The
name of this corporation is LA VETA MONTEREY CONDOMINIUM
ASSOCIATION, INC., a California non-profit corporation,
its successors and assigns.
Section
2. Purpose
This
Association shall be formed and shall operate as an incorporated
association immediately after the adoption of these By-Laws
by the incorporating directors as set forth in the Articles
of Incorporation of this corporation. An organizational
meeting of members shall occur within forty-five (45)
days after the close of sale of the first unit in the
project which represents the fifty-first (51st) percentile
interest authorized for sale under the first Public Report,
but no later than six (6) months after the close of sale
of the first unit in the project.The purpose of the Association
is to perform the powers and duties thereof, as set forth
in these By-Laws and in the Declaration of Covenants,
Conditions and Restrictions, hereinafter referred to as
the "Declaration," heretofore recorded for the
benefit of the project and for the benefit of all purchasers
and owners of residential units in the project. Should
there be in any inconsistency between the provisions of
these By-Laws and the Declaration, the provisions of the
Declaration shall control.
Section
3. Location
The
Association shall have it principal office at the condominium
project site, in the City of Orange, County of Orange,
State of California or as close thereto as practicable
within said City as the Board may determine or as the
affairs of the Association may require from time to time.
