|
|
 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Wyndham Park Declaration Page 15 8. Any default under the Association Organizational Documents which gives rise to a cause of action against a Lot Owner whose Lot is subject to the mortgage of such holder or insurer, where the default has not been cured in sixty (60) days. No addition or amendment of the Association Organizational Documents shall be considered material if it is for the purpose of correcting technical errors or for clarification only. ARTICLE IX. AMENDMENTS Section 1. Power to Amend. Except as hereinafter provided, amendment of these Covenants (or the Articles of the Association) shall require (a) the consent of Lot Owners exercising not less than seventy-five percent (75%) of the voting power of Lot Owners, and (b) the consent of eligible holders of first mortgages on Lots to which at least fifty-one percent (51%) of the votes of Lots subject to mortgages held by eligible holders of first mortgages appertain. Notwithstanding the foregoing: a. the consent of all Lot Owners shall be required for any amendment effecting a change in: i) the method of allocating liability for common expenses; ii) the number of votes in the Association appertaining to any Lot; or iii) the fundamental purposes to which the Common Areas owned by the Association are restricted; b. the consent of Lot Owners exercising not less that eighty percent (80%) of the voting power of Lot Owners and the consent of eligible holders of first mortgages on Lots to which at least seventy-five percent (75%) of the votes of Lots subject to mortgages held by eligible holders of first mortgage liens appertain shall be required to terminate the Association; c. the consent of eligible holders of first mortgages on Lots to amendments to the Association Organizational Documents shall not be required except in those instances, previously described, in which the eligible holders of first mortgages on Lots are entitled to written notice of such proposed amendment; and d. in any event, Declarant reserves the right and power, and each Lot Owner by acceptance of a deed to a Lot is deemed to and does give and grant to Declarant a power of attorney, which right and power is coupled with an interest and runs with the title to the land and is irrevocable (except by Declarant), for a period of three (3) years from the date of the filing of these Covenants, to amend the Association Organizational Documents, to the extent necessary to conform to the requirements then governing the purchase or insurance of mortgages by The Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, Mortgage Guarantee Insurance Corporation, the Federal Housing Administration, the Veterans Administration, or any other such agency or organization, provided that the appropriate percentage (as described elsewhere herein) of eligible holders of first mortgage liens is obtained, or to correct
|