The Association shall have two (2) classes of the voting membership, Class A and Class B:
Class A.
With the exception of the Declarant (until the expiration of the Class B memberships as provided below), every person, group of persons, corporation, partnership, trust, or other legal entity, or any combination thereof, who is an Owner of any Living Unit (including any Participating Builder) shall be a Class A Member of the Association; provided, however, that any such person, group of persons, corporation, partnership, trust or other legal entity, or any combination thereof, who holds such interest solely as security for the performance of an obligation shall not be a Class A Member solely on account of such interest.
When more than one (1) person or entity are the Owners of any Living Unit, all such persons and entities shall be Class A Members.
Each Living Unit shall entitle the Owner or Owners of such Living Unit to cast one (1) vote in the affairs of the Association.
The vote for each Living Unit shall be exercised as the Owner or Owners of such Living Unit determine, but in no event shall more than one (1) vote be cast with respect to any Living Unit owned by a Class A Member.
No Owner, other than the Declarant, shall have more than ten (10) votes, regardless of the number of Class A memberships held by such Owner.
The Declarant may exercise the vote for each Class A membership held by the Declarant regardless of the number of such Class A memberships.
Any Owner that leases a Living Unit may, in the lease or other written instrument, assign the voting right appurtenant to such Living Unit to the Owner’s lessee, provided that a copy of such instrument is furnished to the Association.
Class B.
There shall initially be One Thousand Nine Hundred Fifty (1950) Class B memberships in the Association.
This number shall be increased by three (3) memberships for each Living Unit which is annexed within the jurisdiction of the Association in accordance with Section 2.2 of this Declaration in excess of Six Hundred Fifty (650) Living Units (which increase may be confirmed in a Supplementary Declaration recorded by the Declarant among the Land Records), and shall be decreased by three (3) memberships for each Living Unit conveyed to a Class A Member (excluding any Living Units conveyed to or owned by any Participating Builder).
The Class B Member shall be the Declarant, its nominee or nominees, and shall include every person, group of persons, corporation, partnership, trust or other legal entity, or any combination thereof, who shall obtain any Class B membership by specific assignment in writing from the Declarant.
The Class B Member shall be entitled to one (1) vote for each Class B membership.
Each Class B membership shall lapse and become a nullity on the first to happen of the following events:
(i) sixty (60) days following the date on which deeds to Living Units representing seventy-five percent (75%) of the total number of Living Units approved for construction within the Annexable Property pursuant to the Community Plan have been delivered to Owners other than
the Declarant and such deeds have been recorded among the Land Records; or
(ii) the later of (A) fifteen (15) years after the recordation of this Declaration, or (B) five (5) years after the last filing of a Declaration of Annexation; provided, however, that if the Declarant is delayed in the improvement and development of the Annexable Property on account of a sewer, water or building permit moratorium or any other cause or event beyond the Declarant’s control, then the aforesaid period shall be extended by a period of time equal to the length of the delays or an additional five (5) years, whichever is less; or
(iii) upon the surrender of said Class B memberships by the then holders thereof for cancellation on the books of the Association.
Upon the lapse or surrender of the Class B memberships, as provided for in this Article, the Declarant shall thereafter become a Class A Member of the Association as to each and every Living Unit in which the Declarant then holds the interest otherwise required for such membership.
The Declarant shall continue to retain all other rights reserved to the Declarant in the Governing Documents, notwithstanding the lapse or surrender of the Class B Memberships.
SECOND: This amendment to the Charter for the Association has been approved by or on behalf of the Board of Directors and Members of the Association in the manner required for a Charter amendment under the Charter and Bylaws of the Association and the laws of the State of Maryland.
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