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N 20090604'7 ARTICLE I K, MORTGAGES Section 1. Notice to Executive Board. A unit owner who mortgages his unit shall notify the Executive Board. The Board shall maintain such information in a book entitled ,Mortgages of Units ". Section 2. Notice of Default. The Executive Board, when giving notice to a unit owner of a default in paying assessments or other default, shall send a copy of such notice to each holder of a mortgage covering such unit whose name and address has theretofore been furnished to the Executive Board. Section 3. Examination of Books, Each unit owner and each mortgagee of a unit shall be permitted to examine the books of account of the Association at a reasonable time, on business days, but not more than once every three (3) months without just cause. ARTICL X. DESTRUCTION DAMAGE OR. OBSOLESCENT ASSOCIATION AS ATTORNEY-IN-FACT Section 1. Association Attorney -in -Fact, These By -Laws, as a part of the Master Deed and Declaration, hereby made mandatory and irrevocable the appointment of the Association as attomey -in -fact to deal with the property and destruction, obsolescence, repair, construction, improvement and maintenance, all according to the provisions of this Article. Title to any condominium unit is declared and expressly made subject to the terms and conditions hereof, and acceptance by any grantee of a deed or other instrument of conveyance from the Deolarant or from any owner as grantor shall constitute and appoint the Association his true and lawful attomey in his name, place and stead for the purpose of dealing with the property upon its damage or destruction or obsolescence as is hereinafter provided. As attorney -in -fact, the Association, by its President and Secretary or its other duly authorized officers or agents, shall have full and complete authorization, right and power to make, execute and deliver any contract, deed or any other instrument with respect to the interest of a unit owner which is necessary and appropriate to exercise the powers granted in this Article, Repair and reconstruction of the improvements, as used in the succeeding Sections of this Article means restoring the improvements to substantially the same condition in which they existed prior to the damage, with each unit and the general and limited common elements having substantially the same vertical and horizontal boundaries as before. Section 2. Damage and Destruction. Any portion of the condominium for which insurance is required under this Section which is damaged and destroyed shall be repaired or replaced promptly by the Association unless: (1) The condominium is terminated; (2) Repair or replacement would be illegal under any state or local health or safety statute or ordinance; or 14