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the Association, provided 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. Voting Rfghts. The Association
shall have two classes of voting membership.
Class A. Class A members shall 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 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 Living Unit all such persons shall
be members, and the vote for such 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 Living Unit. .
Class B. Class B members shall be the Developer.
The Class B member shall be entitled to three votes for ~
each living unit in which it holds the interest required ~
for membership by Section 1 of this Article until such 3
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; Living Unit is first sold or leased, provided that the ;
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~ Class B membership shall cease and become converted to ~
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; Class A Membership on the happening of any of the fol- '
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° lowing events, whichever occurs earlier: ~
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3 (a) when the total votes outstanding 5
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$ in the Class A Membership equal the cotal vc,tes outstand- '
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~ ing in the Class B membership; or ~
? (b) on January 1, 1984 ~
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~ From and after the happening of these events, whichever ~
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occurs earlier, the Class B member shall be deemed to
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~ be a Class A member entitled to one vote for each.Living
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~ Unit in which it holds the interests required for membership
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~ ~nder Section 1 of this Article.
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