Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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(1) Class A: Class A members shall be ~11 owners with the exception of the Declarant, and ClaSs A members shall be entitled to one vote for each Lot owned. When more than one person holds 3n ownership interest in any Lot, all such persons shall be members; provided, ho~ever, that with rsspect to any matter requiring the vote or consent of members, no more than one vote shall be cast with respect to any Lot. The vote for such Lot ~all be exercised as the members holding an interest in silch Lot among themselves determine. In the event of disagre~nent, the decision of members holding a ~majority of interest shall govern. In the event two or more persons have equal interests in a Lot, the vote shall be detel'~%ned by a co tn flip. (2) Class B: The Class B member(s) shal be the Declarant, and Declarant shall be" entitled to three (3) votes for each Lot owned. The Class B membership shall b irreversibly converted to Class A membership on the first to occur of the following: a. the total outst~nding votes held )y Class A member equal the total outstahding votes held )y Class B members; b. the second anniversary of the fir:~t conveyance of a Lot within the Marie La Rocca Esthetes subdivision project. Any action by the Association (with the ~xception of enforcing a bond) which must have the approval of th~ members other than the Declarant before being undertaken shall tee uire the vote or written assent of fifty-one percent (51%) of e~ch class of membership during the time that there are two ,)utstanding classes of membership. When only a single class exists after conversion of Class B to Class A, any action by the Asso¢:iation which is subject to the ~pproval of members other than the Declarant shall require the vote or written assent of fifty-one pe]:cent (51%) of the total voting power of the Association as well as the vote or written assent of fifty-one percent (51%) of th~ total voting power of members other than the Declarant. Votin~rights attributable to Lot ownership shall not be vested until~ssessments against the parti,~ular Lot have been levied by the AsSociation. In the event fifty-one percent (51%) of_!the total voting power obtained with respect to a vote oI any issue addressed in ~annot be this Declaration, the By-laws, or the Ar~.cles of Incorporation, the matter shall be settled by a metho~ of arbitration to be conducted in accordance with rules an~ procedures that are equivalent in substance to the co~,=(,ercial ~ :bitration rules of the American Arbitration Association or the Streamlined or Comprehensive Rules and Regulations of JA/~.S/ENDISPUTE. 6