Don't pass it until you find out what is in it!


Laguna Woods Village, California

Subject: Golden Rain Foundation Trust and GRF Bylaws. Amendments to the Trust by the Mutuals.
 
       The Third Laguna Hills Mutuals comments by Isabel Muennichow, Secretary of the
Third Board stated that 2/3 of the Corporate Members could Vote to Amend the Trust. 
Isabel did not read Article XVI of the "88"  Amended and Restated Declaration of Covenants,
Condition and Restrictions (CC&R's). 
 
       Article XVI (2) Amendments states: "Notwithstanding the foregoing, NO Material
Amendment SHALL become effective without the VOTE or WRITTEN consent of t least sixty-seven percent (67%) of the OWNERS and the APPROVAL of at least fifty-one percent
(5l%) of Eligible Mortgage Holders.   For the purpose of this Section, the term "material
amendment" SHALL mean to the provisions of these Restrictions Governing the following
subjects ;
        (a)   Voting Rights;
        (b)    Assessments, assessment liens, or subordination thereof;
        (c)    Reserves for maintenance, repair and replacement of the Common Area;
        (d)    Responsibility for maintenance and repairs;
        (e)    Reallocation of Interests in the Common Area or Limited Common Area, or right
                 of their use;
         (f)    Boundaries of any Unit;
         (g)   Convertibility of Units into Common Area or vice versa ;
         (h)   Expansion or construction of the Project, or the addition, annexation, or
                withdrawal of property TO or FROM the Project.
         (i)    Insurance or Fidelity bonds;
         ((j)   Leasing of Units;
         (k)    Imposition of any restriction on an OWNER'S right to SELL or TRANSFER his
                 or her UNIT.
         (l)    A DECISION by the MUTUAL to establish SELF-MANAGEMENT when
                PROFESSIONAL MANAGEMENT had been Required previously by an
                Eligible Mortgage Holder;
         (m)  Restoration or repair of the Project (after a hazard damage or partial
                condemnation) and the allocation of distributions of hazard insurance proceeds
                or condemnation awards in a manner other than as specified in these
                RESTRICTIONS.
         (n)   Any action to terminate the legal status of the Project after substantial
                destruction or condemnation occurs; or
         (o)   Any provisions that expressly benefit Mortgagees, insurers, or quarantors.
 
          Maybe the BOARDS should read the CC&R's, as the 12,736 HOMOWNERS
DO have the right to VOTE , NOT the CORPORATE MEMBERS on the above amendments of the "88" CC&R's,The GRF ORIGINAL TRUST and Amendments to the
Trust and GRF"S Bylaws.
 
                                                Noni and Corkey Eley. 

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