Book: 5327 Page: 4002
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Articles, these By-La\\'S or the Declaration, then the ~,\rticles, By-Laws or Declaration, as the case n1ay be, shall go,'em..
ARTICLE X'\triII
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AMENDMENT OF THE BY-LA\VS
18.01 U11til such time as Owners, other than the Declarant, art:~ entitled to elect the Board of Directors, Declarant reserves the right to amend, modify alter an.y of the provisions of these By-Laws. 18.02 At such time as Owners, other than Declarant, are entitled to elect the Board of Directors, these By-Laws may be amended by the affirmative vote of Voting Members representing not less than seventy-five (75%) of the votes presented at an Annual Meeting or a special meeting of the Members and the affirmative approval of a majc~rity of the Board of Directors at a regular or special meeting of the Board of Directors. A c:opy of the proposed amendment shall be sent to each Member along with the notice o.f the s1:,ecial meeting of the Members or Annual Meeting. An amendment ma) 7 be approved at the same meeting ofthe Board of Directors and/or Members at which such amendment is proposed. 18.03 An amendment may be proposed by either the Board of Directors or by the Members, and after being proposed and approved b}~ one of such bodies, it must be approved by the other as above set forth in order to become enacted as an amendment. 18.04 Amendments to these By-laws shall be n1ade in accordance vvith the requirements of the law and amendments thereto in effect at the time ofamendment. 18.05 No modification or amendment to these By-Laws shall be effective which would affect or impair the priority or validity of a mortgage held by any Institutional Mortgagee or Declarant, without the Institutional Mortgagee's or Declru~ant's prior written consent.
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