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Article XVI - Amendment

LA VETA MONTEREY CONDOMINIUM ASSOCIATION
Phase 1, Parcel 1 of Parcel Map No. 79-756
City of Orange, County of Orange
State of California

Article XVI
Amendment

Section 1. Subsequent to Close of First Escrow
Subsequent to close of first escrow, each and all of the covenants, conditions and restrictions contained herein, may be modified, amended, augmented or deleted in the following manner and not otherwise: by execution of either an amended Declaration or amendment to this Declaration, duly executed and acknowledged by not less than seventy-five (75%) percent of the voting power of the Association residing in members other than Declarant (except that any amendment to Article XIV, Protection of Lenders, shall also require the consent of the beneficiaries holding seventy-five (75%) of first trust deeds which may be then be recorded as valid encumbrances against the project or any portion thereof), provided that the percentage of the voting power necessary to amend a specific clause or provision shall not be less than the prescribed percentage of affirmative votes required for action to be taken under that clause. Further, so long as the two-class voting structure is in effect in the Association, the Declaration may not be amended without the vote or written consent of seventy-five (75%) percent of each class of membership. Said amended Declaration shall not be effective for any purpose unless and until recorded in the Office of the County Recorder, but shall thereafter be conclusive and presumed to be valid as to anyone relying thereon in good faith.

Section 2. Prior to Close of First Escrow
Prior to the close of the first sales escrow, Declarant shall the right to amend this Declaration, by executing and recording, with consent of beneficiaries of all trust deeds then of record, the desired amendment, after receiving the prior written approval of the California Department of Real Estate and any other sate administrative agency then having regulatory jurisdiction over the project, and the recording of said amendment shall be presumed to be valid as to anyone relying thereon in good faith.

Section 3. Approval of the City
Any amendment which would defeat the obligation of the Association to maintain the Common Area is a first class condition and in a good state of repair, or which would defeat the assessment procedure to insure said maintenance, must first be approved in writing by the City of Orange..

   

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