Proposed Amendments: On August 10, 2016, A Proposed Amendment package was mailed out to each unit owner with the below cover letter: Dear Unit Owners, On Thursday August 4, 2016, at a duly noticed meeting of the Board of Directors, a majority(6-0) of the Board of Directors of the Presidential Condominium Owners Association, Inc. have approved of the proposed amendments to articles 11.12 and 16.2 of the Declaration and approved of the submission of the proposed amendments to the unit owners for approval. Under our current article 11.12 which reads that “No apartment owner shall own more than one apartment at a time”, we the Board of Directors agree and have seen that this is not enough in keeping a person or persons of owning multiply units in the Presidential Condominium. What is happening is that persons interested in purchasing additional units and has already a unit, these persons are creating Limited Liability Companies (LLC) throughout the country and titling the purchase under the company’s name. As unit owners and Board members, we cannot let this happen as we would lose control of the building.  This Board of Directors recommend unit owners vote to APPROVE the Proposed Amendment. Under our current article 16.2 which states, a resolution adopting a proposed amendment must bear the approval of not less than a majority of the Board of Directors and 75 percent of members of the Association. Well, that would be fine if all the unit owners would take the time to vote. The Board of Directors agree that new and more clearly written text should be added to article 16.2 stating action taken by the Board will require not less than approval by a majority of the Board of Directors and the approval of 75% of those members of the Association in attendance in person or by proxy at a duly authorized meeting called for that purpose. This Board of Directors recommend unit owners vote to APPROVE the Proposed Amendment. Enclosed are the new Proposed Amendments, voting certificate and your voting proxy. Should you have any questions completing the enclosed, please contact Monica Sosa in the Association office. Please make sure to mail, email or fax your vote in before the deadline date. 

Board of Directors

Unit owners, as most of you are aware, our governing documents are from the 1970’s with little or no revisions to keep up with today’s issues and government changes. We ask that each and every unit owner get involved by voting and making a difference……read over the material received and ask questions if you don’t understand the proposals. If you have not received a Proposal package, please contact Monica Sosa in the Association Office.