HomeMy WebLinkAbout0682 ~ ~
. _ 1
. !
assigned, mortgaqed, hypothecated or transferred~in any manner
~
except as an appurtenance to the said part of the Property owned
by them. No person shall be a member of the carporation after he
ceases to be the owner of record of a part of the Property. The
Jirectors of the corporation may, after affordinq the member an
opportunity to be heard, suspend any person from membership in the
corporation during any period of time when there exists a violation
of any of the said Covenants and Restrictions (including, but not
limited to, the failure to make any payment to the corporation when
due and payable under the terms hereof) with respect to the portion
of the Property he owns. _ ;
3. Voting by members of this corporation in the affairs ~
;
,
of this corporation shall be as set forth in the By-Laws of this ~
corporation. ~ ~ ~
. 4. Hutchinson Island Li.mi.ted Partnership or its successors ~
or assigns shall be entitled to vote 100 percent~of the voting rights '
of this corporation until December 31, 1985, or until Autchinson ~
Island Limited Partnership has elected to tenainate its control of
the corporation, whichever shall first occur, at which time its
membership and said right to vote shail cease except as to any
unsold portions of the Property which it may retain at that time.
Should Hutchinson Island Limited Partnership or its successors or
~ assigns, reacquire fee simple title or a 99-year leasehold to a
~
portion of the Property it shall again be er.titled to exercise votinq
rights hereunder with respect to such re-acquired portion.
ARTICLE V
Corporate Existence
This corporation shall have perpetual existence unless
sooner dissolved by law. . -
ARTICLE VI
Directors
1. The business of this cc,rZx,ration shall be conducted
~ -4~
600K PA6E V~,
k
, - - - _ - _
lrae?5 _ .rr 3
y:-~ . w?'~+~ ~
~ ~
. ty~. _
. .s - . . , .xa`_:_. ~ _ _ ~