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<br />ARTICLE IV <br />NO MONETARY GAIN TO MEMBERS <br /> <br />The Association does not and shall not afford monetary gain, incidental or <br />otherwise to its members. Neither shall its members be personally liable for a <br />corporate debt but shall be liable to the Association for assessments as specified <br />herein. <br /> <br />ARTICLE V <br />MEMBERSHIP <br /> <br />Every person or entity who is a record owner of a fee or undivided fee interest <br />in any unit which is subject by covenants of record to assessment by the Association <br />including contract sellers, shall be a member of the Association. The foregoing is not <br />intended to include persons or entities who hold an interest merely as security for the <br />performance of any obligation. Membership shall be appurtenant to and may not be <br />separate from ownership of any unit which is subject to assessment by the <br />Association. <br /> <br />ARTICLE VI <br />VOTING RIGHTS <br /> <br />The association shall not have capital stock, but shall have two classes of <br />voting membership: <br /> <br />Class A. Class A members shall be all Owners, with the exception of <br />the Declarant, and shall be entitled to one vote for each Lot owned. When more than <br />one person holds an interest in any Lot, all such persons shall be members. The <br />vote for such Lot shall be exercised as they determine, but in no event shall more <br />than one vote be cast with respect to any Lot. <br /> <br />Class B. The Class B member shall be the Declarant and shall be <br />entitled to three (3) votes for each Lot owned. The Class B membership shall case <br />and be converted to Class A membership on the happening of either of the following <br />events, whichever occurs earlier: <br /> <br />(a) when the total votes outstanding in the Class A membership <br />equal the total votes outstanding in the Class B membership, <br />or <br /> <br />(b) on December 31, 1999. <br />