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~ ...__".,~..~~..,,__ ,~.on_."""'_ .n._no I 200709255 other creditors of the Association are to be treated as if they had perfected liens on the units immediately before termination. The respective interests of unit owners aforementioned are as follows: (a) Except as provided in paragraph (b) of this 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, ~s 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 values 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 interests of all unit owners are their respective common element interests immediately before the termination. SectiDn 2 Amendment bv Members. There shall be no amendment to these By-Laws unless two thirds (2/3) or more of the units of the Association shall have voted therefor in the affirmative at a special Dr annual meeting; provided, however, that 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. SectiDn 3 Amendment bv 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 percent (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, SectiDn 4 herein, shall have the authority to prepare, execute, and certify amendments to the Declaration on behalf of the Association. ARTICLE XIL RECORDS SectiDn 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 17