DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
PAGE 50

ARTICLE XII (cont.)

(iv) (cont.)
consistent with the intended use of the Common Property under this Declaration, and the granting of exclusive easements to Owners over portions of the Common Property to conform the boundaries of the Common Property to the as-built location of authorized Improvements is riot a transfer within the meaning of this clause); or

(v)  by act or omission change, waive or abandon any · scheme of regulations, or enforcement thereof, pertaining to the architectural design, the exterior appearance or the maintenance of the Units or the Common Property; or

(vi)  fail to maintain or cause to be maintained Fire and Extended Coverage insurance on insurable Common Property as provided in Article IX of this Declaration; or

(vii)  use hazard insurance proceeds for losses to any Condominium property (i.e., Improvements to the Units or Common Property) for other than the repair, replacement or reconstruction of such Condominium property, subject to the provisions of Article X of this Declaration; or

(viii)  change the pro rata interest or obligations of any Condominium in order to levy assessments or charges, allocate distributions of hazard insurance proceeds or condemnation awards or determine the pro rata share of ownership of each Condominium in the Common Area except in connection with dividing a Condominium containing multiple dwellings.

(e)  All Beneficiaries, insurers and guarantors of first Mortgages, upon written request to the Association may:

(i)  examine current copies of the Association's books, records and financial statements and the Restrictions during normal business hours;

(ii)  require the Association to submit an annual audited financial statement for the preceding Fiscal Year if one is available, or have one prepared at the expense of the requesting entity if such statement is not otherwise prepared by the Association; provided that, upon annexation of additional Condominiums to the Property such that fifty (50) or more Condominiums are subject to this Declaration, the Association may be required to submit such a statement without expense to the

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