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IV. MEMBERSNIP AND VOTING RIGHTS IN THE ASSOCIATION
Section 1. Membetship: Every person or entity who is a
record fee simple Owner of a Lot, including the Developer 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. Mecnbership shal.l 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, partnets, '
etc., each lot shall be represented by one membership, ;
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Section 2. Voting Riq.hts: Each member shall be entitled to ~
ane (1) vote as hereinafter provided. Nowever, 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 voting. The
Developer sha1l retain the right to appoint all of the members of
the Board of Directors as lonq as it owns at least ane (1) Lot in
Reserve Creek. Members of the Board af Directors as to whom the
Developer may relinquish the right to appoint, and alI memb~rs of
the Board after Oeveloper no longer owns at least one (1) Lot in
Reserve Creek shall be elected annually for a term of one (1)
year by the majority vote of the members of the Reserve Creek
Homeowners Association, Inc.
V. COVENANTS FOR MAINTENANCE ASSESSMENTS
Section 1. Creation of the Lien and Personal Obligations of
Assessments: The Developer, for each Lot owned ~by it within ~
Reserve Creek, hereby covenants, and each Owner of any lot (by ~
acceptance of a deed therefor, whether or nat it shall be so
expressed in any such deed or other cdnveyance) includinq 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 fram time to time as hereinafter
provided. All such assessments, toqether with interest therean
from the due date at the Yate of eighteen (18$) percent per annvm
and costs of collection thereof (includinq reasonable attorney's
fees), shall be charqed on the land and shall be a continuing
lien upon the Lot(s) against which each such assessment is made,
and shall also be the personal obliqation of the Owner. No Ownet
may waive or otherwise escape liability for the assessments
pravided for herein by non-use of the street and roads or
abandonment of the same.
Section 2. P~rpose of Assessments: The annuai and special
assessments levied by the Associatfon shall be used excl~sively
for the purpose of promoting the recreation, health, safety and
welfare of the residents in Reserve Creek, and in particular for
the im provement and maintenance of Common Area and any easement
in favor of the Association, includinq, but not limited to, the
cost of taxes, insurance, labor, equipment, materials,
7-17-85 Res Crk eGaK~~,, PAGE
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