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
(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
(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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