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

accordance with Section 6. The Master Association shall send notice of the Assessment allocated to an additional Lot to the new Member not later than ninety (90) days after the new Lot is annexed as Additional Property. If Additional Property is annexed during the Master Association's fiscal year, the Master Association shall send notice of and shall collect adjustments to Assessments for Lots that formed part of the Property prior to the annexation. Notice of the adjustment in the Assessments shall be sent to the applicable Members not later than ninety (90) days after the date of annexation. Assessments for the newly annexed Lots shall be due and payable on of before a date set forth in the notice, which shall be not less than thirty (30) days after the date the notice is mailed. To the extent that any adjustment results in a credit with respect to Assessments due from a Member, the credit shall be applied toward the future Assessments next due from the Member. 2.6. Withdrawal of Property. Declarant may unilaterally withdraw all or any part of the Property owned by it or any Additional Property owned by it from the Master Association and the teiuis of this Master Declaration at any time prior to the Conversion Date. Thereafter, except as provided below. Declarant may withdraw all or any part of the Property owned by it or any Additional Property owned by it from the Master Association and the teuiis of this Master Declaration only by duly adopted amendment to this Master Declaration. Notwithstanding the foregoing, if Declarant has submitted any lessee's interest in real property (or right derived therefrom) to the teiuis of this Master Declaration as Additional Property, that Additional Property shall be automatically withdrawn upon termination of the leasehold interest. Any withdrawal shall be effected (or confirmed, in the case of a leasehold interest) b5 recording a Supplemental Declaration executed by Declarant (if prior to the Convei sion Date) or the Declarant and the chairperson and secretary of the Master Association (if on or after the Conversion Date) in the deed records of Snohomish County, Washington. If part of the Property is so withdrawn, all voting rights otherwise allocated to Lots being withdrawn shall be eliminated, and the common expenses shall be reallocated among the remaining Lots. 3. THE MASTER ASSOCIATION 3.1. Organization. Declarant has organized the Master Association as a nonprofit corporation pursuant to the Washington Nonprofit Corporation Act. 3.2. Membership. Every Owner of a Lot shall, immediately upon creation of the Master Association and thereafter during the entire period of such Owner's ownership, be a Member. Such membership shall commence, exist, and continue simply by virtue of such ownership, shall expire automatically upon termination of such ownership, and need not be con -filmed or evidenced by any certificate or acceptance of membership. If a condominium project is developed on any Lot, the owners of that Lot shall together constitute a single Member of the Master Association, although any of their voting rights shall be exercised by their Voting Member. 3.3. Voting Rights All Members shall be entitled to one vote for each Lot owned by such member, so long as such Lot is improved by any building or structure intended for residential or commercial occupancy. For the avoidance of doubt, a Member shall not be entitled to a vote for the ownership of an) Lot that does not contain a building or structure as described above. Under this Section 3.3, Members may be entitled to one vote, mo -e than one vote, or no votes at all, provided there shall be no fractional votes. Except as provided otherwise in Section 3.4 regarding the vot ig rights of Lots subject to a Sub -Association, when more than one person holds anownership interest in any Lot, all such persons shall be Members and be entitled to all of the rights of Members under this Master Declaration, the Bylaws and the Articles. 7 4864-8276-8240, v. 14