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38 <br /> years each. Any instrument terminating this Declaration shall state the effective date of <br /> termination of this Declaration, shall provide that the responsibility for the maintenance and <br /> upkeep of the Common Elements shall remain with the Owners in perpetuity, and shall be <br /> recorded in the office of the Register of Deeds of Orange County,North Carolina <br /> Section 13.05 Lender's Notice. Upon written request to the Association identifying <br /> the name and address of the holder, insurer or guarantor and the Lot number or address, any <br /> mortgage holder, insurer or guarantor will be entitled to timely written notice of- <br /> (a) Any condemnation or casualty loss that affects either a material portion <br /> of any Lots and/or Common Elements securing its mortgage. <br /> (b) Any sixty (60)day delinquency in the payment of any Assessment owed <br /> by the Owner of the Lot on which it holds the mortgage. <br /> (c) A lapse, cancellation or material modification of any insurance policy or <br /> fidelity bond maintained by the Association. <br /> (d) Any proposed action that requires the consent of a specified percentage <br /> of mortgage holders. <br /> (e) The Association's financial statement for the immediately preceding <br /> fiscal year. <br /> Section 13.06 Exhibits. Whenever reference is made to any exhibit attached to this <br /> Declaration, such exhibit shall be deemed to be incorporated herein as fully as if set forth verbatim <br /> herein. <br /> Section 13.07 Inconsistent Provisions. In the event any provision contained in this <br /> Declaration is contrary to or inconsistent with any mandatory provision contained in the Act, the <br /> mandatory provision contained in the Act shall prevail and this Declaration shall be deemed to be <br /> amended and/or modified consistent therewith. In the event any provision contained in the Articles <br /> of Incorporation, Bylaws, Guidelines and/or Rules and Regulations is contrary to or inconsistent <br /> with any provision contained in this Declaration, the provision contained in this Declaration shall <br /> prevail and the Articles of Incorporation, Bylaws, Guidelines and/or Rules and Regulations, as <br /> applicable, shall be deemed to be amended and/or modified consistent herewith. <br /> Section 13.08 Notices. Any notices provided for in this Declaration shall be in writing <br /> and shall be deemed sufficiently given to (a) any Owner when delivered personally at or mailed to <br /> the address shown on any recorded instrument conveying a Lot to such Owner, or at any other <br /> address that such Owner may designate to the Association in writing; (b) Declarant when delivered <br /> personally at or mailed to 504 Meadowlands Drive, Hillsborough,North Carolina 27278, or to any <br /> other address that Declarant may designate to the Association in writing; (c)the Association when <br /> delivered personally at or mailed to the address of the registered agent or any officer of the <br /> Association; and (d) any management entity contracted by the Association when delivered <br /> personally at or mailed to the address designated in any management agreement. Any notice <br /> properly addressed,bearing proper postage and deposited in the United States mail shall be deemed <br /> to have been received by the recipient five (5) days (exclusive of any Sunday or federal holiday) <br /> after the date of the postmark. <br /> 28 <br />