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Page 24 of 51 <br />Section 10.1.Rights Reserved to Institutional Lenders. "Institutional Lender" or <br />"Institutional Lenders", as the terms are used herein, will mean and refer to banks, savings and <br />loan associations, savings banks, insurance companies, Veterans Administration, Federal <br />Housing Authority, Federal National Mortgage Association, and other reputable mortgage <br />lenders and guarantors and insurers of such first mortgages. So long as any Institutional Lender <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 />73