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Homeowner Association |
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DECLARATION OF COVENANTS OF WATERFORD SUBDIVISION
A.
Class A Membership. Each Owner, including the Declarant, shall automatically be a Class A Member of the Association. Such Class A Membership is appurtenant to the ownership of each Lot and shall not be separable from the ownership of the Lot and shall be deemed to have been conveyed with the conveyance of each Lot, whether or not such Membership is expressly referred to in the instrument effecting such conveyance.
B. Class B Membership. Declarant is the sole Class B Member of the Association, provided that said Class B Membership shall cease and terminate upon the earlier of: (a) the delivery by Declarant to the Association of written notice that Declarant irrevocably terminates and cancels its Class B Membership; or (b) the date of the termination of the Development Period.
A.
Number of Votes
- (1) Each Class A Member shall be entitled to one (1) vote for each Lot owned.
- (2) The Class B Member shall be entitled to a number of votes equal to the sum of; (i) the total number of votes possessed by the Class Members at the time of any particular vote by the membership; plus (ii) one (1) additional vote.
B. No cumulative voting. There shall be no cumulative voting on any vote by the Members of the Association.
A.
The Association shall have all the common law statutory powers of a corporation not-for-profit, under the laws of the State of Florida.
B. The Association shall have all the powers and duties reasonably necessary to perform all the acts required to be performed under the Declaration including but not limited to the following:
- (1) To make and collect assessments against Lot Owners to defray the cost and expenses in carrying out the duties to be performed by the Association under the Declaration.
- (2) To use the proceeds of assessments in the exercise of its powers and duties.
- (3) To maintain, repair, replace and make additions to the Common Easements.
- (4) To purchase insurance insuring the improvements of the Common Easements, liability insurance for the protection of the Association and its Members, policies of insurance for directors and officers insuring them against personal liability arising out of the performance of their duties, and such other insurance as may be deemed necessary in the opinion of the Board of Directors of the Association.
- (5) To take all necessary action to properly enforce the provisions of the Declaration and to commence and maintain actions to restrain and enjoin any breach or threatened breach of any provisions of the Declaration.
- (6) To employ personnel to perform the services required to carry out the duties of the Association.
C. No power stated above shall be exercised by the Association to allow its net earnings to inure to the benefit of any Member or Owner as such limitation is now and hereafter interpreted under Internal Revenue Code Section 528 and the Regulations promulgated thereunder.
D. All funds and the title to all properties acquired by the Association and the proceeds received by the Association shall be held in trust for the members in accordance with the provisions of the Declaration, the Articles of Incorporation and the Bylaws. Upon dissolution of the Corporation all such property shall be distributed to the Lot Owners as tenants-in-common.
Purpose and Definitions
Jurisdiction
Architectural and Construction Restrictions
Use Restrictions
Exterior Maintenance
Common Easements
Lake Parcels and Park Parcel
The Association
Assessments
Enforcement
Duration and Amendments
Severability