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~ ~ ARTICLB III
?@lBERSHIP AND VOTING 1tI(~iTS IN 1H8 ASSOCUTION~
Sectioa 1. Hembership. E~ery person or entity who is a record oimer of
a fee or undivided fee interest in any Lot or Living Uait which is subject by
covenanta of record to assessment by the Association shall be a member of the
Association, provided that a ny auch person or entity who holds such interest merely
as a security for the performance of an obligation shall not be a member.
. Section'2. Voting Rights. Zhe Association shall have two classes of vot-
ing membership.
Class A. Class A members shall be all those awners•as defined in
Section 1 with the exception of the Developer. Class A members shall be eatitled
to one vote for each Lot or Living Unit in which theq hold the interests required
for membership by Section 1 of this Article. ~+)hen more than one person holds
such interests or interests in any Lot or Living Unit all such persons shall
be mead~ers, and the vote for such Lot or Living•Unit shall be euercised as they
among themselves determine, but in no event shall more than one vote.be cast with
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respect to anq such Lot or Living Unit. .
,Class B. Class B members shall be the Developer. 1he Class B member #
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shall be entitled to three votes for each Lot in which it holds the interest re- ~ ~
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quired for me~ership by Section 1 of this Article and for every Living Unit in ~
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; • any Mult~family Structure owned by it until such Living Unit is first sold or ~
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E leased, provided that the Class B membership shall cease and become converted ~ ~
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~ to Class A Membership on the happening of any of the following events, whichever
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~ occurs earlier:
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(a) when the total votes outstanding in the Class A membership
~ e ual the total votes outstandin in the Class B membershi •
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(b) on January 1, 1988.
~ From and after the happening of these events, whichever occurs earlier, the Class
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~ B wember shall be deemed to be a Class A member entitled to one vote for ~ach-bot -
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~ or Living Unit in which it holds the interests required for membership under ~
~ Section 1 of this Article.
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~ For purposes of determininR the votes allawed under this Section, when Living Units
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~ are counted, the Lot or Lots upon Which such Living Units are situated shall not
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~ be counted. , rt
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