Park River Oak Estates Homeowner's Association

CC&Rs

ARTICLE XII
Partition of Common Area

[12.1] Section 1. Suspension or Right of Partition. Except as expressly provided in this article XII, an Owner shall have no right to partition or divide his or her ownership of the Common Area. Partition of the Common Area can be had on a showing that the conditions to such partition as stated in article XI, or in article X or in California Civil Code section 1359 have been met. Nothing in this Declaration shall prevent partition of a co tenancy in a Lot.

[12.2] Section 2. Distribution of Proceeds Upon Partition. Proceeds of property resulting from a partition shall be distributed to and among the respective Owners and their Mortgagees as their interests appear in proportion to the ratio that the fair market value of each Owner’s Lot bears to the fair market value of all Owners’ Lots determined by appraisal as provided herein, but as of a date immediately prior to the event giving rise to the right of Owners to partition the Common Area.

[12.3] Section 3. Power of Attorney. Pursuant to California Civil Code section 1355(b)(9) each of the Owners irrevocably appoints the Association as attorney-in-fact and irrevocably grants to the Association full power in the name and stead of such Owner to sell the entire Project, and to execute deeds and conveyances to it, in one or more transactions, for the benefit of all Owners when partition of the Project may be had under Civil Code section 1359 and under the circumstances authorizing partition under this Declaration. The power of attorney shall (a) be binding on all Owners, whether they assume the obligations under this Declaration or not; (b) be exercisable by a majority of the Board acting on behalf of the Association, subject to obtaining the prior approval by vote or written consent of 75 percent of the Owners and 75 percent of all institutional first Mortgagees; and (c) be exercisable only after recordation with the County Recorder of a certificate executed by those who have power to exercise the power of attorney that the power of attorney is properly exercisable under Civil Code section 1359. This certificate shall be conclusive evidence of proper exercise in favor of any person relying on it in good faith.