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200505832 When there shall be more than one person or entity holding an interest in any Lot, all such persons, or entities or both shall be Members; PROVIDED, HOWEVER that the vote for such Lot shall be exercised as such persons or entities or both shall determine, but in no event shall more than one vote be cast with respect to any one Lot. (b) CLASS B: Class B Members shall be Declarant, who shall be entitled to on more vote than the total of the Class A Members. Class B Membership shall terminate and be converted into Class A Membership upon either Declarant no longer having an ownership interest in the Property or Declarant relinquishing Delcarants' Class B Membership in Association. 3. ANNUAL MEETINGS. The Members shall hold annual meetings. The annual meeting shall be tentatively held on the last Tuesday of February at 7:00 p.m. Written notice of the annual meeting shall be delivered or mailed by the Secretary, at least 10 days prior to the meeting, to each Member entitled to vote. At each annual meeting, the Members shall elect officers and transact such other business as shall be stated in the notice of the meeting. 4. QUORUM. At all meetings of the Members, a quorum is present throughout any meeting of the Association if Members entitled to cast 60% of the total votes of the Association are present in person or by proxy unless these Declarants specifically require otherwise. 5. ADOPT RULES. The Members of the Association may adopt rules and regulations for the governance of the Association not inconsistent with the provisions of the Declarations. 6. VOTES BY PROXY. At any meeting of the Members, every Member may vote in person or by proxy appointed by an instrument in writing by such Member. 7. SPECIAL MEETINGS. Special meetings of the Members for any purpose may be called by the President of the Association or at the request in writing of at least four members entitled to vote. The request shall state the purpose of the meeting. Written notice of any special meeting, stating the purpose of the meeting, shall be delivered or mailed to each Member entitled to vote. 8. OFFICERS. The officers of the Association shall be elected by the Members and shall consist of a President, Vice President, Secretary and Treasurer. Each officer shall be a Member of the Association. Any two or more offices may be held by the same person, except the office of President and Vice President and except the offices of President and Secretary. At the first annual meeting of the Members, the Members shall choose a President and a Vice President, Secretary and Treasurer. The Members may appoint other officers and agents, and delegate such authority as the Members may determine. The Declarant may hold all of the offices, until there is more than one member.