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• • <br /> . . <br /> • • <br /> • . Section Three. Amendment. The covenants and restric- <br /> tions of this Declaration shall run with and bind the land, for <br /> a term of twenty (20) years from the date this Declaration is <br /> ' recorded, .after which time they shall be automatically extended <br /> for successive periods of ten (10) years. This Declaration may <br /> be amended during the first twenty (20) year period by an instru- <br /> ment signed by not less than ninety percent (90%) of the Lot • <br /> . • Owners, and thereafter by an instrument signed by not less than <br /> • <br /> seventy-five percent (75%) of the Lot Owners. <br /> - • Section Four. FHA/VA ApproVal. As long as there is a <br /> Class B membership, the following actions will require the prior <br /> • written approval of the Federal Housing Administration or the <br /> Veterans Administration: Annexation of additional Properties, • <br /> dedication of Common Area; and amendment of this Declaration of <br /> Covenants, Conditions and Restrictions. <br /> • Section Five. Rights of Noteholders. Any institution- <br /> . <br /> al holder of a first mortgage on a Lot will, upon request, be . • <br /> entitled to (a) inspect the books and records of the Association <br /> during normal business hours, (b) receive an annual audited <br /> financial statement of the Association within ninety (90) days <br /> following the end of its fiscal year, (c) receive written notice <br /> of all meetings of the Association and the right to designate a <br /> representative to attend all such meetings, (d) receive written <br /> notice of any condemnation or casualty loss that affects either <br /> a material portion of the project or the unit securing its <br /> mortgage, (e) receive written notice of any sixty-day delinquen- <br /> cy in the payment of assessments or charges owed by the owner of • <br /> any unit on which it holds the mortgage, (f) r6c6ive ;iltten <br /> notice of a lapse, cancellation or material modification of any <br /> insurance policy or fidelity bond maintained by the Owners <br /> Association, (g) receive written notice of any proposed action • . <br /> that requires the consent of a specified percentage of mortgage ' <br /> holders, and (h) be furnished with a copy of the master insur- <br /> ance policy. <br /> IN WITNESS WHEREOF, Weaver Dairy, Ltd., has caused <br /> • <br /> this instrument to be executed by its Managing Partner in accor- <br /> . <br /> -13- <br />