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included <br />>n shall <br />Members <br />ned on or <br />> million <br />\t as the <br />maintain <br />Loyees or <br />of the <br />111 funds <br />no event <br />>lus the <br />:he event <br />)ciationr <br />;he insu- <br />e insuf- <br />of the <br />a Recon- <br />he addi- <br />.nsurance <br />Its made <br />rage and <br />shall be <br />es• The <br />>y law or <br />ite. All <br />r by the <br />iscertain <br />cient to <br />hich may <br />by the <br />of the <br />Y not be <br />assess- <br />m <br />m <br />:• i- <br />W-" <br />Sffl <br />Hip- <br />* <br />mnft-illm <br />y.- <br />mmy\ <br />m-By-: <br />fy.-'r*; <br />*' • iii <br />Vi <br />ym <br />- ‘Nii <br />^yyij <br />t' mMMEm <br />im <br />mu <br />ilvv <br />H <br />r * <br />Li* 1*' ■ ' •■ <br />Section 2.membership:The Association shall have two classes of voting <br />Clas£A. Class A members shall be all Ownersr with the <br />exception of the Declarantr 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 egual to the per­ <br />son's fractional ownership of the Lot. <br />Class B. The Class B member shall be the Declarant, <br />which 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 />Sanction_1. Purpose of Assessments. The Association may <br />levy 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 />R16 n w • <br />_ _ Section 2^ Creation of the Lien and Personal Obligation for <br />Assessments. The Declarant, for each Lot owned within the Pro- <br />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, js deemed to covenant and agree to pay to the Association: <br />(a) Annual Assessments per Section 3 of this Article; <br />(b) Emergency Fund Assessments per Section 4 of this Article; <br />(c) Sinking Fund Assessments per Section 5 of this Article; <br />and (d) Capital Assessments per Section 6 of this Article; <br />(e) Special Assessments per Section 7 of this Article. <br />- 7 - <br />-y:i'V •’"mm <br />'.i 'm.: <br />>. ' * <br />mm <br />1^1 <br />!> t <br />i'i <br />Wy , <br />m <br />7A- <br />A <br />fmy, <br />ili <br />y-'m.yV <br />■m3 <br />i» <br />lit <br />''3 <br />W <br />-m. <br />Such asse and reaso: <br />the forec <br />Lots and <br />each such <br />together <br />attorneys <br />person wh< <br />ment fell <br />ments sha! <br />assumed b <br />charge the <br />Secti <br />defray the <br />frequently <br />bonds, ope <br />the Annua] <br />Annual Ass <br />January <br />be <br />Lot. Thei <br />each year <br />percentage <br />the incre« <br />Metropolit <br />Statistics <br />ship. The <br />rate only <br />voting in <br />purpose. <br />the first <br />Lot by tl <br />Assessment <br />remaining <br />Directors : <br />each Lot < <br />year. Wri <br />every Ownei <br />Directors i <br />frequently <br />Sectic <br />( <br />meet unfon <br />The Emerger <br />estimated I <br />V" i