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:�T; '- � �' (.� Of 859 - 3 - 17 . Lot Twelve ( 12 ) in the subdivision contains the Lakes and common area . Title to said lot shall be vested in Meadowlark ' Estates , Inc . , a corporation formed by the owners . Each person who purchases a lot in the subdivision sha11 , at the same time , purchase one share of stock in Meadowlark Estates , Inc . The pur - chase price of the stock shall be paid by the corporation to the owners for the purpase of repaying the corporate promissory nnte to the owners for their expense in developin� Lot . Twelve ( 12 ) in the subdivision . The ownership of such stock shall entitle the lot owner , his family , guests and invitees to use the lakes and common area for recreational purposes . Lot Twelve ( 12 ) shall not be .ised for the operation of any motorized vehicles except utility and maintenance vehicles . The share of stock issued for each lot shall remain with the land and cannot be held by any person who does not own a lot in the subdivision . Upon sale of a Lot , the stock shall automatically be transferred on the books of the corp - oration to the new owner . 18 . Meadowlark Estates , Inc . shall be a home owner ' s assoc - iation far the purpose of ownirg , preserving , improvinR and maint - aining Lot Twelve ( 12 ) of the subdivision , the lakes thereon and the access roads . The corporation shall bear all costs of maint - ainin� Lot Twelve ( 12 ) which includes the followin� : Payment of real estate taxes on Lot Twelve ( 12 ) ; maintenance of the acc � ss roads in and to the subdivision ; snow removal on the access roads ; maintenance of the lakes and comrnon areas in Lot Twelve ( 12 ) ; and payment of all other expenses which are involved in maintaining and preserving Lot Twelve ( 12 ) . After October 1 , 1992 the corpor - ation may f. urther subdivide and convey portions of Lot Twelve ( 12 ) . 19 . To raise funds for the above expenses , the Board of Directors of the corporation shall have the authority by resolu- tion to establish a schedule of dues and assessments which shall be levied equally on each lot and which shall be paid annually or at such other time as called for in the resolution . Failure to pay dues or assessments when specified shall , without further notice or action , cause the owner , his family , quests , and invit - ees to be prohibited from using the lakes and common area in Lot Twelve ( 12 ) , and the Board of Directors may proceed with whatever leqal action is necessary to impress a lien upon the owner ' s lot , and to foreclose said lien in the same manner as the foreclosure of a mortgage . 20 . For corporate votin� purposes , each stockhalder shall be a dfrector and each share of issued stock shall be entitled to one vote . Only one share of stock may be issued for each lot . All action by the Board of Directors shall require the affirmative vote of the directors holding a majority of the issued stock , except that the followinR actic� n of the corporation shall require the unanirnous vote of directors holding all of the issued stock : A . Construction of recreational facilities or other improvements on L� t Twelve ( 12 ) . B . Construction of water and sewer lines by the corporation . C . Purcttase of additional land for attachment to Lot Twelve ( 12 ) . D . Sale or further subdivisi �n of any part of Lot Twelve ( 12 ) after October 1 , 1992 . E . M � rtgagin�; � r encumbering any p � rti <� n <� f Lot Twelve ( l2 ) . F . Dishonoring , revoking or rescindin� the corp - orate promissory note to Glenn Johnson and , Sharon L . Johnson . G . Dissolving the corporation . _ :'ti. .�r;;; t • � 21 . The lakes in the subdivision are potentially dangerous . �� � Each owner of a lot in the subdivision acknowledges this fact , `�� and agrees for himself , his family , his guests and invitees to �`� � J