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<br /> � 3. g�cansfer of� Class A votiag ltiiem?o�rsl�i.p._ The $hare oi� . : ..
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<br /> - Class i niembership shall run aai� the 1�. and sia�om�tically be r .:�' � _
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<br />_ � � transferred to sny nec� 000aer ugoa �he sale or other transfer of ang < ;`�.:f.�. ..,`t
<br /> ° • �� �` lo� or esta�e bloak in �he Ponderosa Lake Estates Snbdivision. '�:;�.: ;,=. '�
<br /> � �� , �.� a af Di�ectoss/Anntwa� Assessnten�� b Board of ' . .:.h.:�.�':`.:_'
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<br /> �� � Direc�ors consi�ti.ag og three (3) �embers has beea @stablished. ��
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<br /> : - R'he Board of Direc�ors shall control, by ma�ority vote, the . �r:�_.
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<br /> _ . . � .�.:lY manaqement and op�tion of the �ssaaiation. The Hoard, ia its ; �_
<br /> - .: �.�,.;: .� � _�-.�`" sole and agasalute discretioa, map fis t he amoun� o f �h e a n a u a l - ::•r-;:�Y_•_
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<br /> �;�:, • . assessr��en� as follows:
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<br /> , ., a. 8s loa as Class 8 aembershf.p shares esist, ' �"�.
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<br /> `�. �� the Hoard of Directors may levy an anausl :��. .�p:;;�
<br /> ��� assessmeat. �-
<br /> 'Y:� .
<br /> . - : b. From and after Jaauary 1 of the pear � -
<br /> ' . : .;. immediately following the poiat at �hich all y�1
<br /> Class 8 membess b ip s h a r e s s h a l l c e s s e� t o : �;t-,��.__
<br /> ``'�� � esist, the masi�mn�n anaual asses�meat map be ;,:� —:
<br /> ':;.���' i��reased each ye�r in aa afaouat not to c�sceed � �'4 ` � '
<br /> ;: w�_:
<br /> •. � � ten percent (10�k) above the max.i.m�[ assessmeat .:�-�_
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<br /> -� - --, -- � for the previous year. . ' � `��.
<br />- -1 �. . 'Y3�y.�:
<br /> . . i c. From aad after January 1 of the year . � ;;,;
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<br />..� � : immedia�ely following ths poia� at which all - �����
<br /> � . .. Class 8 membership shares shall .cease to ..`�'-
<br /> ,; ; ,_ esist, the ma$imum annual asses�ent �ay b� . • •�-
<br /> � . � increased above ten parceat (108� onlY bY a , ��"`
<br /> ., � � . va�e of twc-t h ir ds (2/3) o i the a e��eting .�
<br />_ �� . . are votinq ia person or � P $Y . .-�-
<br /> ' , ; duly called for this purpose. � � �
<br /> . _ � . d. Inth r etd above,�the Associ tion map levy,@in . . ...
<br /> au ecial assessment •
<br /> , . . any assessmen� year, a sP
<br /> � � . � applicable to t�3t year oaly gor �he purpose . � ��
<br /> � � - oE defraying, in.v�hole os in part� the coats �
<br /> � of any cons�ruction, repair, replacemen� and . , .
<br /> ' � � aormal maintenance of capital improvements .
<br /> � � upon the commoa areas, baa� slips� i$=el�d �
<br /> �� � � fistures and persoaal propes�.y .
<br /> � � � � thereto. �ay assessmea� ehall h�ve �he assent :
<br /> � � of tcoo-thirds (2/3) of �he votea o� each class
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