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<br />200709536 <br /> <br />With respect to a third person dealing with the Association in the Association's capacity as a trustee, the <br />trust powers and their proper exercise by the Association may be assumed without inquiry. A third person is <br />not bound to inquiry whether the Association has power to act as trustee or is properly exercising trust powers. <br />A third person, without actual knowledge that the Association is exceeding or improperly exercising its powers, <br />is fully protected in dealing the Association as if it possessed and properly exercised the powers it proports to <br />exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the <br />Association in its capacity as trustee. <br /> <br />ARTICLE XVII. <br /> <br />ASSOCIATION RECORDS <br /> <br />All financial and other records of the Association shall be made reasonably available for examination by <br />any unit owner and his authorized agents. <br /> <br />ARTICLE XVIII. <br /> <br />NOTICE OF VIOLATION <br /> <br />18.0 Recording of Notice. The Association shall have the right to record a written notice of a violation <br />by any owner of any restriction or provisions of this Declaration or the Association's By-Laws. The Notice <br />shall be executed and acknowledged by an officer of the Association and shall contain substantially the <br />following information: <br /> <br />a. The name of the owner; <br />b. The legal description or street address of the unit against which the notice is being recorded; <br />c. A brief description of the nature of the violation; <br />d. A statement that the notice is being recorded by the Association pursuant to this Declaration; and <br />e. A statement of the specific steps which must be taken by the owner to cure the violation. <br /> <br />18.1 Effect of Recording. Recordation of a notice of violation shall serve as notice to the owner and to <br />any subsequent purchaser of the unit that there is a violation of the provisions of this Declaration, the By-Laws <br />or the Rules and Regulations of the Association. If, after the recordation of such notice, it is determined by the <br />Association that the violation referred to in the notice does not exist or that the actual violation referred to in the <br />notice has been cured, the Association shall record a notice of compliance which shall state the legal description <br />or street address of the unit against which the notice of violation was recorded, the recording date identifying <br />the docket and page where the notice of violation was recorded, and shall state that the violation referred to in <br />the notice of violation has been cured, or if such be the case, that it did not exist. <br /> <br />ARTICLE XIX. <br /> <br />RIGHTS OF FIRST MORTGAGEES <br /> <br />19.0 Notification to First Mortgagees. Upon receipt by the Association of a written request from a first <br />mortgagee or insurer or a governmental guarantor of a first mortgage informing the Association of its correct <br />name and mailing address and number and address of the unit to which the request related, the Association shall <br />provide such eligible mortgage holder or eligible insurer with timely written notice of the following: <br /> <br />19.0.1 Any condemnation loss or casualty loss which affects a material portion of the condominium or <br />any unit on which there is a first mortgage held, insured or guaranteed by such eligible mortgage holder or <br />eligible insurer or guarantor. <br /> <br />- 17 - <br />