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<br /> r,�-�y r--� Declasatiaa. It ehall be the r�sponsibility of tl�e corpbratioa to �;��� _.
<br />�,,�.t�,�:��._;� . � �=� �
<br /> ��.,�,�;�rt:-.• enforce all of the covenants, restrf.ctions and eanditions aontained � _ -_
<br /> - � �:� . -- �..�
<br /> �:�:±�
<br /> � ���,:,. in thfs Aqseemeat. �"�.� _-_
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<br /> �_ _.�•f. � ���_ --
<br /> ���<,:L� 2. C�A�s of votiny,q Meinbe�s__hio._ Pondera� Lake 8states � ���_-,,:,,,w,,,_
<br /> ._::;,:�s 'y.`:'�"- ` '. ' �—��-
<br />:r$,�'__�".�`�:. Hoineowners essociation sLal.l hav� two (2) classes of• not�ng -------
<br /> �'��.s:.�-� � � r`�----
<br /> _ . memberohips: . -_=-
<br /> -- �:_----
<br /> '.� ' Y �-------- --- ... ._ .. .. . .----�--- � ---.. . ---� ` � � -
<br /> , . _. __. . a. Class A._ � Oae (1j s-hare_..of- -L'lass_..A- .vbti�g- -.. . ._.. -�-- - --�--��-----�---- � �.�-- y
<br /> __:{...�:"�•�. � membership ahall be issued for eaah of Lots -�=°
<br /> , �� ,f � one (1) through Si$teen (16}, aad �ne shaze ����- _
<br /> -•�'''�� '�---
<br /> s_.__=;__'_-,_',,_ for each ene-half (1/2� of Lots Seventeen a �;�
<br /> -� ' _ (17a) -through Twenty-two b, (22b),- and _one � _ , -
<br /> � _ - share for each eatate block, Ponderosa Lake %t f'-- .
<br /> � . . � Estates 3utodivision, and Lots One (1� �hrough ��� °�=
<br /> .��
<br /> Eiqhteea (18), Hlock One (1), and I,o� One (1) :,�4".
<br /> . � • through Ten (10), �loak Tw+o (2), �vaderosa �
<br /> � - Lake Estates Third Subdivisioa. Each ho].der
<br /> . ���� of Class e voting membership is entitled to
<br /> - . one (1) vote for each share so issued. No
<br /> ';;.�.<<;_;� �•. ., shar�s shal� be issued for the outlots.
<br /> ::.,`,'w�.�i4�;�,:. ' b. C1ASS B. Class B noting membership shares :. � .
<br /> -;�� ��� � � shall be issued to Peggy Rae, her successors -
<br />=-'r�„�:.. «`-.... .; ����}�=
<br /> -.,:��,•�•�;... .�.,; and assigns, one �1) share for each of I�ots �
<br /> ,a-�:� � one 41) through sixteen �(16), ancl one (i) _ �
<br /> ,. f.�� ...� sha�e for each one-half �1/2) of Lots +�.=-
<br /> :���,�__: , Sevent8ea a (17a) through Tsveaty-two� b (22b), �'
<br /> =-v���r.-.�. and one ahare for each estate block, Ponderosa . �'���=
<br /> -=�:;.: .�= —
<br /> -,:'_ ..J>� � Lake Est8t8s Subd3.visioa, aad Lots Oa� (1)
<br /> -��f( . 1 � �t ' .
<br /> - � � through Eighteen (18), Hlock One (1), and Lota `�:,♦�..�'�
<br /> �- . . oae (i) through Tea (10), Block �vo (2), ;,._.`�
<br /> � . Ponderosa Lake Estates Third Subdivisioa. � ���`"��:��_
<br />=�i<�� . � �. peqgy Rae or her successoss and assiqne shall � '�
<br /> • ''�' ��� � � be entitled to two (2) not�s for each share ������r �=�
<br />--_- � . ,�� own�d. Remaininq Ciass H voting membership �'��- -
<br />:_�;�,:, ;,, .;.., , sha�es ahall connert to Clasa 8 shares when .
<br /> �:� the total votes of the outstandfnq Class 8 � . . : �
<br />::..,;. .,,.�..:�. .': :. memberehip equals or is greater tbaa the total
<br /> - ;�:�.�g��.,� : votes of outstanding Class B memb�rahip, or
<br />'��:�;;�.�L,.. .;..:. . . _
<br />-,�:� ,�_�.;:.� thirty (30) yeare f rom January 1, 1992, wbich .
<br /> - ��';x •Y is �he year 2�22. '
<br /> ����� �
<br /> � ; .
<br /> '� ` 3. �,cans£er of ClarsJA�o�ing�mbersbfo. IIpon the pu=chase �
<br /> "i ]I�Y"
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<br /> �---•'=.�"r.A.�t•.�• .
<br /> _==�`._���.,..:��.:a of any lot or estate block within Ponderosa Lake Esicat�s - ��-
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