1. Records. The Board of Directors or the manager shall keep detailed accurate records of the receipts and expenditures of the Association and records of the financial affairs of the Association, including all required accounting records and financial statements, and shall have prepared and maintained written records of the proceedings and actions of the Board, records of the activities of the Association, and records of the names and addresses of the Members, and all other records customarily maintained by organizations similar to the Association (the "Books and Records"). All Books and Records shall be kept in accordance with currently accepted accounting and business practices.
2. Inspection of Books and Records. Upon reasonable prior written notice, the Association shall make available to Owners, Members, lenders, holders, insurers or guarantors of any first mortgage, current copies of the Declaration, Articles of Incorporation and Bylaws, or all other rules and regulations and policies concerning Subdivision, and the Books and Records, provided that said documents and Books and Records shall be available for inspection only during normal business hours and under reasonable circumstances.
3. Request for Notice. Upon written request to the Association, any mortgage holder, insurer or guarantor will be entitled to timely written notice of (a) any condemnation or casualty loss that affects either a material portion of Subdivision or the Lot securing its mortgage, (b) any sixty (60) day delinqency in the payment of assessments or charges owed by the Owner of any Lot on which it holds the mortgage, (c) a lapse, cancellation or material modification of any insurance policies or fidelity bonds maintained by the Association, (d) any proposed action that requires the consent of a specified percentage of mortgage holders.
