Several of the issues on which the owners will be voting on are two separate amendments, two articles of section 17 of the declaration.
The first is an amendment of 17.01 which incorporates a prior resolution of the board to preclude leasing units solely for a commercial enterprise.
If approved the proposed amendment to section 17.01 and section 17.04 would read as follows;
17.01 To promote and maintain the character of the condominium as an owner occupied community and to preclude unit ownership solely for investment purposes, the provisions of this section shall apply to all transfers of the ownership of a Unit or right to occupy a Unit.
No transfers, as defined herein, shall be approved for transfer to any corporation, IRA, or any other legal entity or commercial enterprise which by its structure cannot itself occupy a unit as a single family residential dwelling.
17.04 The approval of the Board shall be in recordable form, signed by an officer or agent of the Association, and shall be delivered to the transferee. If the Board fails to timely act on a proposed Transfer as required by Paragraph 17.02, the Board shall still be obligated to deliver to the transferee the required written approval. The Board shall not approve any Transfer, other than by inheritance, which will result in any individual having an Ownership Interest in more than two (2) Units . The term “Ownership Interest” shall include ownership of stock in one or more corporations, ownership of a membership interest in one or more limited liability companies, ownership of a partnership interest in a limited or general partnership, the beneficiary of one or more trusts, ownership of a unit jointly with any other person or entity, or any combination of the foregoing. The intent of this Paragraph 17.04 is to prevent any individual from having any ownership interest, other than by inheritance, of any nature or extent in more than two (2) units the limitations set forth in this Paragraph 17.04 shall only apply to Transfers which occur after this Amended and Restated Declaration has been recorded among the Public Records.
The Board joins the unanimous recommendation of both the legal and document committee that these two amendments be approved at the annual meeting.
On a lighter note the women’s main bathroom at the Clubhouse came in on time and under budget so we will be moving forward with the renovation of the men’s main bathroom at the clubhouse.
The exercise room renovation is almost complete. Here is a look at the progress….. check out the rowing machine!