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ARTICLE V: PROPERTY RIGHTS
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Section 1. Member's Easements of Enjoyment. Every member shall have a right and easement of enjoyment in and to the Common Property and such easement shall be appurtenant to and shall pass with the title to every assessed Lot, subject to the following provisions:
- The right of the Association to limit the number of guests of members.
- The right of the Association to charge reasonable admission and other fees for the use of any recreational facility situated upon the Common Property.
- The right of the Declarant and of the Association, in accordance with its Articles and Bylaws, to borrow money for the purpose of improving the Common Properties and facilities and in aid thereof to mortgage said property, provided, however, that the rights of such mortgage in said properties shall be subordinate to the rights of the homeowners hereunder.
- The right of the Association to suspend the voting rights and right to use of any recreational or other facilities by a member for any period during which any assessment his Lot remains unpaid; and for a period not to exceed 30 days for any infraction of its published rules and regulations.
- The right of the Association to dedicate or transfer all or any part of the Common Property to any public agency, authority, or utility for such purposes and subject to such conditions as may be agreed to by the members. No such dedication or transfer shall be effective unless an instrument signed by members entitled to cast two-thirds (2/3) of the votes of the Class A membership and two-thirds (2/3) of the Class B membership, if any, has been recorded, agreeing to such dedication or transfer, and unless written notice of the proposed action is sent to every member not less than 30 days and not more than 60 days in advance; provided, however, that such dedication and/or transfer may be made by Declarant or the Association to meet the requirements of any governmental agency, or where such dedication and/or transfer is for purposes not inconsistent with the use made of such property by the members, and in in either of such latter cases the consent of members will not be required.
- Except to satisfy requirements of governmental agencies, or utility companies providing services to the properties, no common property shall be conveyed without the approval of all holders of first mortgages or deeds of trust secured by Dwelling Units.
- In the event that any common property is condemned, the proceeds of the condemnation shall first be utilized to restore the common property to the extent determined appropriate by the Board. Excess condemnation proceeds from the common properties shall be divided equally among the owners, with appropriate recognition of the rights of holders of security agreements affecting each owners' interest.
Section 2. Delegation of Use. Any member may delegate, in accordance with the provisions of the By-Laws which may at any time be applicable and the provisions of any rules and regulations established by the Board, his right of enjoyment to the Common Properties and facilities to the members of his family, his tenants, or contract purchasers who reside on the property.
Section 3. Title to the Common Property. The Declarant may retain the legal title to the Common Properties until such time as it has completed the improvements thereon and until such time as, in the opinion of the Declarant, the Association is able to maintain the same but, notwithstanding any provisions here in the Declarant hereby covenants, for itself, its successors and assigns that it shall convey the Common Properties to the Association, free and clear of all liens and monetary encumbrances, not later than the termination of the Development period.
Section 4. Declarant's Use of Common Property. Until such time as Declarant has sold or disposed of any and all lots now owned or hereafter acquired by it and located on the properties as defined in ARTICLE I, Section 3, Declarant shall have the right to locate and maintain a construction office, sales office, model home, and appropriate signs on the Common Property, and in such location or locations thereon as Declarant shall in its discretion determine, and may utilize any of the dwelling units owned by Declarant for purposes of selling dwelling units, or as a sales office.
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