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Class A. Claims A Members shall be all Ovmers, with the <br />exception of the Declarant, and shall be entitled <br />to one vote for each Lot owned. When more than one <br />person is the Owner of a Lot, all such persons shall <br />be Members and each shall be entitled to a fraction <br />of a vote equal to the person's fractional <br />ownership of the Lot. <br />Class B. The Class B Member shall be the Declarant, which <br />shall be entitled to three (3) votes for each Lot <br />owned. The Class B membership shall cease and be <br />converted to Class A memberships upon the happening <br />of the earlier of the following events; <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 of <br />record to an Owner other than the Declarant. <br />ARTICI.E VI <br />COVENANT FOR ASSESSMENTS <br />Section 1. Purpose of Assessments. The Association may levy <br />assessments exclusively to promote the recreation, health, safety, <br />and welfare of the residents in the Properties and for the <br />improvement and maintenance of the Common Area and the <br />Association's property, including reasonable reserves for iurure <br />repairs"^Taintenance and replacement. <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 acceptance <br />of a deed therefor, whether or not it shall be so expressed in such <br />deed, is 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 <br />Article; <br />(c) Sinking Fund Assessments per Section 5 of this <br />Article; <br />(d) Capital Assessments per Section 6 of this Article; <br />and <br />(6) Separate Assessments per Section 7 of this Article. <br />- 9 -