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^ CCRTIFICATE OF AMEND*4ENT
~ OF
ARTICLES OF INCORPORATIO'~T
OF '
CAPSTAi1 I , ItiCORPORATED
CAPSTA.~ I, INCORPORATED, a Florida corporation not for
profit, under its corporate seal in the hands of its President,
ROBERT JOHNSTONE, and its Assistant Secretary HELEV ZIyi:~LER, hereby
certify that: - -
1. That a joint meeting of the Board of Directors of
said corporation and all the members of said corporation was held
on August 29, 1974, and at said meeting, at cvhich 1008 of ~he mem-
bers~of the corporation were present, the Board of Directors and
members unanimously adopted the following resolution: ~
RESOLVED, ARTICLE XII, of the Articles of Incorpor-
ation is amended to read as follows:
ARTICLE XII
Amendments ~
1. These Articles of Incorporation may be amended at
a special meetinq of the membership called for that
purpose, by approval of the members representing afR ~a
least 75$ of the votes in the condominium. A~ ~
i ~
~ 2. Amendments may also be made at a regular mee~'~ig ~7
~ of the membership upon notice given, as provide o~ ~ r-
the By-Laws, of intention to submit such amendmsnfis.~ R7
a~ ~ ~
3. No amendment shall be passed which shall impa~.r ~r
prejudice the rights and priorities of any mortgS?~e~+
No amendment shall change the provisions of these ,
articles with respect to institutional mortgagzes with- -
out the written approval of all institutional mor~gagees
of record. No amendment shall change the rights and
privileges of the Developer without the Developer's
written approval. In the event that (a) the Construction
Lender, its successors or assigns, acquires title to the
property submitted to condominium ownership in any condo-
minium for which this corporation is the Association, or
any portion of said property by foreclosure (including
sale under the terms of any Deed of Trust or by Deed in
Lieu of Foreclosure or by any other method) or (b) at a
foreclosure sale a third party acquires title to said pro-
verty, or any portion thereof, the proceeds of •f~n=ch are
~ applied to satisfy the indebtedness of the Develo~er to
~ the Construction Lender, then the Construction Len3er or
such purchaser shall have all the rights, pri~~ileges,
~ powers and benefits of the Developer under ':hese Articles
of Incorporation.
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