Orange County NC Website
Browse       Search
32 <br /> or Institutional Lenders will hold any mortgage upon any Lot, or will be the Owner of any Lot, <br /> such Institutional Lender or Institutional Lenders will have the following rights: <br /> (a) To be furnished with at least one copy of the Annual Financial <br /> Statement and Report of the Association, including a detailed statement of annual carrying <br /> charges or income collected, and operating expenses, such Financial Statement and Report to be <br /> furnished by April 15 of each calendar year. <br /> (b) To be given notice by the Association of the call of any meeting of <br /> the membership to be held for the purpose of considering any proposed Amendment to the <br /> Declaration, or the Articles of Incorporation and Bylaws of the Association, which notice will <br /> state the nature of the amendment being proposed, and to be given permission to designate a <br /> representative to attend all such meetings. <br /> (c) To be given notice of default in the payment of assessments by any <br /> owner of a Lot encumbered by a mortgage held by the Institutional Lender or Institutional <br /> Lenders, such notice to be given in writing and to be sent to the principal office of such <br /> Institutional Lender or Institutional Lenders, or to the place which it or they may designate in <br /> writing to the Association. <br /> (d) To inspect the books and records of the Association and the <br /> Declaration,Bylaws and any Rules and Regulations during normal business hours, and to obtain <br /> copies thereof. <br /> (e) To be given notice by the Association of any substantial damage <br /> to any part of the Recreation Space. <br /> (f) To be given notice by the Association if any portion of the <br /> Page 22 of 50 <br />