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IV. MEMBERSNIP AND VOTING RIGHTS IN THE ASSOCIATION ~
Section 1. Membership: Every person or entity who is a
record fee simple Owner of a Lot, including the Develope~ at all
times as lonq as it owns all or any part of the Property subject
to this Declaration, shall be a member of the Association,
provided that any such person or entity who holds such interest
only as security for the performance of an obligation shall not
be a member. Membership shall be appurtenant to, and may not be
separated from, ownership of any Lot which is subject to assess-
ment. Irrespective of the number of occupants, owners, partners,
etc., each lot shall be represented by one membership.
Section 2. Voting Rights: Each member shall be entitled to
one (1) vote as hereinafter provided. However, in no event shall
any member be entitled to cast such a vote if any payments and/or
assessments shall be delinquent at the time of such votinq. The
Developer shall retain the right to appoint all of the members of
the Board of Directors as long as it owns at least one (1) Lot in
The Reserve Plantation. Members of the Board of Dire~tors as to
whom the Developer may relinquish the right to appoint, and all
members of the Board after Developer no longer owns at least one
(1) Got in The Reserve Plantation shall be elected annually for a
term of one (1) year by the ma jority vote of the members of The
Reserve Plantation Homeowners Association, Inc.
V. COVENANTS FOR MAINTE~IANCE ASSESSMENTS
€ Section 1. Creation of the Lien and Personal Obligations of
Assessments: The Developer, for each Lot owned by it within
~ The Reserve Plantation, hereby covenants, and each Qwner of any
lot (by acceptance of a deed therefor, ~rhether or not it shall be
so expressed in any such deed or other conveyance) including any
purchaser at a judicial sale, shall hereafter be deemed to
covenant and agree to pay to the Association any annual assess-
ments or charqes, and any special assessments for capital
~ improvements or major repair; such assessments to be fixed
established and collected from time to time as herei~after
~ provided. All such assessments, toq~ther with interest thereon
from the due date at the rate of eighteen (18$) percent per annum
and costs of collection thereof (including reasonable attorney's
fees), shall be charged on the land and shall be a continuinq
lien upon the Lot(s) against which each such assessment is made,
and shall also be the personal obliqation of the Owner. No Owner
~ may waive or otherwise escape liability for the assessments
~ provided for herein by non-use of the street and roads or.
abandonment of the same.
~ P r ose of Assessments: The annual and special
Section 2. u p
~ assessments levied by the Association shall be used exclusively
~ for the purpose of promoting the recreation, health, safety and
~ welfare of the residents in The Reserve Plantatian, and in
particular for the im provement and maintenance of Common Area and
any easement in favor of the Association, including, but not
~ limited to, the cost of taxes, insurancQ, labor, equipment,
7-16-85 Res Plt
~~473 P~GE 92i
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