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97 <br /> (b) Any sixty (60)day delinquency in the payment of any Assessment owed by the <br /> Owner of the Lot on which it holds the mortgage. <br /> (c) A lapse, cancellation or material modification of any insurance policy or fidelity <br /> bond maintained by the Association. <br /> (d) Any proposed action that requires the consent of a specified percentage of <br /> mortgage holders. <br /> (e) The Association's financial statement for the immediately preceding fiscal year. <br /> Section 13.06 Exhibits. Whenever reference is made to any exhibit attached to this Declaration, <br /> such exhibit shall be deemed to be incorporated herein as fully as if set forth verbatim herein. <br /> Section 13.07 Inconsistent Provisions. In the event any provision contained in this Declaration <br /> is contrary to or inconsistent with any mandatory provision contained in the Act, the mandatory provision <br /> contained in the Act shall prevail and this Declaration shall be deemed to be amended and/or modified <br /> consistent therewith. In the event any provision contained in the Articles of Incorporation,Bylaws,Guidelines <br /> and/or Rules and Regulations is contrary to or inconsistent with any provision contained in this Declaration,the <br /> provision contained in this Declaration shall prevail and the Articles of Incorporation, Bylaws, Guidelines <br /> and/or Rules and Regulations, as applicable, shall be deemed to be amended and/or modified consistent <br /> herewith. <br /> Section 13.08 Notices. Any notices provided for in this Declaration shall be in writing and shall <br /> be deemed sufficiently given to(a)any Owner when delivered personally at or mailed to the address shown on <br /> any recorded instrument conveying a Lot to such Owner, or at any other address that such Owner may <br /> designate to the Association in writing;(b)Declarant when delivered personally at or mailed to 320 Executive <br /> Court, Hillsborough, North Carolina 27278, or to any other address that Declarant may designate to the <br /> Association in writing; (c) the Association when delivered personally at or mailed to the address of the <br /> registered agent or any officer of the Association;and(d)any management entity contracted by the Association <br /> when delivered 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 to have <br /> been received by the recipient five(5) days (exclusive of any Sunday or federal holiday) after the date of the <br /> postmark. <br /> Section 13.09 No Liability. In no event shall Declarant,the Association or the any management <br /> entity contracted by the Association be liable to any Owner with respect to any dispute which may arise solely <br /> among or between any two(2)or more Owners,nor shall Declarant,the Association or any management entity <br /> contracted by the Association be responsible or liable for any act,omission,conduct or breach of any obligation <br /> imposed by this Declaration by any Owner or any family member, guest, tenant, licensee or invitee of any <br /> Owner. <br /> Section 13.10 Governing Laws. The interpretation and construction of this Declaration and the <br /> enforcement of any right or remedy conferred upon Declarant,the Association,any Owner or any other Person <br /> pursuant to any provision of this Declaration shall be governed by the laws of the State of North Carolina. <br /> IN WITNESS WHEREOF, Declarant has caused this Declaration to be executed by its duly <br /> authorized Managers as of the day and year first above written. <br /> [Signature on next page] <br /> 22 <br />