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PONY PINES, INC. to PONY PINES PROPERTY OWNERS' ASSOCI-
ATION, INC. or any successor organization whose purpose
is to provide for the welfare of the PONY PINES SUBDIVI-
SION. All awners of lots or tracts in PONY PINES
SUBDIVISION are automatically entitled to membership and
' • voting rights in any such association of awners naw or
to be formed for the purpose of enforcing the covenants
and'maintaining the standards of the PONY PINES SUBDIVI-
. SION. Each such grantee of property in PONY PINES
SUBDIVISION shall a lso be required to pay such dues, fees,
and expenses which shall be validly enacted by that associ-
ation under its articles of incorporation or by-laws and
• w-hich shall be $5.00 per year until changed. '
DATID this 23rd day of January, 1974.
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