2002-06-10 Regular Meeting, Public Hearing, and Workshop Meeting

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e e Permit No, 02-002 adopted by City Council of the City of La Porte, Texas with respect to Texas ImportfExport Park. ARTICLE II PROPERTY SUBJECT TO THIS DECLARATION Section 1. The Properties. The real property which is and shall be owned, held, transferred, sold, conveyed, and occupied subject to this Declaration includes the Development, as well as any real property within the Subdivision owned by the Association. Section 2. Additions to the Properties; Certain Amendments. The Association shall have the right to bring within the scheme of this Declaration any additional properties within the Subdivision and bringing them into the common deyelopment scheme of the Development in accordance with the terms of this Declaration. The Association shall not be obligated to bring any or all of the proposed additional properties within the scheme of this Declaration. The additions authorized under this Section may be made by recording of Supplemental Declarations with respect to the additional property in the Official Records of Real Property of Harris County, which Supplemental Declaration shall extend the scheme of the coyenants, restrictions, easements, charges and liens of this Declaration to such property or modify this Declaration with respect to such additional properties as hereinafter set forth. Such Supplemental Declarations may contain such additions and modifications of this Declaration as may be necessary to reflect the different character, if any, of that portion of the additional properties which are the subject of such Supplemental Declaration as are not inconsistent with the scheme of this Declaration. ARTICLE III MEMBERSHIP AND VOTING RIGHTS IN THE ASSOCIATION Section 1. The Association. The Association shall include as its Members each Owner of a Tract subject to this Agreement or, if any such Tract is owned by more than one person or entity, all Owners of such Tract shall be considered to be one Member in accordance with Section 4 of this Article. Section 2. Membership Interests. Each Member shall haye one membership interest for each full One Dollar ($1) of the assessed tax value of the Tract (or Tracts) owned by such Member within the Development based upon the most recent available valuation of each Tract and Improyements thereon as assessed by the Harris County Appraisal District (or its Successor) or the City of Houston, whichever assessment may be used by the Association, for ad yalorem 4