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<br /> � . issu�l to P�gyy Ra�,. h±�r �stt�c�ys�ots sn�d asafgas. for s�ch
<br /> � - to+fahouss�Iat �Q�atia�n a �i�a) t.lisouqg to+rahoeisr Zat�tv�nLy�- �
<br /> ' t�a b (2?b f' Feggy �ae os her aucc�ssors �nd asstgas sbal:I bs . �
<br /> . . antitled to t�o (2) vates gor each ghsr� avnud. Rm�ainin9
<br /> � - �- : �.ass- 8 vot3nq--seabershfp sHsres eball convort, to Class l,
<br /> � - shar�s �rhQa the total votpa of tha ontstamdinq Class. � -- ---
<br /> � � 'a�bSZ,sL�,p shares equals or is .greater than the totsl votes of
<br /> � outstaaaing ciass s seab�a.`rship sharea, or th�rty t30) yeats
<br /> :fro� J�unmrY 1, 1932� MLfah is the pear 2022.
<br /> ' . 3. IIpoa t�xQ pur�hase of a taimh4uso on Lot sov�nt�m a (i?a? �
<br /> tLrough �eaty�tw�o b (22b). �rithia Poaderosa Laks L�states �
<br /> , . 'Subdivision, Peggy Rae, her succsssors and assiqns shall transfer _
<br /> -- � one� share of Class � votinq�se�ershfp ia the P�onderosa Qillas
<br /> . . F Hoseos+aers 11saQCistion to said purchaser and shall $urrender oas --
<br /> � � ahare of Class 8 vo�ing aeaberebip ia the Ponderosa Villas - - -
<br /> - goseowners��ssociatidn, which C7�ass 8 share shall cease to esist. � ___
<br />- , . . �_;r.-�
<br /> . The sha=e ,of Class l� siemberehip sh�].1 rua 'with the laad and �-��
<br /> .�. anto�duiticalip be transferred to aay mew o�vaer upoa�the sale of a =_-__
<br /> �.. _. toWnhouse lot seveateeelss a �;17a) th�cough t�renty-t�o b (22b�, in the - ---
<br />_:�:`.: . pox�.derosra 7�ake Estt�tes S�division. ---v
<br /> � 4. . E Hoard of Directors .consisting of three (3j members =_-- _�-
<br /> ,. � ���y
<br /> ehall be established. The Board of Directors ehall contro2, bp ��::��;:�_
<br /> . �:�. majority vote, the m�naqemeat and operatioa of the �asociatfoa. ��`��::�`'%.;`::
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<br /> ' � %fii:..nk'M t+�-
<br />_ • 1 Tho Hoard, ia its $ole and absolute discretion, may fis the amount. ;�`'�?��;.���;:,; _
<br /> - ��:`�:':
<br /> of the annual assess�en� as fo�lowss - >--, ,,
<br /> :s-: __
<br /> '� ]�: As lonq as Class e me�bership shares exi.st, the eoard of . � _'.'
<br /> -�-.::
<br /> ., Directors map levy an �+nnual assessment. �:.�.�;�;�.°
<br /> .:ra__`
<br /> a��; B. From auid after Januasy i of the year iwa�ediately =�:-�::-`-
<br /> � � � ' following the point at wbich all Class e memberehip shares . ;'';t��A=
<br /> . - ;;• sball cease to enist, the masimwn annual assassment aeay be .,::.,�-;..:
<br /> - inareased each year in a�a amcunt not to e�cceed ten percent � .�•-:=1.
<br /> '. ...�14�7..,
<br /> • (10�') above the masimum assessmeat tcr the previoue year. :��;�,.r
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