Article III – Membership and Voting Rights
Section 1 – Qualification for Membership. Every Owner of a Unit which is subject to this Declaration shall be a Member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any Unit which is subject to this Declaration,
Section 2 – Classes of Membership. The Association shall have three classes of voting membership:
Class A – Class A Members shall be all Owners of an MFRU, with the exception of the Declarant and each shall be entitled to one-fourth (1/4) vote for each MFRU owned.
Class B – Class B Members shall be all owners of an SFRU, with the exception of the Declarant, and each shall be entitled to one vote for each SFRU owned.
Class C – Class C Member shall be the Declarant who shall be entitled to three votes for each Lot and for each SFRU which it owns, three-fourth of a vote for each MFRU it owns, and three votes for each acre of land it owns within the Additional property. The Class C membership shall cease upon the happening of the first of the following events occurs:
(a) at such time as construction by the Declarant within the Property or Additional Property is abandoned (e.g. no new construction has been initiated for a period of six months and no continuing construction or sales are taking place);
(b) ten years from the date of recording this Declaration;
(c) when Declarant, in its sole discretion, elects to transfer control to the Class C and Class B Members.
At such time as the Class C Membership is terminated, the Declarant shall have one vote for each Lot and each SFRU it owns, one-fourth vote for each MFRU it owns, and one vote for each acre of land it owns in the Additional property.
When more than one person holds an interest in any Lot, all such persons shall be Members. The vote for such Lot shall be exercised as they determine, but in no event shall more than one vote be cast with respect to any Unit.
There shall be no vote for any Unit owned by the Association.