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201404665 exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the Association in its capacity as trustee. ARTICLE XVIII. ASSOCIATION RECORDS All financial and other records of the Association shall be made reasonably available for examination by any unit owner and his authorized agents. ARTICLE XIX. NOTICE OF VIOLATION 19.0 Recording of Notice. The Association shall have the right to record a written notice of a violation by any owner of any restriction or provisions of this Declaration or the Association's By -Laws. The Notice shall be executed and acknowledged by an officer of the Association and shall contain substantially the following information: a. The name of the owner; b. The legal description or street address of the unit against which the notice is being recorded; c. A brief description of the nature of the violation; d. A statement that the notice is being recorded by the Association pursuant to this Declaration; and e. A statement of the specific steps which must be taken by the owner to cure the violation. 19.1 Effect of Recording. Recordation of a notice of violation shall serve as notice to the owner and to any subsequent purchaser of the unit that there is a violation of the provisions of this Declaration, the By -Laws or the Rules and Regulations of the Association. If, after the recordation of such notice, it is determined by the Association that the violation referred to in the notice does not exist or that the actual violation referred to in the notice has been cured, the Association shall record a notice of compliance which shall state the legal description or street address of the unit against which the notice of violation was recorded, the recording date identifying the docket and page where the notice of violation was recorded, and shall state that the violation referred to in the notice of violation has been cured, or if such be the case, that it did not exist. ARTICLE XX. RIGHTS OF FIRST MORTGAGEES 20.0 Notification to First Mortgagees. Upon receipt by the Association of a written request from a first mortgagee or insurer or a governmental guarantor of a first mortgage informing the Association of its correct name and mailing address and number and address of the unit to which the request related, the Association shall provide such eligible mortgage holder or eligible insurer with timely written notice of the following: 20.0.1 Any condemnation loss or casualty loss which affects a material portion of the condominium or any unit on which there is a first mortgage held, insured or guaranteed by such eligible mortgage holder or eligible insurer or guarantor. 20.0.2 Any delinquency in the payment of assessments or charges owned by an owner of a unit subject to a first mortgage held or insured or guaranteed by such eligible mortgage holder or eligible insurer or guarantor or any other default in the performance by the owner of any obligation under this Declaration, or the - 18 -