HomeMy WebLinkAbout2664 ARTICLE III
:lF~iBERSHIP AA'B VOTIA]G RIGHTS IN THE ASSOCIHfION
Section 1. Membershi . Every person or entity who is a record owner of
a fee or undivided fee interest in any Lot or Living Unit which is subject by
covenants ~f record to assesseeent by the Association sha~l be a member of the
Association, ~rovided that any such person or entity who holds such interest merely
as a security for the performance of an obligation shall not be a member.
. Section 2. Yoting Ri,~hts. The Association shall have two classes of vot-
ing membership.
Class A. Class A members snall be all those owners as defined in
Section 1 with the exception of the Developer. Class A members shall be entitled
to one vote for each Lot or Living Unit in which they hold the interests required
for membership by Section 1 of this Article. When more than one person holds
such interests or interests in any Lot or Living Unit all such persons shall
be members, and the vote for such Lot or Living Unit shall be exercised as they
among themselves determine, but in no event shall more than one vote be cast with
respect to any such Lot or Living Unit.
Class B. Class B members shall be the Developer. The Class B member
shall he entitled to three votes for each Lot_ in which it holds the interest re-
quired for membership by Section 1 of this Article and for every Living Unit in
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; any Multifamily Structure owned by it until such Living Unit is first sold or
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~ leased, provided that the Class B membership shall cease and become converted
[o Class A Me~ership on the happening of any of the following events, whichever
occurs earlier:
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(a) when the total votes outstanding in the Class A taembership
equal the total votes outstanding in the Class B membership; or
' (b) on January 1, 1982.
From and af ter the h appening of these events, whichever occurs earlier, the Class
B member shall be deemed to be a Class A member entitled to one vote for e~ch Lot
~ or Living Unit in which it holds the interests revuired for membership under
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~ Section 1 of this Article.
For purposes of determining the votes allaaed under this Section, when Living Units
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~ are cour.ted, the Lut or Lots upon which such Living Units are situated shall not
be counted.
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