| |||||||||||||||||
| |||||||||||||||||
|
Events
MEMBER'S ONLY MEMBER'S LOGIN |
21 BML Covenants 21. TERM
AND AMENDMENT
21.1 Term. The provisions of this Declaration shall become
effective when recorded in the Office for Recording of Deeds, Luzerne County,
Pennsylvania. This Declaration shall affect and run with the land and shall
exist and be binding upon all parties claiming an Interest in the Development
for forty (40) years from date of recording, after which time the same shall be
extended for successive periods of ten (10) years each if an instrument signed
by the Board of Directors certifying that such extension has been approved by
an affirmative vote of two-thirds (2/3) of the then record Owners of the total
Interests in the Development and has been recorded in the Office for Recording
of Deeds, Luzerne County, Pennsylvania, agreeing to extend this Declaration, in
whole or in part, whereupon this Declaration and the other Association
Instruments shall continue to apply to such Interests for an additional period
of ten (10) years. This same procedure shall be followed prior to the
termination of said ten (10) year period and each succeeding ten (10) year
period. ć 21.2 Termination. This Declaration shall continue to
be effective for a period of forty (40) years from the date of the recording of
this Declaration and for each successive ten (10) year period that this
Declaration is extended as provided in Section 21.1 or until such time as
termination is authorized at a duly convened meeting of the Association by (i)
an affirmative vote of all Owners owning no less than seventy-five percent
(75%) of the Interests in the Development; and (ii) upon the consent of
Mortgagees of Record holding mortgages on Interests representing an aggregate
ownership interest of seventy-five percent (75%) of the Development property
submitted to this Declaration; and (iii) by the prior written approval of the
Association; and (iv) the Declarant for as long as it owns one (1) or more
Interest in the Development. In the event the Owners vote to terminate the plan implemented by this
Declaration, the Board of Directors shall file an amendment in the Office for
Recording of Deeds, Luzerne County, Pennsylvania, terminating this Declaration
and certifying that such termination has been approved by all parties
designated in the paragraph above. The provisions of this Section 21 shall not be subject to
amendment without prior written consent of the Declarant for as long as it owns
one (1) or more Interest in the Development. ć 21.3 Amendment by owners. Subject to the rights of the
Declarant under Section 21.4, this Declaration may be amended at any time after
December 31, 1985, by the affirmative vote of the then record Owners of
two-thirds (2/3) of the total Interests in the Development as long as such
amendment does not operate to annul any material part hereof. Each such amendment of this Declaration shall be evidenced by an
instrument in writing, signed and acknowledged by the Declarant, until such
time as a Association is operational, and thereafter, by any two (2) officers
of the Association, setting forth in full the text of such amendment, the
appropriate recording data for this Declaration, and certifying that such
amendment has been approved by the affirmative vote of the then record Owners
of two-thirds (2/3) of the total Interests in the Development. Said amendment
shall become effective upon the recording of said instrument in the Office for
Recording of Deeds, Luzerne County, Pennsylvania. Notwithstanding the above, any amendment to Sections 2, 11, 21.2 or any
provision which materially affects the rights and privileges of Declarant shall
not become effective unless and until approved, in writing, by Declarant.
Further, the Owners shall have no power to enact an amendment to this
Declaration that materially affects the rights or security interests of any
Mortgagee of Record, without first obtaining the written consent of such
affected Mortgagee of Record. Notwithstanding the above, a Community Declaration shall be
amended only as provided in each respective Community Declaration. ć 21.4 Amendment by Declarant. Declarant reserves the right to
amend this Declaration, without the approval of any other Owners or the
Association or Mortgagees of Record, for whatever reason, at any time prior to
December 31, 1985. Anything herein to the contrary notwithstanding, Declarant reserves the
right and power to record an amendment to this Declaration at any time and from
time to time which amends this Declaration (i) to comply with requirements of
the Federal National Mortgage Association, the Government National Mortgage
Association, the Federal Home Loan Mortgage Corporation, the Department of
Housing and Urban Development, the Federal Housing Administration, the Veterans
Administration, or any other governmental agency or any other public,
quasi-public or private entity which performs (or may in the future perform)
functions similar to those currently performed by such entities, (ii) to induce
any of such agencies or entities to make, purchase, sell, insure, guarantee or
otherwise deal with first mortgages covering Units, (iii) to correct clerical
or typographical errors in the Declaration or any exhibit thereto, (iv) to
bring the Declaration into compliance with applicable laws, ordinances or
governmental regulations, (v) to amend the Declaration so as to establish a
date certain as to Declarant's termination of control of the Association as
provided in Section 11.3, or (vi) to restate or compile all previous amendments
into a single document. As provided in Sections 4.1, 5.1 and 16.1, as long as it is deemed the
Owner of any Common Area, Community Common Area or Sports Facility, Declarant
reserves the right to change the arrangement of such Common Area, Community
Common Area or Sports Facility, to construct additional Common Areas, community
Common Areas and Sports Facilities, to remove any Common Areas, Community
Common Areas or Sports Facilities from the scope of this Declaration. Declarant
has the right to unilaterally effectuate any such amendments to this
Declaration as may be necessary or required in Declarant's sole discretion, to
effectuate such actions, provided that such amendment shall not increase the
proportion of Common Expenses borne by Owners, decrease an Owner's voting rights
or decrease the size of an Owner's Interest. In addition, pursuant to Section 7.4, prior to the Turnover Date, the
Declarant reserves the right and power to record an amendment to this
Declaration to establish additional categories of properties and ratios for the
allocation of the Association Assessment for such additional categories. In furtherance of the foregoing, a power coupled with an interest is
hereby reserved and granted to the Declarant to make or consent to such
amendments on behalf of each Owner. Each deed, Membership Certificate,
mortgage, trust deed, other evidence of obligation, or other instrument
affecting a Unit and the acceptance thereof shall be deemed to be a grant and
acknowledgment of, and a consent to the reservation of, the power to the
Declarant to make, execute and record such amendments. The right and power to
make such amendments hereunder shall terminate at such time as the Declarant is
no longer vested with or controls title to any Interest in the Development. Any such amendments to this Declaration shall become effective upon the
recording in the Office for Recording of Deeds, Luzerne County, Pennsylvania,
of an instrument executed by Declarant, setting forth the text of such
amendment in full, together with the appropriate recording data for this
Declaration. Such amendment need only be executed and acknowledged by
Declarant, and need not be consented to by any Owners, Community Association,
the Association, any Mortgagees of Record, lienholders or any other parties. Notwithstanding the above, a Community Declaration shall be
amended only as provided in each respective Community Declaration. ć | ||||||||||||||||
| |||||||||||||||||
print
