HomeMy WebLinkAbout2473 ARTIQ.E III '
M@iBERSHIP AKD VOTING RIGHTS IN THE ASSOCIATION
Section 1. Membership. Every person or entity who is a record owner of
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a fee or undivided fee interest in any Lot or Living Unit which is subject by i
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covenants of record to assessment by the Association shall be a member of the
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Association, provided that a ny 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. Voting Rights. Zhe Association shall have two classes of vot-
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ing membership. ,
Class A. Class A members shall be all those owners as defined in
Section 1 with the exception of the Developer. Class A me~ers 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 :
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shall be 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
j 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
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~ to Class A Membership on the happening of any of the following events, whichever
~ occurs earlier:
(a) when the total votes outstanding in the Class A membership
equal the total votes outstanding in the Class B membership; or
(b) on January 1, 1988. ~
From and after the happening of these events, whichever occurs earlier, the Class
~ B member shall be deemed to be a Class A member entitled to one vote for each Lot
~ or Living Unit in which it holds the interests required for membership under
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~ Section 1 of this Article.
~ For purposes of determinin~ the votes allowed under this Section, when Living Units
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