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Question--Can the Ass'n legally purchase and destroy one cottage without amending the CC&R's?
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A proper response to your question may depend on whether yours is a condominium association or a homeowner's association. If it's the former, an amendment is almost certainly necessary as ownership shares are based on square footage of each unit. In this case, one of six cottages would be destroyed and maintanance fees for the owners of the other five must increase to compensate. Because this represents a significant change in ownership and configuration, state statutes will likely require the amendment.
If yours is a homeowner's association, however, the rules are probably different. Many such associations levy fees based on less rigid criteria. If these "cottages" are guest houses or cabanas that are parts of the amenities package operated by the association, the board has more autonomy and may be able to make such decisions without approval of the membership.
Read your CC&Rs carefully, then explore the state statutes which regulate your association. If there is obvious wrongdoing by the board you may choose to challenge them directly or, if potential losses warrant, enlist the services of a local attorney.