ARTICLE XII
MORTGAGE PROTECTION

12.1. No breach of any of the covenants, conditions and restrictions
herein contained shall defeat or render invalid the lien of any first mortgage (meaning a
mortgage with first priority over any other mortgage) on any Lot made in good faith and
for value, but all of said covenants, conditions and restrictions shall be binding upon and
effective against any Owner whose title is derived through foreclosure or trustee's sale, or
otherwise.

12.2. First Mortgagees shall have the right to examine the books and
records of the Association during normal business hours.