4-3-24 PB Agenda Packet - Laserfiche WebLink

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87 located only at the designated connection point as shown on the Subdivision Plat. All driveways shall be paved from the edge of the travel way of the Street to any and all Buildings on the Lot and shall otherwise be constructed in compliance with all applicable Guidelines unless otherwise approved, in writing, by the Declarant during the Period of Declarant Control or,thereafter,by the Architectural Control Committee. ARTICLE VII THE ASSOCIATION Section 7.01 Membership. Each Owner shall automatically be a Member of the Association at all times during the period of such Owner's ownership of a Lot. Membership in the Association shall be appurtenant to,and may not be separated from,ownership of a Lot. Section 7.02 Voting and Voting Rights. The Association shall have the following two (2) classes of voting membership: Class A. The Class A Members shall consist of all of the Owners with the exception of Declarant; provided, however, that Declarant shall become a Class A Member when its Class B Membership terminates as provided below. Each Class A Member shall be entitled to one(1)vote for each Lot owned by him or her. Notwithstanding the foregoing, when a Lot is owned by more than one (1) Person, all such Persons shall be Members and the vote for such Lot shall be exercised as they determine; provided, however, that in no event shall more than one (1) vote be cast with respect to any Lot. Unless, prior to a vote by the Members on any matter, the Association receives written notification from a co- Owner of a Lot that a dispute exists between the co-Owners of such Lot regarding their vote, the vote of any co-Owner of such Lot shall be conclusively presumed to be the vote of the Owners of such Lot. Class B. The Class B Member shall be Declarant. The Class B Member shall be entitled to five (5) votes for each Lot owned by it. The Class B membership shall terminate and the Class B Member shall become a Class A Member on(a)the date of Completion of Sales or(b)the date which is ten (10) calendar years after the date on which this Declaration is recorded in the office of the Register of Deeds of Alamance County,North Carolina,whichever shall first occur. Section 7.03 Suspension of Rights. During any period in which a Member shall be in default in the payment of any Assessment, the voting rights of such Member and/or the right(s), license(s) and/or privilege(s)of such Member and such Member's family members,tenants,guests and invitees to use the Common Elements (exclusive of any Street) may be suspended by the Board of Directors until such Assessment is paid in full. In the event any Member shall violate any provision of this Declaration or any Rules and Regulations, such Member's voting rights and/or the right(s), license(s) and/or privilege(s) of such Member and such Member's family members, tenants, guests and invitees to use the Common Elements (exclusive of any Street) may, after a hearing as provided below, be suspended by the Board of Directors for a period not to exceed sixty(60) days. Such hearing shall be held by the Board of Directors or a committee thereof after giving such Member not less than ten (10) days prior written notice, which notice shall specify each alleged violation and set the time,place and date of the hearing. Determination of the violation shall be made by a majority vote of the Board of Directors or a committee thereof. Section 7.04 Management Agreements. The Association is authorized and empowered to engage the services of any Person to act as managing agent of the Association and to perform all of the powers and duties of the Association. The management agent's compensation shall be determined by the Board of Directors. The duties,responsibilities, obligations and compensation of the managing agent shall be set forth in a written management agreement,the term of which shall not exceed one(1)year and which term may be renewed only by written agreement of the parties for successive one (1) year terms. Any management agreement shall be terminable by the Association,with or without cause,upon thirty(30)days prior written notice to the managing agent without payment of any termination fee or penalty. Section 7.05 Insurance. The Association shall obtain and maintain, to the extent available, public liability insurance in such limits as the Board of Directors may, from time to time, determine to be customary and reasonable for developments similar in construction, location and use to the Community, 12