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56 <br /> records and books of accounts, including a chronological listing of receipts and expenditures, <br /> which, among other things, will contain the amount of each assessment of the Common <br /> Expenses against each Lot, the date when due, and amounts paid thereon, and the balance <br /> remaining unpaid and Common Expenses paid. The financial record and books of account will <br /> be available for examination by any Lot Owner or his duly authorized agent or attorney at <br /> convenient hours on working days by prior arrangement with the Board. A report of all receipts <br /> and expenditures of the Association and Property will be rendered by the Board to all Lot <br /> Owners on or before the 90th day following the close of each fiscal year, covering the preceding <br /> year. All books and records will be kept in accordance with generally accepted accounting <br /> principles. A copy of the report will be furnished to all mortgagees of Lots who have requested <br /> the same. <br /> ARTICLE X <br /> OPERATION PRIOR TO INITIAL MEETING OF BOARD <br /> Prior to the first meeting of the initial Board of Directors,all functions of the Association and of the Board <br /> of Directors as herein set forth will be performed and carried out by the Declarant. <br /> ARTICLE XI <br /> AMENDMENT OF BYLAWS <br /> Section 11.1. Amendment by Owners.Except as provided in Section 11.2 below,these <br /> Bylaws may be amended only by the affirmative vote of the voting members having at least <br /> seventy-five percent (75%) of the aggregate voting interests, cast in person or by proxy at a <br /> meeting duly held in accordance with the provisions of the Bylaws. Such amendment will be <br /> executed in the name of the Association. <br /> Page 48 of 50 <br />