201309222 - Laserfiche WebLink

Browse

201309222 7.12 Identity of Members. The members of the Association shall be the Owners of the Lots. All Owners of Lots shall be mandatory members of the Association. An Owner of a Lot shall automatically, upon becoming the Owner thereof, be a member of the Association and shall remain a member of the Association until such time as his ownership ceases for any reason, at which time his membership in the Association shall automatically cease. 7.13 Classes of Members and Voting Rights. The Association shall have the following two classes of voting membership: Class A. Class A Members are all Owners, with the exception of the Declarant and the Designated Builders until the termination of the Class B Membership. Each Class A member shall be entitled to one (1) vote for each Lot owned. Upon the termination of the Class B Membership, the Declarant and the Designated Builder shall be Class A Members so long as they own any Lot. Class B. The Class B Members shall be the Declarant and the Designated Builders. The Declarant and each Designated Builder shall be entitled to three (3) votes for each Lot owned. The Class B Membership shall terminate and be converted to Class A Membership within one hundred twenty (120) days after the date on which the votes held by Class A Members exceed the votes held by the Class B Members. The Declarant or a Designated Builder may at any time voluntarily relinquish its Class B Membership by giving written notice thereof to the Association. 7.14 Voting Procedures. No change in the ownership of a Lot shall be effective for voting purposes unless and until the Board is given actual written notice of such change and is provided satisfactory proof thereof. The vote for each such. Lot must be cast as a unit, and fractional votes shall not be allowed. In the event that a Lot is owned by more than one person and such Owners are unable to agree among themselves as to how their vote or votes shall be cast, they shall lose their right to vote on the matter in question. If any Member casts a vote representing a certain Lot, it will thereafter be conclusively presumed for all purposes that he was acting with the authority and consent of all other Owners of the same Lot unless objection thereto is made at the time the vote is cast. In the event more than one vote is cast by a Class A Member for a particular Lot, none of the votes shall be counted and all of the votes shall be deemed void. 7.15 Transfer of Membership. The rights and obligations of any Member other than the Declarant shall not be assigned, transferred, pledged, conveyed, or alienated in any way except upon transfer of ownership of an Owner's Lot, and then only to the transferee of ownership of the Lot. A transfer of ownership of a Lot may be effected by deed, intestate succession, testamentary disposition, foreclosure of a mortgage of record, or such other legal process as now in effect or as may hereafter be established under or pursuant to the laws of the State of Nebraska. Any attempt to make a prohibited transfer shall be void. Any transfer of ownership of a Lot shall operate to transfer the Page 43 of 68