Instrusentt 2005-256417 I 13 Book: 5654 Page: 24
(1) Class A. Class A Members shall be all Owners with the exception of the Class B Members,if any. Class A Members shall be entitled to one(1)vote for each Unit Owned. When a Member is entitled personally to exercise the vote for his Unit, and more than one(1) person or entity is the Owner of the Unit, the vote for such Unit shall be exercised by that party designated on the records ofthe Secretary ofthe Association. In the absence ofsuch designation, the Unit's vote shall be suspended if more than one(1) person or entity seeks to exercise it.
(2) Class B The Class B:Members shall be the Declarant.
The Class B Member shall be entitled to three(3)votesfor each Unit owned,and shall be entitled to appoint a majority of the members of the Board of Directors during the Class B Control Period,as provided in the By-Laws.
The Class B membership shall terminate and become converted to Class A
membership upon the earlier of:
(i) Three months after 90 percent of the parcels in all phases of the community that will ultimately be operated by the Association have been conveyed to Members other than the Declarant. For purposes of this section the term Members other than the Declarant shall not include builders, contractors or others who purchase a Lot for the purpose ofconstructing improvementsthereon for resale;or
(ii)when,in its discretion,the Declarant so determines.
8.03 The number of votes in the Association shall be determined as set forth in the preceding Section 8.02. The class A Members shall be entitled to one(1)vote for each Lot or Dwelling Unit owned and the Class B Member shall be entitled to three(3)votes for each Lot or Dwelling Unit owned.
7
Made with FlippingBook - professional solution for displaying marketing and sales documents online