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successors, assigns or grantees, the Declarant stipulates and agrees that all of the Lots that are sold, transferred or conveyed, shall be and are subject to the following restrictive covenants, restrictions and conditions provided herein. All restrictive covenants, restrictions and conditions shall run with the land. 2. Every Owner of a Lot within the Property shall be a member of the Association. Membership in the Association is a condition of ownership of any Lot within the Property. Membership shall be appurtenant to and may not be separated from ownership of any Lot that is subject to assessment. The Association shall have one class of voting membership that shall be and include the Owner of each Lot contained in the Property. When more than one (1) person holds an interest in any Lot contained within the Property, all such persons shall be members of the Association but any vote for such Lot shall be exercised as they among themselves determine with no more than one (1) vote being cast with respect to any Lot. Voting privileges are restricted to paid -up members only. 3. Each Owner of any Lot contained within the Property agrees to this DECLARATION OF RESTRICTIVE COVENANTS, RESTRICTIONS AND CONDITIONS by acceptance of any conveyance of any Lot, or any portion thereof, including subsequent lots created by a subsequent resubdivision of these current lots whether or not it is so expressed in any such conveyance. B. Restrictions 1. No Lot shall be used other than for single family purposes. 2. No building or dwelling house shall be moved into and placed upon any Lot. No mobile home shall be placed on any Lot. No trailer, tent - garage, shack, or other unsightly out- buildings shall be used on any Lot as a dwelling at any time, nor shall any structure of a temporary nature be used as a residence. 3. Any building constructed upon any Lot shall be completed within one (1) year from and after the commencement of construction. In the event a building permit for a single family residence has not been issued by the appropriate governmental authority and construction has not commenced on a Lot within two (2) years from the date title to such Lot is transferred by the Declarant or its successors or assigns, shall have the option to repurchase said Lot for the amount paid to the Declarant for such Lot, minus closing costs paid by the declarant for the original transfer of such Lot. The Declarant shall exercise this option by sending written notice to the then title holder of the Lot within one hundred eighty (180) days after the expiration of the above time frame or this option shall be considered waived by the Declarant as to the subject Lot. Notwithstanding the forgoing, the Declarant's option to repurchase a Lot shall not be applicable if such Lot has been purchased by the owner of an adjacent Lot and construction of a single family residence has commenced or been completed upon such adjacent Lot. 4. There shall be no town homes or condominiums built on any Lot. No basement house or apartment may be built on any Lot. No individual dwelling consisting of one level shall be constructed with less than one thousand five hundred fifty (1,550) square feet of living area, not including the garage. No dwelling unit consisting of a two -story design shall have less than one thousand four hundred fifty (1,450) square feet of living area on the ground floor, not including the garage. 3