84000586 - Laserfiche WebLink

Browse

__,.w q 84 -~" '' ~~ 058 0 ICLE XI. TP.RMINATTON OR AMENDMENT. Section 1. Termination. Except as otherwise provided, owners of all of the suites in any of the Condominia shall have the right to terminate this Condominium Property Regime, subject to the conditions of Section 76-812 of the Condominium Act, by unanimous ar_tion. However, before so acting they must give sixty (60) days prior written consent to all of the then members of the Association. Section 2. Amendment by Members. There shall be no amendment to these By-Laws unless seventy-five percent (75e) or more of the members of the then Association shall have voted therefor in the affirma- tives at a special or annual meeting; provided, however, that percentage voting requirements contained in these By- laws shall not be amended by a lesser percentage vote than ' that sought to be amended, and provided further that such amendment shall have the approval of more than fifty percent (SOR), in number, of the first mortgagees of record in all of the Condominia upon the date of adoption of said amendment. Section_3. Amendment by Develo er. Anything contained in these By-Laws or in the Master Deed or Articles of Incorporation to the contrary notwith- staniiing, until December 31, 19R4, or until Developer re- leases control of the Association, whichever first occurs, Developer reserves the right to supplement or amend these I3y-taws Inr clarification, correction or otherwise in the best interests of all suite owners, including Developer; provided that any such supplement or amendment shall be approved try more than fifty percent (SOR), in number of all existing first mortgage holders of record, in writing. ARTICLE XII. RECORDS. Section 1. Records and Audit. The Board of Administrators or the managing agent shall keep detailed records of the actions of the Board of Ad- ministrators and the managing agent, minutes of the meetings of the (bard of Administrators, minutes of the meetings of the Association, and financial records and books of account of the Association, including a chronological listing of receipts and expenditures. Those records shall also include a separate account for each suite which shall contain the amcunt of each assessment of common charges against such suite, the date when due, the amounts paid thereon, and the balance remaining unpaid. A written report summarizing all receipts and expenditures of the Association shall be rendered by the Board of Administrators to all suite owners at least semi-annually. In addition, an annual report of the receipts and expenditures of the Association, certified by an independent accountant, shall be rendered by the Board of Administrators to all suite owners and to all mortgagees of suites who have requested the same, promptly after the erd of each fiscal year. The expense of the certified audit shall be paid by those requesting it unless a majority of tits members of the Association vote in favor of a certified audit at a regularly called meeting. ARTICLE XIII. MISCELLANEOUS. SeCtiOn 1. NOtiCeS. All notices hereunder shall be sent by registered or -I9-