ARTICLE II - Membership
Section 1. Membership. Memberships, the qualifications for being members, and the rights of members to transfer memberships are as set forth in the Declaration and the Articles of the Association.
Section 2. Dues. As more fully provided in the Declaration, each member is obligated to pay to the Association common and special assessments which are secured by a continuing lien upon the property against which the assessment is made. Annual common assessments shall be established by the Board of Directors, or by the Declarant prior to the Transfer of Control Date, as provided in the Declaration, and shall be payable by each member of the Association as required by the Board or Declarant, as the case may be. The Board of Directors shall have the right to suspend or change such annual assessments from time to time. If, under existing circumstances, the Board of Directors deems it necessary or advisable to have a special assessment at any time for emergencies, then, upon written notice to the members, each member shall pay such special assessment to the Association as provided in such notice. Notwithstanding any of the foregoing, the total assessments for any year shall not exceed $400 or such other maximum amount allowed by law to remain exempt under the Colorado Common Interest Ownership Act.
Red Creek Ranch of Colorado, Inc. or its successors shall not be required to pay any assessments during the development and sale of lots and undeveloped lots for sale until Red Creek Ranch of Colorado, Inc. has sold seventy-five percent of all lots in the Property. If Red Creek Ranch of Colorado, Inc. should retain and build on a lot for personal use, then it shall be assessed the annual assessments on the same basis as other lot owners.
Section 3. Control By Declarant. Until the Transfer of Control Date, no meeting of members of the Association shall be called, unless a meeting is called by the Declarant, and members shall not be entitled to vote except as provided in the Declaration. The Declarant shall have all the powers, authority, rights and duties to completely manage, in accordance with these Bylaws and the Declaration, the Association through a Board of Directors of its choosing until such time as a management has been turned over to the members as provided in the Articles of Incorporation, these Bylaws and the Declaration, including the authority to impose assessments on the owners. "Declarant" as used in these Bylaws refers to the Declarant named in the Declaration, its successors and assigns.
Section 2. Dues. As more fully provided in the Declaration, each member is obligated to pay to the Association common and special assessments which are secured by a continuing lien upon the property against which the assessment is made. Annual common assessments shall be established by the Board of Directors, or by the Declarant prior to the Transfer of Control Date, as provided in the Declaration, and shall be payable by each member of the Association as required by the Board or Declarant, as the case may be. The Board of Directors shall have the right to suspend or change such annual assessments from time to time. If, under existing circumstances, the Board of Directors deems it necessary or advisable to have a special assessment at any time for emergencies, then, upon written notice to the members, each member shall pay such special assessment to the Association as provided in such notice. Notwithstanding any of the foregoing, the total assessments for any year shall not exceed $400 or such other maximum amount allowed by law to remain exempt under the Colorado Common Interest Ownership Act.
Red Creek Ranch of Colorado, Inc. or its successors shall not be required to pay any assessments during the development and sale of lots and undeveloped lots for sale until Red Creek Ranch of Colorado, Inc. has sold seventy-five percent of all lots in the Property. If Red Creek Ranch of Colorado, Inc. should retain and build on a lot for personal use, then it shall be assessed the annual assessments on the same basis as other lot owners.
Section 3. Control By Declarant. Until the Transfer of Control Date, no meeting of members of the Association shall be called, unless a meeting is called by the Declarant, and members shall not be entitled to vote except as provided in the Declaration. The Declarant shall have all the powers, authority, rights and duties to completely manage, in accordance with these Bylaws and the Declaration, the Association through a Board of Directors of its choosing until such time as a management has been turned over to the members as provided in the Articles of Incorporation, these Bylaws and the Declaration, including the authority to impose assessments on the owners. "Declarant" as used in these Bylaws refers to the Declarant named in the Declaration, its successors and assigns.
