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<br />-�:'� � ' ' Subdivisfon, Peggy gta�, her successors aad assfgns ehall tsansfe= .. •, ��
<br /> . ::....�.->�- --� .V_
<br /> � __
<br /> u ' r£ � - .
<br /> 4:: � one (1) share of Cgass �.votiaq �embeYShip. �.n the Aesocfatioa to
<br /> ���,�' sa€d purchaser aad shall surzender one (1) share of Class H vo�iag �.; ' � i:-
<br /> � ��:�� . �:,;�; . -r;�r�;�
<br />-- � � = membership in the Assaciation, whiah ahare shail cease to esist. . �°����y.-'�y�'�`"t_•-�"�{``-;
<br />' �•3.Y"'.�t . �'��"if�:Mtj�bi��ri --'
<br /> _.Ytr- . y �.• � _ we a
<br /> �', } # '�° The share of .Class � membership shall run with the land and _-
<br /> � � . ����z
<br /> :`,�; " � • � automatically be transferred to any new owner upoa the sale or � �j-- �
<br /> �:}� -
<br /> . . �,r===-----_=_
<br /> ': '`. � -;ti�. ,'. other transf�r a� aay lot or estate block in the Ponderosa Lake �`��"�-
<br /> - :� � �, . �_=_
<br /> ' ; � Estat�� Subcdivisioa. ''�
<br /> te,lt�'`. . ' . �y'_l_� --
<br /> �`',: "�� . ------.-. --._ .. _ ..---. .-- �;.-- -�-H�ard . of-D�rect+m�rs�Bnnual� Assess��nt= .:-a- -Board-�-of --- - -.__. .. � _ _
<br /> . ;;�=s-
<br />.� •*t../� " —___
<br /> � � Dire�ors coatsisting of three (3� r*..embere has beea established. —
<br />, °-- ��-��,� _ _ _ Thg: 8oard of Directcrs shall control, bp ma jority vo�e, _.the =�---- _.
<br /> :�.-
<br /> •. . � " � . , manaQ�ntent aad operation of tYae Associatfon. The 8aard, ia its �'�`-��
<br /> � • sole �d absolute cliscretioa, may iE�.s tha amouat c�� the annua3 -=
<br /> . . ' assessment as follows: --
<br /> :, , .
<br /> �� �� . a. As long as Class B membership shares esi�s�2, �i`:=
<br />:�'i:�• - , the eoard of Airectors may levy an annual -
<br /> . assessment. -
<br /> . , �:--
<br /> ::..s ..
<br /> - . - �. b. From and after January ! of the pear �
<br /> �:.�;,�s;,A�, � iuunediately followiag the point at which all .-
<br /> • � . Ciass B membershi.p ehares ahall cease to _- r .
<br /> ::•_.;��;;.�.�TM;_"•: esf.s�, �the aaa�i.mwn annual assessmeat may be __�
<br /> - inczeased each year in an amouat not to esceed '���
<br /> ,z ;'��€;.'�:.`. —
<br /> ten percen� (10$) above the masimum assessment
<br />- '��`��` � for the previous year.
<br /> -�i:��.
<br /> �r�� • � —
<br /> . . . �:�=
<br /> ':4"::
<br /> '. "� � � c. From and after January i of the year �-:::��_
<br /> � � �� i�ediately following the point a� which all � • =::;���;��
<br /> _ ;_t-:� -- _ .,„:i,
<br /> � Class B membership shares sball ce$se to :• �'����`��
<br /> �� .-_ . esi.s�, the masimum annual assessmeat may l�a � `°.__`T��� --_
<br /> .:_..s�_ ., . ,t.�..
<br /> �� � ; increased above ten percent �10�) only b� a �'� �
<br /> .:�.4. '•. ,. �a�i+-
<br /> �•
<br /> =:�;�'�:-.-.:;;`_-.�._' � note of �wa-tbirds (2/3) of the members mha ` ���:i�r'
<br /> .. .§�'x-f'
<br /> --_--"��`�;�; are votinq in person or by prosy at a meeting ,� .���.:-'���
<br />-,��_ =;�= =�� duly called for tLis purpase. ;. � ;
<br /> - �';��.ry , d. ia additl.on to the a�ua]. aesessment �' .
<br /> - `'� "��s��` authorized above, the Aesociatioa ma le , in � ��" .�` .
<br /> __,=-�;:::3,��.,, Y n7( .
<br /> -_ �. .:�.�, .... any aesesement year, a special assessment � ..
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