ARTICLE EIGHTEEN - Amendment and Revocation
Section One: Exclusive Method This instrument may be amended, and partially or completely revoked only as herein provided or otherwise provided by law.
Section Two: Amendment by Developer During the Development Period, the Developer may amend this instrument to add Additional Real Property and to comply with the requirements of the Federal National Mortgage Association, Government National Mortgage Association, Veterans Administration or Federal Home Loan Mortgage Corporation by recording an acknowledged document setting forth specifically the provisions amending this instrument.
Section Three: Voting This Declaration may be amended at any annual meeting of the Association, or at a special meeting called for such purpose, if sixty-seven percent (67%) or more of the Owners vote for such amendment, or without such meeting if all Owners are notified in writing of such amendment, and if sixty-seven percent (67%) or more of the Owners vote for such amendment by written ballot. Notice of any proposed amendment shall be given to all Owners not less than ten (10) days prior to the date of the annual meeting or of any special meeting at which the proposed amendment shall be considered Notwithstanding any of the foregoing, fifty one percent (51%) of all Institutional First Mortgagees who have requested notification of amendments must give prior written approval to any material amendment to the Declaration or Bylaws, including any of the following
- Voting rights,
- Assessments, assessment liens and subordination of such liens,
- Reserves for maintenance, repair and replacement of Common Areas,
- Insurance or fidelity bonds,
- Responsibility for maintenance and repair,
- Contraction of the project or the withdrawal of property from the Properties,
- The boundaries of any Lot,
- Leasing of Housing Units other than as set forth herein,
- Imposition of any restrictions on the right of an Owner to sell or transfer his or her Lot,
- Any decision by the Association to establish self-management when professional management had been required previously by an Institutional First Mortgagee,
- Restoration or repair (after hazard damage or partial condemnation) in a manner other than that specified in this Declaration
- Any action to terminate the legal status of the Properties after substantial destruction or condemnation occurs, or
- Any provisions which are for the express benefit of Institutional First Mortgagees
Section Four: Effective Date Amendments shall take effect only upon recording with the Recorder or Auditor of the county in which this Declaration is recorded
Section Five: Protection of Developer For such time as Developer shall own Lots located in the Properties there shall be no amendments to the Declaration, the Articles of Incorporation, the Bylaws of the Association, or any Rules and Regulations adopted by the Association which
- Discriminate or tend to discriminate against the Developer's rights
- Change Article I ("Definitions") in a manner which alters the Developer's right or status
- Alter the character and rights of membership or the rights of the Developer as set forth in Article III
- Alter its rights as set forth in Article! relating to architectural controls
- Alter the basis for assessments, or the Developer's exemption from assessments
- Alter the number or selection of Directors as established in the Bylaws
- After the Developer's rights as they appear under this Article
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