201904287 - Laserfiche WebLink

Browse

201904287 merely as security for the performance of an obligation. Membership shall be appurtenant to and may not be separated from ownership of any Lot, and ownership of such Lot shall be the sole qualification for membership. At its first meeting, the Association shall adopt By -Laws for its organization and the conduct of its business, which By -Laws shall include provision for the election of directors and officers, the mode manner and effect of the vote of the members. C. Voting Rights 1. The Association shall have three classes of voting membership each consisting of two subclasses until a subclass is terminated as hereinafter provided. The votes of each subclass shall be combined in determining the votes of the class: Class A: (Which includes Class A-1 and Class A-2 so long as Class A-2 exists). Class A-1: Class A-1 members of the Association shall be the Owners of single-family lots. Each Lot shall have one Class A vote and a vote may be cast for each Lot owned on any matter of Association business affecting this class. Class A-2: The Class A-2 member of the Association shall be the Developer which shall have ten Class A votes for each Lot owned by the Developer. Class B: (Which includes Class B-1 and Class B-2 so long as Class B-2 exists). Class B-1: Class B-1 members of the Association shall be the Owners of Townhome Lots. Each Lot shall have one Class B vote and a vote may be cast for each Lot owned on any matter of Association business affecting this class. Class B-2: The Class B-2 member of the Association shall be the Developer which shall have ten Class B votes for each Lot owned by the Developer. Class C: (Which includes Class C-1 and Class C-2 so long as Class C-2 exists). Class C-1: Class C-1 members of the Association shall be the Owners of Row Home Lots. Each Lot shall have one Class C vote and a vote may be cast for each Lot owned on any matter of Association business affecting this class. Class C-2: The Class C-2 member of the Association shall be the Developer which shall have ten Class C votes for each Lot owned by the Developer. 2. Termination of Developer's Sub -class (sub -class 2). The Developer's membership and voting right in any class shall cease and be converted to the sub -class 1 membership of that class on the happening of either of the following events whichever first occurs: a. After the entire Neighborhood has been finally platted and when the total votes outstanding in sub -class 1 equals the total votes outstanding in subclass 2, or b. on December 31, 2040. 3. Unless a matter requiring a vote specifies a vote by class and the class of members entitled to vote upon such matter, each matter entitled to a vote shall be voted by each member and the majority of the votes of the members disregarding class shall determine the matter. D. Suspension. The voting and other membership rights of any Member may be suspended by action of the Directors during any period when the Member has failed to pay any Annual Charges then due and payable; but, upon payment of all the past due Charges, right and privileges shall be automatically 5