Shelter Holdings 9/23/2024 (3) - Laserfiche WebLink

Master Association, to provide for assessments of the Owners (including, without limitation, for those matters set forth in Section 6.2.2), and to set forth other teiiiis and conditions governing the use and enjoyment of the Property. 2.2. Property Covered; Submission to Master Declaration. The property that is covered by and is hereby made subject to this Master Declaration is the Property. Additional Property may be annexed and made subject to this Master Declaration as described in Section 2.3 and areas of the Property may be withdrawn fromcoverage by this Master Declaration as described in Section 2.6. 7.3. Annexation of Additional Property. 2.3.1. Annexation without Approval of Membership. Declarant may, in its sole discretion, from time to time at any time prior to the Conversion Date, submit additional real property (including leasehold interests in real property) to the provisions of this Master Declaration, whereupon the real property (or interest therein) will become Additional Propel ty. The Additional Property may be owned by Declarant or, with Declarant's consent (which may be given, conditioned or withheld by Declarant in its sole discretion), owned by another, so long as the owner of the Additional Property consents to its submission. No other Member's consent shall be required. Declarant may submit any leasehold interest held by Declarant in real property to the provisions of this Master Declaration, in which case the provisions of this Master Declaration shall apply to such interest of Declarant and be binding upon Declarant's assignees, sublessees and successors to such interest. If Declarant as a lessee, submits its interest in the leasehold property to this Master Declaration the submission shall bind only such lessee's interest and rights derived therefrom, and such Additional Property shall automatically be withdrawn from this Master Declaration upon termination of the leasehold without further action by Declarant or the lessor thereof. 2.3.2. Annexation with Approval of Membership. In addition to Declarant's rights to annex Additional Property as described in Section 2.3.1, the Master Association or Declarant may submit Additional Property to the provisions of this Master Declaration with the consent of the owner of the Additional Property and the affirmative vote of holders of at least fifty percent (50%) of the voting power of the Master Association. 2.3 3. Process for Annexation. The Additional Property to be submitted to the Willis of this Declaration shall be annexed by recording a Supplemental Declaration in the deed records of Snohomish Count) , Washington. The Supplemental Declaration shall describe the Additional Property, identify the number of Lots the Additional Property is comprised of and specifically subject the Additional Property to the terms of this Master Declaration. The Supplemental Declaration may establish additional limitations, uses, restrictions, covenants and conditions applicable to the Additional Property. The Supplemental Declaration shall be signed by the Declarant and the owner of the Additional Property (if other than. the Declarant) if annexed under Section 2.3.1 or by the chairperson and secretary of the Master Association and the owner of the Additional Properly if annexed under Section 2 3 2 The annexation shall be effective upon recording of the Supplemental Declaration, unless a later effective date is provided therein.. 2.4. Voting Rights Upon Annexation. Any Lots annexed as Additional Propel ty shall be entitled to voting rights upon annexation in accordance with Section 3.3. 2.5. Adjustment of Assessments. Within sixty (60) days after the date any Additional Property is annexed, the Master Association shall re -compute the annual budget described in Section 6.2.2 based on the additional Lots and any additional Common Area and re -compute the Assessment for each Lot in 6 4864 8276-8240, v. 14