Orange County NC Website
Browse       Search
094 <br /> Declaration with the Existing Property, together with the covenants and <br /> restrictions established upon any other properties as one plan. No <br /> such merger or consolidation, however, shall effect any revocation, <br /> change of or addition to the Covenants established by this Declaration <br /> within the Existing Property as herein provided. <br /> ARTICLE III <br /> MEMBERSHIP AND VOTING RIGHTS IN THE ASSOCIATION: <br /> Section 1. Membership. The company and every person or entity who <br /> is a record owner of a fee simple or undivided fee simple interest in <br /> any lot (tract) which is subject to the Covenants to assessment by the <br /> Association shall be a member of the Association, except that the <br /> Company is entitled to membership for lots owned by it whether or not <br /> subject to assessments thereon, provided that any such person or entity <br /> who holds such title or interest merely as a security for the <br /> performance of an obligation shall not be a member of the Association; <br /> membership shall be appurtenant to and may not be separated from <br /> ownership of any lot (tract) which is subject to assessment by the <br /> Association. <br /> Section 2. Voting Rights. The Association shall have two (2) <br /> classes of voting memberships: <br /> CLASS "A" - Class A members shall be all those owners as defined in <br /> Section One (1) of this Article III, with the exception of the Company; <br /> and they shall be entitled to one vote per lot owner. <br /> CLASS "B" - The Class B member shall be the Company. The Class B <br /> member shall be entitled to one vote per lot owned, plus three votes <br /> for each vote held by the Class "A" member; this right of additional <br /> votes for each vote held by a Class "A" member shall terminate when the <br /> Company has effective sales agreements for the sale of all of the lots <br /> in the subdivision. Thereafter, the Company shall be entitled to one <br /> vote per lot owned. <br /> The total vote for the Association shall consist of the sum of the <br /> votes of Class A Members and the votes of Class B Members. When more <br /> than one person holds an interest in any lot, all such persons shall be <br /> members; and the vote for any such lot shall be exercised as they among <br /> themselves determine, but in no event may more than one vote be cast <br /> with respect to any lot owned by Class A Member. When one or more <br /> co-owners sign a proxy or purports to vote for his or her co-owners, <br /> such vote shall be counted unless one or more of other co-owners is <br /> present and objects to such vote, or if not present, submits a proxy or <br /> objects in writing delivered to the Secretary of the Association before <br /> the vote is counted. If co-owners disagree as to the vote, it shall be <br /> split equally among the co-owners. <br /> ARTICLE IV <br /> PROPERTY RIGHTS IN THE COMMON PROPERTIES: <br /> Section 1. Member's Easements of Enjoyment. Subject to the <br /> provisions of these covenants and the rules and regulations of the <br />