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200504121 ARTICLE XII. RECORDS Section 1. Records and Audit. 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 of receipts and expenditures. Those records shall also include a separate account for each unit which shall contain the amount of each assessment of common charges against such unit, the date'when due, the amounts paid thereon, and the balance remaining unpaid. A written report summarizing all receipts and expenditures of the Association, certified by an independent accountant, shall be rendered by the Executive. Board to all unit owners and to all mortgagees of units who have requested the sa)rne, promptly after the end of each fiscal year. The expense of the certified audit shall be paid by those requesting it unless a majority of the members of the Association vote in favor of a certified audit at a regularly called meeting. ARTICLE XIII. MISCELLANEOUS Section 1. Notices. All notices hereunder shall be sent by registered or certified mail to the Executive Board c/o the Managing Agent, or if there is no Managing Agent, to the office of the Executive Board or to such other address as the Executive Board may hereafter designate from time to time, by notice in writing to all unit owners and to all mortgagees of units. All notices to any unit owner shall 'be sent by registered or certified mail, return receipt requested, to such address as may have been designated by him from time to time, in writing to the Executive Board. All notices shall be deemed to have been given when mailed except notices of change of address which shall be deemed to have been given when received. Section 2. Invalidity. The invalidity of any part of these By -Laws shall not impair or affect in any manner the validity, enforceability or effect of the balance of these By- Laws. Section 3. Ca lions. The captions herein are inserted only as a matter. of convenience and for reference, and in no way define, limit or describe the scope of these By -Laws, or the intent of any provision thereof. Section 4. Gender. The use of the masculine gender in these By -Laws shall be deemed to include the feminine and neuter genders and the use of the singular shall be deemed to include . the plural, whenever the context so requires. Section 5. Nonwaiver. No restrictions, condition, obligation or provision contained in these By -Laws shall be deemed to have been abrogated or waived by reason of any failure to enforce same, irrespective of the number of violations or breaches thereof which may occur. 19