11-28-1988 Council Packet - Laserfiche WebLink

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Section 2. The Association shall have two classes of voting membership: Class A. Class A members shall be all Owners, with the except do of the Declarant, and shall be entitled to one ri:e:. ic:3 cnan cne ae:3:.:. :3 _ :a owner of a Lot, all such persons may be members and each 3nall -9 3.^.�..�_3C a ::3c-... i 7czz equa: _:e :e_- son's fractional ownership of the Lot. Class 3. The Class 3 meriter steal: be t^e -declaranz, votes for each Lot which snail be entitled to three �3) owned. The Class 3 membership shall cease and be converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (a) when 75% of the Lots have been conveyed of record to Owners other than the Declarant; or (b) seven years after the first Lot is conveyed of record to an Owner other than the Declarant. ARTICLE VI COVENANT FOR ASSESSMENTS Section 1. Pu: ose of Assessments. The Association may levy assessments exclusively to promote the recreation, health, safety, and welfare of the residents in the Properties and for the improvement and maintenance of the Common Area, including reasonable reserves for future repairs, maintenance and replace- ment. Section 2. Creation of the Lien and Personal Obligation for Assessments. The Declarant, for each Lot owned within the ro- pert es, ereby covenants, and each Owner of any Lot by accep- tance of a deed therefor, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Associations (a) Annual Assessments per Section 3 of this Article; (b) Emergency Fund Assessments per Section 4 of this Article; (c) Sinking Fund Assessments per Section S of this Article; (d) Cavital Assessments per Section 6 of this Article; and (e) Specia: As3es3ment3 ;er 7 cf t.-13 Art__:*.