Declaration of Horizontal Property Section 18

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18. Amendment of Declaration.

 

Amendments to this Declaration and any exhibits thereto may be made by Declarant at any time during the period Declarant retains control of the Board of Directors to correct errors in the legal description, if needed, or any other errors in the condominium documents or to make such other changes in this Declaration, the By-Laws and all exhibits thereto which do not materially affect any rights of any Owner or Mortgagee including, but not limited to, amendments for the purpose of facilitating conventional mortgage loan financing for existing or prospective Owners and to enable the purchase of such mortgage loans by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Government National Mortgage Association and/or any other agency of the Federal government or the State of Indiana or other lender without the consent or permission of any Owners or Mortgagees. Amendments other than those which may be by Declarant as aforesaid, shall be proposed and adopted in the following manner:

 

(a) Notice.

 

Notice of the subject matter of the proposed amendment shall be included in the notice of any meeting at which the proposed amendment is considered.

 

(b) Resolution.

 

A resolution to adopt the proposed amendment may be proposed by the Board of Directors or a majority of the Owners or Declarant.

 

(c) Meeting.

 

The resolution concerning a proposed amendment must be adopted by the designated vote of Owners at a meeting duly held in accordance with the provisions of the By-Laws.

 

(d) Adoption.

 

Any proposed amendment to this Declaration must be approved by a vote of not less than 75% of the Percentage Interests of the Owners of all Units. A Mortgagee shall be notified of the meeting and the proposed Amendment in the same manner as an Owner.

 

(e) Special Amendments.

 

No amendment to this Declaration may be adopted which changes (1) the Percentage Interest with respect to any Unit or the Applicable share of an Owner's liability for the Common Expenses, or (2) the abandonment or termination of the Horizontal Property Regime (except in the instance of complete destruction of all Buildings under paragraph 15 and the relevant law applicable thereto) without the approval of 100% of the Owners and the written approval of each Mortgagee. Additionally, no amendment to this Declaration which materially adversely affects the rights of any Mortgagee, or which permits a Unit to be partitioned or subdivided or which gives an Owner or any other party priority over any rights of a Mortgagee in case of distribution of insurance proceeds or condemnation awards upon the taking of any portion of the Tract by eminent domain can be made without the written approval of all Mortgagees.

 

(f) Recording.

 

Each amendment to the Declaration made by Declarant shall be executed by the Declarant with all other amendments being signed by the President and Secretary of the Association and acknowledged before a Notary Public, and shall be recorded in the office of the Recorder of St. Joseph County, Indiana, and any such amendment will not be effective until so recorded.