Section A. Amendments to these Bylaws may be proposed by the Board of Directors of the Association acting upon the vote of a majority of the directors of the vote of one third or more in number of the members of by instrument in writing signed by them.

Section B. Upon any such amendment being proposed, a meeting for consideration of the same shall be duly called in accordance with the provisions of the Association Bylaws.

Section C. Except as restricted by Section E of this Article VIII, these Bylaws may be amended by the Association at any regular annual meeting or a special meeting called for such purpose, by the affirmative vote of not less than sixty-six and two-thirds (66 2/3%) percent of all co-owners both in number and in value.

Section D. Prior to the First Annual Meeting of members, these Bylaws may be amended by the first Board of Directors upon proposal by Developer, without approval from any person, to make such amendments as shall not increase or decrease the benefits or obligations, or materially affect the rights of any member of the Association.

Section E. Any amendment to these Bylaws (but not the Association Bylaws which may be amended as provided therein) shall become effective upon recording of such amendment in the Office of the Register of Deeds for losco County. Without the prior written approval of all institutional holders of first mortgage liens on any units, no amendmcnt to these Bvlaws shall become effective which involves any change, direct or indirect, in Article I Sections C and D(2), Article II Sections C(1), D and G, Article IV Section A(4). Article V Sections A, D, F, G and H, Article Vl Section M(6), Article VII Section A, of this Article Vlll Sections C and E.

Section F. A copy of each amendment to these Bylaws shall be furnished to every member of the Association after adoption provided, however, that any amendment to these Bylaws which is adopted in accordance with this Article Vlll shall be binding upon all persons who have an interest in the Condominium Project irrespective of whether such persons actually receive a copy of such amendment.

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