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201405206 distributed to unit owners and lienholders as their interests may appear, in proportion to the respective interests of unit owners as provided hereinafter. As long as the Association holds title to the real estate, each unit owner and his or her successors in interest have an exclusive right to occupancy of the portion of the real estate that formerly constituted his or her unit. During the period of that occupancy, each unit owner and his or her successors in interest remain liable for all assessments and other obligations imposed on unit owners herein or in the Master Deed and Declaration. If the real estate constituting the condominium is not too be sold following termination, title to the common elements and title to all real estate in the condominiums vest in the unit owners upon termination as tenants in common in proportion to their respective interests as provided hereinafter, and liens on the units shift accordingly. While the tenancy in common exists, each unit owner and his or her successors in interest have an exclusive right to occupancy of the portion of the real estate that formerly constituted his or her unit. Following the termination of the condominium, the proceeds of any sale of real estate, together with the assets of the Association, are held by the Association as trustee for unit owners and holders of liens on the units as their interest may appear. Following termination, creditors of the Association holding liens on the units, which were recorded before termination, may enforce those liens in the same manner as any lienholder. All other creditors of the Association are to be treated as if they had perfected liens on the units immediately before termination. The respective interest of unit owners aforementioned are as follows: (a) Except as provided in paragraph (b) of the Subsection, respective interests of unit owners are the fair market values of their units, limited common elements, and common element interest immediately before the termination, as determined by one or more independent appraisers selected by the Association. The decision of the independent appraisers shall be distributed to the unit owners and become final unless disapproved within thirty (30) days after distribution by unit owners of units to which twenty five percent (25 %) of the votes in the Association are allocated. The proportion of any unit owner's interest to that of all unit owners is determined by dividing the fair market value of that unit owner's unit and common element interest by the total fair market value of all the units and common elements. (b) If any unit or any limited common element is destroyed to the extent that an appraisal of the fair market value thereof before destruction cannot be made, the interest of all unit owners are their respective common element interests immediately before termination. Section 2. Amendment by Members. There shall be no amendment to these By -Laws unless two thirds (2/3) or more units of the Association shall have voted therefor in the affirmative at a special or annual meeting; provided however, that a percentage voting requirements contained in these By -Laws shall not be amended by a lesser percentage vote than that sought to be amended, and provided further that such amendment shall have the approval of more than fifty percent (50 %) in number of the first mortgagees of record in all of the units upon the date of adoption of said amendment. Section 3. Amendment by Declarant. Anything contained in these By -Laws or in the Master Deed and Declaration or Articles of Incorporation to the contrary notwithstanding, until Declarant releases control of the Association, Declarant reserves the right to supplement or amend these By -Laws for clarification, correction or otherwise in the best interests of all unit owners, including Declarant; provided that any such supplement or amendment shall be approved by more than fifty (50 %), in number of all existing first mortgage holders of record, in writing. After said release of control of said Association, the President, as set forth in Article IV, Section 4 herein, shall have the authority to prepare, execute, and certify amendments to the Declaration on behalf of the Association. Section 1. Records and Audit. ARTICLE XII. RECORDS The Executive Board or the managing agent shall keep detailed records of the actions of the Executive Board and the managing agent, minutes of the meetings of the Executive Board, and financial records and books of account of the Association, including a chronological listing 15