Second home riders

Here's the deal, looking for comments.

65 unit condo. Documents allow renting, resort area on Beach.

Buyer purchases unit and assumed second home rider that forbides renting.
Owner decides to rent anyway. Our CC&R's says when owner rents his unit he assigns his rights, except voting, to the tenent. Like a lot of resort areas,some of our condos are bought as investment and financing can be from places all over the country. Some are Fannie Mae, some not, some are adjustable, some interest only. Now in view of the owner apparently violating the mortgage, the regime Board not showing any interest in any of this and the rentals are now maybe, 40 out of 65, what to do by a home owner.
Is this situation a threat to the 25 owners that don't rent. Obviously high interest financing can be found to buy these places. The owner/rental ratio is way to high, the board don't seem to care, and my concern is to be able to just live here comfortably and securely. At most, 10 years I'll be dust, but I'm still concerned about these ten years.

All not necessarily referring to a particular complex.

Roger,
Our docs. allow renting. The board will not set an occupancy level.
There is a requirement under our Rental section that stipulates a Lease agreement should be signed and submitted to the Regime ten days before each rental; the board will not enforce. There is a provision in this section that stipualtes when a place is rented the owner grants all his rights to the tenant, except voting. The riders are added by the Financial Institutions.
The riders seem to say (to me) that the owner can't rent, which they do (not an uncommon practice if what I read is accuarte). In another section of our Master Deed it state that all deeds must be General Warranty Deeds. My problem is trying to figure out how this is going to effect me, and others, that live here fulltime, or actually use their place as a second home. I believe Fannie mae would not finance a general Warranty Deed or any deed unless there is a rider and our renter/nonrented percentage is above 30%. I understand there are all kinds of companies providing mortgage money but all have to consider if the condo is going to be rented which means an investment property. I know this is a complicated problem, but I would imagine there are a lot of people in the same boat. IF the board understands the perils of having too many units for rent and are willing to control this the problem wouldn't be there, and IF the Board enforced the Master deed the problem wouldn't be there, but that is not happening. The way it seems to work is: Buyer A finds a place he likes, gets a realtor and makes the deal with the owner. Buyer gets someone to finance his purchase, with or without the help of the realtor. Whoever puts up the money and establishes interest rate or type monrtage. They add a second home rider, go to lawyer seal the deal and property is registered at Court house. At no time does the buyer have anything to do with the regime unless he happens to contact regime. The financials are all done without Regime input or interest (apparanetly).
Do I and my ilk have anything to worry about? I know if I decide to sell my place right now, my market might be restricted because money will be harder to get in a complex that has so many rentals.

Robert, as you are painfully aware this is a tough situation. You can try to: 1) replace the Board members with new ones who live there and will enforce the master deed; and/or amend the Declaration (will be difficult).

Roger,
I don't know what I am going to be able to change. What I would like to know is: Are the people that don't rent going to have to suffer any financial loss because of the present situation. A new board will not change the numbers, the bell has been rung because of inattentivenass by our boards over the years. If a change is to be made thgere has to be ab education of all owners of the facts. What penalty do the people that don't rent pay, especially when the go to sell property. Is this kind of thing going to effect the economy as a whole if it is wide spread, e.g. renting in violation of the Mortgage or if the Condo Board is strong enough to control renting numbers in the Regime?