07-17-14 Regular Meeting of the Planning and Zoning Commission

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EXHIBIT D ARTICLE III.PROPERTY SUBJECT TO RESTRICTIONS A.Property Initially Encumbered The Property that is initially encumbered by this Declaration and is therefore a part of the Subdivision is more particularly described in the Plat. Owners of the Property are Members of the Association and have executed this Declaration. B.Annexation of Additional Property Without the joinder of any other Owners or Members, the Declarant reserves the exclusive right for twenty-five (25) years following the recording of this Declaration to annex any additional property into the Subdivision. Such annexation shall be accomplished by the execution and filing for record of a Supplemental Amendment or Annexation Agreement setting forth the land being annexed and/or the specific restrictions relating to such property, if different. Any Supplemental Declaration or Annexation Agreement may contain covenants, conditions, restrictions and easements which apply only to the real property annexed and/or may create exceptions to, or otherwise modify, the terms of this Declaration as they may apply to the real property being annexed in order to reflect the different or unique character and/or intended use of such real property. The right of the Declarant to annex land under this Section shall pass to the Association upon the expiration of the twenty-five (25) year term granted above. C.De-annexation of Property During the DevelopmentPeriod, the Declarant, without the joinder of any other Owners or Members, may de-annex from the Subdivision any property owned by the Declarant. During the DevelopmentPeriod, property not owned by the Declarant may be de-annexed with the prior written consent of the Declarant. ARTICLE IV.ASSOCIATION MEMBERSHIP, VOTING RIGHTSAND BOARD OF DIRECTORS A.Eligibility Eligibility to vote,or serve as a director or officerof the Board, after the expiration of the term of the initial Boardshall be predicated upon that person being a Member of the Association. Nothing contained herein creates a fiduciary duty owed by the Board to the Members of the Association. B.Membership The sole criteria to become a Member of the Association is to hold title to a Lot within the Subdivision. This is not to imply that any holder of a mere security interest (such as a mortgagee, or holder of any other lien against property) would be a Member, unless that holder of the security interest foreclosed and thereby became the Owner of the Lot(s). Membership is appurtenant to and runs with the land. Membership is not severable as an individual right and 9 Copyright © 2014by Roberts MarkelWeinberg Butler Hailey PC, all rights reserved.