Section 17.1. Declaration.
Except as otherwise expressly provided for in this Declaration, this Declaration may only be amended by an instrument signed by, or the affirmative vote of the Owners of not less than sixty-seven percent (67%) of the Living Units; provided, however, that the percentage of votes necessary to amend a specific clause within this Declaration shall not be less than the prescribed percentage of affirmative votes required for action to be taken under that clause and provided further that any amendment to this Declaration shall require the prior written consent of the Declarant during the Declarant’s Rights and Obligations Period. Any amendment must be recorded in the Land Records.
Section 17.2. Changes and Modifications by the Declarant.
The Declarant shall have the right, until twenty (20) years after the recordation of this Declaration, or until such time as the Declarant no longer owns any portion of the Property or the Annexable Property, whichever shall occur later, without the consent of the Members of the Association or any other party, to modify, amend or change the Governing Documents at any time and from time to time as the Declarant may deem necessary or desirable (i) to correct errors or omissions herein; (ii) to bring any provision of the Governing Documents into compliance with any applicable governmental statute, rule, regulation, or judicial determination which is in conflict therewith; (iii) to enable any reputable title insurance company to issue title insurance coverage with respect to any portion of the Property; (iv) to enable any institutional or governmental lender, purchaser, insurer or guarantor of Mortgage loans, including, for example FHA, VA, the Federal National Mortgage Association, or Federal Home Loan Mortgage Corporation, to make, purchase, insure or guarantee mortgage loans on Living Units; (v) to reflect changes in the Community Plan, (vi) to satisfy the requirements of any governmental or quasi-governmental agency, (vii) to amend the Marina Plan in accordance with Section 16.2 of this Declaration, or (viii) to subordinate this Declaration to the Golf Course Covenants and/or the Marina Covenants in accordance with Sections 15.5 and 16.6 of this Declaration, respectively.
Section 17.3. Power of Attorney.
Declarant reserves for itself, its successors, transferees and assigns the right to execute on behalf of all contract purchasers, Owners, Mortgagees, and other lienholders or parties claiming a legal or equitable interest in any Living Unit or Community Property, any such agreements, documents, amendments or supplements to the Governing Documents made in accordance with Section 17.2 of this Declaration.
(a) By acceptance of a deed to any Living Unit or by the acceptance of any other legal or equitable interest in the Living Units or Community Property, each and every such contract purchaser, Owner, Mortgagee or other lienholder or party having a legal or equitable interest in any Living Unit or Community Property does automatically and irrevocably name, constitute, appoint and confirm the Declarant, its successors, transferees and assigns, as attorney-in-fact for the purpose of executing such agreement, document, amendment, supplement and other instruments) necessary to effect the foregoing, subject to the limitations set forth herein.
(b) No such agreement, document, amendment, supplement or other instrument which adversely affects the value of a Living Unit, or substantially increases the financial obligations of an Owner, or reserves any additional or special privileges for the Declarant not previously
reserved, shall be made without the prior written consent of the affected Owner(s) and all owners of any Mortgage(s) encumbering the Living Unite owned by the affected Owners). Any such agreement, document, amendment, supplement or instrument which adversely affects the priority or validity of any Mortgage which encumbers any Living Unit or Community Property shall not be made without the prior written consent of the owners of all such Mortgages.
(c ) The power of attorney aforesaid is expressly declared and acknowledged to be coupled with an interest in the subject matter hereof and the same shall run with the title to any and all Living Units and Community Property and be binding upon the heirs, personal representatives, successors, transferees and assigns of any of the foregoing parties. Further, said power of attorney shall not be affected by the death or disability of any principal and is intended to deliver all right, title and interest of the principal in and to said power of attorney. Said power of attorney shall be vested in the Declarant, its successors, transferees and assigns until fifteen (15) years after the recordation of this Declaration, or until such time as the Declarant no longer owns any portion of the Property or the Annexable Property, whichever shall occur later. Thereafter, said power of attorney shall automatically vest in the Association to be exercised by its Board of Directors.
Section 17.4. Validity and Effective Date of Amendments to the Declaration.
Amendments to this Declaration shall become effective upon recordation in the Land Records, unless a later effective date is specified therein. Any procedural challenge to an amendment must be made within thirty (30) days of its recordation or such amendment shall be presumed to have been validly adopted. In no event shall a change of conditions or circumstances operate to automatically amend any provisions of this Declaration.
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