <br />of First Mortgag~es. <br />12.2. Prlority. No provislon of this Oeclaratlon or the <br />Bylaws shall be deemed to giva a Unit ~nerr or any other person, <br />priority over any rights of Flrst Mortgagees pursuant to their <br />mortgages with respect to d distribution of insurance proceeds or <br />conJemnation award~ ~r settlements for losses to or a taking of <br />Units or Co~mon Elemenls. <br />12.3. Books and aecords: Financial Statements: Notice of <br />Meetings. Each First Mortga~ee and each insurer or guarantor of <br />such First Mortgagee. upon request, shall be ~ntitled (i) to <br />inspect this Declaration and th~ Bylaws, rules and regulations, <br />books, recorda and financial statements. of the Aoscciation during <br />normal business hourd, (ii) to receive free of charge an annual <br />audited financial statement of the Association for the immediately <br />precedlng fiscal year within a reaso~able time after such request <br />is made, an~ (lii) to receive wrltten notice of all ~eetings of <br />the Association and be permitted to designate a representative to <br />attend all such meetings. <br />12.4. Notice of Loss. In the event of condemnation losa <br />to, or in the event of a casualty loss resulting in substantial <br />damage to or destruction of, the Condo~n\um or of any Unit, the <br />First Mortgagee of that Unit and the First Mortgagees affected by <br />such loss affecting the Condominium, and the insurers and <br /> <br />-2~- <br />