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Declaration of Restrictions.
(b) Mer~ers. Upon a merger or consolidation of the Association with another
association as provided in its Articles of Incorporation, its properties, rights
and obligations may, by operation of law, be transferred to another surviving
or consolidated association, or alternatively, the properties, rights and obli-
gations of another association may, by operation of law, be added to the properties,
rights and obligations of the Association as a surviving corporation pursuant to a
merger. The surviving or consolidated association may administer the covenants
and restrictions established by this Declaratiori within the Existing Properties
except as hereinafter provided. ~
ARTICLE III
MEMBERSHIP AND VOTING RIGHTS IN THE ASSOCIATION
Section 1. Membership. Every person or entity who is a record awner of a
fee or undivided fee interest in any Lot which is sub~ect by these covenants of
record to assessment by the Association shall be a member of 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 '~e a member.
• Section 2. VotinR Ri~hts. 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 who are current in
the payment of their maintenance assessments shall be entitled to one vote for
each Lot in which they hold the interests required for membership by Section 1 of
this Article. When more than one person holds such interest or interests in any
Lot, all such persons shall be members, and the vote for such Lot 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.
CLASS B. Class B members shall be the Developer. The Class B member
shall be entitled to three votes for each Lot in which it holds the interests
required for membership by Section 1 of this Article, provided that the Class B
~tembership shall cease and become converted to Class A Membership with all voting
rights of Class "A" Membership on the happening of the follm,~ing event:
Nhen the total votes outstanding in Class A membership equal the total
votes outstanding in the Class B membership; and the Developer is prepared to
convey title to the Co~on Properties as provided in Article IV, Section 2 hereof.
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8~346 P~f2970