Common use of Classes of Members Clause in Contracts

Classes of Members. The Association shall have two (2) classes of voting membership: Class A. The Class A Members shall be all Owners, with the exception of the Declarant and each Designated Builder until the termination of the Class B membership. Each Class A member shall be entitled to one (1) vote for each Lot owned. Class B. The Class B Members shall be the Declarant and each Designated Builder. Each Class B Member shall be entitled to nine (9) votes for each Lot owned by such Member. The Class B membership shall cease and be converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (i) three (3) months after ninety percent (90%) of the Lots in all phases of the Community that will ultimately be operated by the Association have been conveyed to Purchasers; or (ii) when the Declarant and each Designated Builder notifies the Association in writing that it relinquishes its Class B membership; or (iii) such earlier date as is required by law or as the Declarant may otherwise determine, in its sole and absolute discretion. Upon the occurrence of the earlier of the foregoing events, the Class A Members shall be obligated to elect the Board and assume control of the Association (“Turnover”). Notwithstanding Turnover, the Declarant shall be entitled to elect at least one (1) member of the Board of Directors of the Association as long as (i) the Declarant holds for sale in the ordinary course of business at least five percent (5%) of the Lots in all phases of the Community that will ultimately be operated by the Association, or (ii) the Declarant is otherwise permitted by law to do so.

Classes of Members. The Association shall have two (2) classes of voting membership:membership:‌ Class A. The Class A Members shall be all Owners, with the exception of the Declarant and each Designated Builder until the termination of the Class B membership. Each Class A member shall be entitled to one (1) vote for each Lot owned. Class B. The Class B Members shall be the Declarant and each Designated Builder. Each Class B Member shall be entitled to nine (9) votes for each Lot owned by such Member. The Class B membership shall cease and be converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (i) three (3) months after ninety percent (90%) of the Lots in all phases of the Community that will ultimately be operated by the Association have been conveyed to Purchasers; or (ii) when the Declarant and each Designated Builder notifies the Association in writing that it relinquishes its Class B membership; or (iii) such earlier date as is required by law or as the Declarant may otherwise determine, in its sole and absolute discretion. Upon the occurrence of the earlier of the foregoing events, the Class A Members shall be obligated to elect the Board and assume control of the Association (“Turnover”). Notwithstanding Turnover, the Declarant shall be entitled to elect at least one (1) member of the Board of Directors of the Association as long as (i) the Declarant holds for sale in the ordinary course of business at least five percent (5%) of the Lots in all phases of the Community that will ultimately be operated by the Association, or (ii) the Declarant is otherwise permitted by law to do so.

Classes of Members. The Association shall have two three (23) classes of voting membership: Class A. The Class A Members shall be all Owners, with the exception of the Declarant and each Designated Builder until the termination of the Class B membership. Each Class A member shall be entitled to one (1) vote for each Lot owned. Class B. The Class B Members Member shall be the Declarant and each Designated BuilderDeclarant. Each The Class B Member shall be entitled to nine (9) votes for each Lot owned by such Member. The Class B membership shall cease and be converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (i) three (3) months after ninety percent (90%) of the Lots in all phases of the Community community that will ultimately be operated by the Association have been conveyed to Purchasers; or (ii) when the Declarant and each Designated Builder notifies the Association in writing that it relinquishes its Class B membership; or (iii) such earlier date as is required by law or as the Declarant may otherwise determine, in its sole and absolute discretion. Upon the occurrence of the earlier of the foregoing events, the Class A Members shall be obligated to elect the Board and assume control of the Association (“Turnover”). Notwithstanding Turnover, the Declarant shall be entitled to elect at least one (1) member of the Board of Directors of the Association as long as (i) the Declarant holds for sale in the ordinary course of business at least five percent (5%) of the Lots in all phases of the Community community that will ultimately be operated by the Association, or (ii) the Declarant is otherwise permitted by law to do so. Class C. The Class C Member(s) shall be each Designated Builder. Each Class C Member shall be entitled to one-half (1/2) vote for each Lot owned by such Member. The Class C membership shall cease and be converted to Class A membership upon the occurrence of Turnover.