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54 <br />WOODGREEN SUBDIVISION in accordance with the zoning and subdivision regulations of <br />Orange County. ' <br />Section 3: Sevembiliw. Invalidation of any one of these covenants or restrictions by judgment <br />or court order shall in no wise affect any other provision herein contained which provisions shall <br />remain in full force and effect. <br />The covenants and restrictions of this Declaration shall run with and <br />bind the land for a term of twenty (20) years. from the date this Declaration is recorded after which <br />time they shall be automatically emended for successive periods of . ten (10) years, This <br />Declaration may be amended at any time by an instrument signed by not less than sixty -six and <br />two thirds (66 213 %) percent of the Lot Owners. Any amendment must be recorded.. <br />Section 5: Madonna's Rights: A first mortgage, or the insurer or guarantor of a first <br />mortgage, shall be entitled, upon written request, to receive copies of this Declaration and the <br />Rules and. Regulations, if any; entitled to inspect the books and records of the Association during <br />normal business hours or under other reasonable circumstances; entitled to receive at no additional <br />cost the annual audited .financial statement within ninety (90) days following the end of the fiscal <br />year: entitled to receive written notices of meetings of the Association and to designate a <br />representative to attend all such meetings; entitled to receive timely notice of any substantial <br />damage to or destruction of any part of the Open Space Area; entitled to receive notice if any part <br />of the Open Space Area are subject to a condemnation or eminent domain proceeding or are <br />otherwise sought to be acquired by a condemning authority; entitled to receive notice of any sixty <br />(60) day delinquency in the payment of assessments or charges of any owner of any Lot upon <br />which that mortgagee, insurer or guarantor holds a mortgage; entitled to receive notice -of any <br />lapse, cancellation or material modification of any insurance policy or fidelity bond maintained <br />by the Association of the Open Space Area; and entitled to receive notice of any proposed action <br />which requires the consent of a specified percentage of mortgage holders. <br />SCCdon 6: Reserved Rights of Lzt Owners: No Lot Owner shall be subject to a restraint <br />imposed by the Association upon his right to sell, transfer, or otherwise convey his Lot. Under <br />no cirarmstanoes shall the Association have a right of first refusal upon the sale and conveyance <br />of any Lot. No Lot Owner shall be subject to any restraint imposed by the Association, not <br />expressly provided for in this Declaration, upon his right to mortgage his Lot with whomever or <br />whatever institution and upon those terms and conditions the Lot Owner is willing to accept. <br />Section 7: . Any contract, lease or agreement entered into by the Association on its <br />own behalf must be terminable by either party without cause upon not more than ninety (90) days <br />notice to the other party. If so terminated, no termination fee shall be required to be paid to or <br />by either party. <br />Section g, : As long as there is a Class B member, the following <br />actions may require the prior approval of the .Federal Housing Administration, the Veterans' <br />—17— <br />