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moo S06C8 7 <br />the non - profit corporation to enforce all of the covenants, restrictions, and conditions <br />contained in this Agreement. <br />2. Classes of Voting Membership. Bellamy's Subdivision Homeowners <br />Association shall have two (2) classes of voting memberships: <br />a. Class A. One share of Class A voting membership shall be issued for each <br />of Lots One (1) through Five (5). Bellamy's First Subdivision, Hall County, Nebraska after <br />being conveyed by Declarant, John P. Bellamy and Bonnie S. Bellamy, or their successor <br />Declarant. Each holder of Class A voting membership is entitled to one (1) vote for each <br />share so issued. No share shall be issued for the outlots. <br />b. Class B voting membership shares shall be issued only to John P. Bellamy <br />and Bonnie S. Bellamy and their successor Declarant, if any, as defined herein, for each <br />of Lots One (1) through Five (5), Bellamy's First Subdivision, Hall County, Nebraska <br />entitled to one (1) vote for each share owned. Remaining Class B voting membership <br />shares shall convert to Class A shares when the total votes of the outstanding Class A <br />membership equals or is greater than the total votes of outstanding Class B membership <br />or twenty (20) years from January 1, 2005 which is the year 2025. <br />3. Transfer of Class A Voting Membership. The share of Class A membership <br />shall run with the land and automatically be transferred to any new owner upon the sale <br />or other transfer of any Lot. <br />4. Board of Directors /Annual Assessment. A Board of Directors consisting of <br />three (3) Members has been established. The Board of Directors shall control, by majority <br />vote, the management and operation of the Association. The Board, in its sole and <br />absolute discretion, may fix the amount of the Annual Assessment as follows: <br />a. As long as Class B membership shares exist, the Board of <br />Directors may levy an Annual Assessment. <br />b. From and after January 1 of the year immediately following the <br />point at which all Class B membership shares shall cease to exist, the <br />maximum Annual Assessment may be increased each year in an amount not <br />to exceed ten percent (10 %) above the maximum assessment for the <br />previous year. <br />1*1 <br />