III. A. Membership. Every Owner shall be a member of the Association. For purposes of determining classes of membership, a Class A member shall be the owner of any conveyed lot containing a home thereon, and a Class B member shall be the owner of any undeveloped platted lot; and each reference to a lot is this Declaration shall be deemed to be a conveyed lot, containing a home or an unconveyed, platted or unplatted, lot respectively, as more particularly set forth as follows. The Association shall have two (2) classes of membership.
III. A. 1. Class A. Every person, group of persons, or entity, other than the Declarant, how is the record owner of the fee interest in any improved lot shall, by this Declaration, be subject to assessment by the Association and shall be classified as a Class A member; provided, however, that any such person, group of persons or entity who hold such interest solely as security for the performance of an obligation shall not be a member. A Class A membership shall be appurtenant to, and my not be separated from, ownership of any lot in which they hold the interest required for membership. In the event that more than one person, group of persons or entity is the record owner of a fee interest in any lot, then the vote for the membership appurtenant to such lot shall be exercised as they among themselves determine, but in no event shall more than one (1) vote be cast with respect to any lot. In the event agreement is not reached, the vote attributable to such lot shall not be cast.
III. A. 2. Class B. The Class B members shall be the Declarant and shall be entitled to three (3) votes for each platted Lot owned. For purposes of determining voting rights and duties, it shall be assumed there is a total of 136 platted and unplatted lots within the Development. (Note that this provision shall not limit the Declarant's automatic right to plat, amend, and record, any configuration and number of lots on the Real Estate, without the consent or approval of the Association or any other person, firm or corporation.) The Class B membership shall ceases and be converted to Class A membership not later than the earlier of the following: (1) 100% of the homes on the lots are deeded to the homeowner; or (2) January 1st, 2007. In the event that at the time of such conversion all lots have not been conveyed to owners or the Class B memberships have not been surrendered by the then holders thereof for cancellation on the books of the Association, Class B memberships existing, if any, at time of cancellation, shall automatically become Class A memberships, excepting that following such conversion date, such Class A memberships shall not be subject to assessments or the lien of assessment until a home is constructed thereon.
III. B. Governance. Voting and all other matters regarding the governance and operation of the Association shall be set forth in this Declaration and/or the Association Documents.