3(c) Conditional Use Permit "The Range" Resort Development LLC/Premier Homes

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2. Consent to Certain Actions. The written consent of Eligible Mortgagees representing at least seventy-five (75%) of the Units that are subject to the first Mortgages held by Eligible Mortgagees (based upon one vote per first Mortgage ownedj shall be required to (i) abandon or terminate the common interest community; (ii) change the allocations of vofing rights, Common Expense obligations or interest in the Common Elements; (iii) partition or subdivide a Unit except as permitted by statute; (iv) abandon, partifion, subdivide, encumber or sell the Common Elements; or (v) use hazard insurance proceeds for other than the repair, replacement or reconstruction of the Property, except as otherwise provided by law. 3. No Right of First Refusal. The right of an Owner to sell,transfer or otherwise convey his or her Unit shall not be subject to any right of first refusal or similar restrictions. 4. Priority of Lien. Any holder of a first Mortgage on a Unit or any purchaser of first Mortgage at a foreclosure sale, that comes into possession of a Unit by foreclosure of the first Mortgage or by deed or assignment in lieu of foreclosure,takes the Unit free of any claims for unpaid assessments or any other charges or liens imposed against the Unit by the Association which have accrued against such Unit prior to the acquisition of possession of the Unit by said first Mortgage holder or purchaser; (i) except as provided in Section 6 and the Act and (ii) except that any un-reimbursed assessments or charges may be reallocated among all Units in accordance with their interests in the Common Elements. 5. Priority of Taxes and Other Charges. All taxes, assessments and charges that may become liens prior to the first Mortgage under state law shall relate only to the individual Units and not to the Property as a whole. 6. Priori for Condemnation Awards. No provision of the governing Documents shall give an Owner, or any other party, priority over any rights of the Eligible Mortgagee of the Unit pursuant to its Mortgage in the case of a distribufion to such Owner of insurance proceeds or condemnations awards for losses to or a taking of the Unit and/or the Common Elements. The Associafion shall give written nofice to all Eligible Mortgagees of any condemnafion or eminent domain proceeding affecting the Property promptly upon receipt of notice from the condemning authority. 7. Management Agent. The Property may be managed by a Management Agent in accordance with a management agreement reasonably acceptable to the Association. 8. Access to Books and Records & Audits. Eligible Mortgagees shall have the right to examine the books and records of the Association upon reasonable notice during normal business hours, and to receive free of charge, upon written request, copies of the Associafion's annual reports and other financial statements. Financial statements, including those which are audited, shall be available within one hundred twenty (120) days of the end of the Association's fiscal year. If a request is made by any institutional guarantor or insurer of a Mortgage loan against a Unit,for an audit of the Association's financial statements for the preceding year, the Association shall cause an audit to be made and deliver a copy to the requesting party. 28