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included <br />sn shall <br />L Members <br />ned on or <br />i million <br />nt as the <br />maintain <br />loyee& or <br />( of the <br />all funds <br />no event <br />plus the <br />bhe event <br />Delation, <br />bhe insu' <br />re insuf- <br />of the <br />a Recon- <br />:he addi- <br />insurance <br />nts made <br />irage and <br />shall be <br />Les. The <br />}y law or <br />ate. All <br />y by the <br />ascertain <br />Lcient to <br />fhich may <br />by the <br />r of the <br />ly not be <br />> assess- <br />Section 2. The Association shall have two classes of voting <br />ttembership: <br />Class A. Class A members shall be all Owners, with the <br />exception of the Declarant, and shall be entitled to one <br />vote for each Lot owned. When more than one person is the <br />Owner of a Lot, all such persons may be members and each <br />shall be entitled to a fraction of a vote equal to the per­ <br />son's fractional ownership of the Lot. <br />Class B. The Class B member shall be the Declarant, <br />forwhich shall be entitled to three (3) votes for each Lot <br />owned. The Class B membership shall cease and be converted <br />to Class A membership on the happening of either of the <br />following events, whichever occurs earlier: <br />(a) when 75% of the Lots have been conveyed of <br />record to Owners other than the Declarant; or <br />(b) seven years after the first Lot is conveyed <br />of record to an Owner other than the Declarant. <br />ARTICLE VI <br />COVENANT FOR ASSESSMENTS <br />Section 1.. Purpose of Assessments. The Association may <br />Tuslevy assessments exclusively to promote the recreation, health, <br />safety, and welfare of the residents in the Properties and for <br />the improvement and maintenance of the Common Area, including <br />reasonable reserves for future repairs, maintenance and replace­ <br />ment. <br />Section 2. Creation of the Lien and Personal Obligation for <br />Assessments. The Declarant, for each Lot owned within the Pro­ <br />perties, Hereby covenants, and each Owner of any Lot by accep­ <br />tance of a deed therefor, whether or not it shall be so expressed <br />in such deed, is deemed to covenant and agree to pay to the <br />Association: <br />(a) Annual Assessments per Section 3 of this Article; <br />(b) Emergency Fund Assessments per Section 4 of this <br />Article; <br />(c) Sinking Fund Assessments per Section 5 of this <br />Article; <br />and <br />(d) Capital Assessments per Section 6 Of this Article; <br />(e) Special Assessments per Section 7 of this Article. <br />- 7 - <br />real*, <br />ispSSii •i <br />Such assess <br />end reasons <br />the forecl< <br />Lots and si <br />each such <br />together w <br />attorneys' <br />person who <br />ment fell < <br />ments shall <br />assumed by <br />charge the <br />Sectioi <br />defray thosi <br />frequently, <br />bonds, operj <br />the Annual <br />Annual Asse: <br />January 1, <br />be <br />Lot. There <br />each year n <br />percentage 1 <br />the increas <br />Netropolitar <br />Statistics, <br />ship. The J <br />rate only b <br />voting in p< <br />purpose. <br />the first d <br />Lot by th( <br />Assessment <br />remaining <br />Directors s <br />each Lot al <br />year. Writ <br />every Owner. <br />Directors ai <br />frequently t <br />Section <br />(a) <br />meet unforesc <br />The Emergency <br />estimated Ann <br />i '