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| 04/24/25 09:20:36 | [ Login ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4 ] |
| Subject: I have found what I was looking for, the board has in fact acted illegally. | |
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Author: Butch Huber |
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Date Posted: Thu, Sep 17 2009, 12:09:57 In reply to: Lori 's message, "Up but with protections" on Tue, Sep 15 2009, 23:10:24 This is actually pretty plain and straight forward. I tried to make this short so everyone would read it. Article VII, section 1. Special Actions Requiring Mortgagee Approval. Notwithstanding anything herein to the contrary, unless at least seventy-five (75%) of the first mortgagees (based upon one vote for each first mortgage owned) or owners (other than the Developer) of the individual Lots have given their prior written approval, the Association shall not be entitled to: (c) By act or omission, seek to Abandon, partition, subdivide, encumber, sell or transfer the common facilities. Lori, I know you said that this Article has only to do with the Lender, however, I have found that to be erroneous. Notice in 7.1 where it says, "Owner"? It's easy to miss, it is located between the sets of parentheses. The definitions of the covenants defines the term "owner" as follows: the term "Owner" shall mean and refer to the record owner, whether one (1) or more persons or entities, of the fee interest in any Lot or portion of a Lot, excluding, however, those parties having such interest merely as security for the performance of an obligation. Now, I checked with the Register of Deed office just to make sure that I am correct, and I am the record owner of my property, and not my mortgage company. Therefore, I am the person being spoken of in Section 7.1, as it pertains to me, where 7.1 says, "owners" I did not cast a vote on this matter, the board does not have seventy-five percent written vote on this matter, The board did not hold a proper vote on the matter, therefore they have violated the covenants. Lori, I assumed that you were right about my previous post, and I just skimmed Article 7 rather than going back over it with a fine toothed comb. section 7.6 is "FURTHER RIGHT OF MORTGAGES". That means "Also". What that means is, in addition to the other rights stated in the covenants, in the event of a loss to or taking of the common facilities, when that loss or taking amounts to a value that exceeds Ten Thousand Dollars ($10,000), the Association must notify the lenders. This is not in lieu of a vote of 75% of the mortgagees or Owners for the abandonment of a facility, it is meant to require the association to notify the lenders if there is a storm or some other disaster, theft, or a taking of some sort whenever that disaster, theft, or taking exceeds ten thousand dollars. Turns out I was at least partially right in my previous post. The board doesn't have a leg to stand on in this matter. They have to put the boards back up, and they will be lucky if the members don't force them to reimburse the association for any costs attributed to their actions. I knew in my gut that the board couldn't possibly have a right to take an action such as removing an amenity, it just took me awhile to find the proof. Regardless, it is time to really look at the by-laws and covenants and figure out how to contain and control our board of directors and define exactly what they are allowed to do and what they aren't allowed to do. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Nope | better informed | Thu, Sep 17 2009, 16:17:50 |
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