HUMPHRIES, VALERIE R. - Laserfiche WebLink

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2.1 Formation. It is the intention of the Owners to form the Association and, upon such formation, every person or entity who is a record -owner of a fee or undivided interest in any Parcel shall, upon such formation, be a member of the Association and shall remain a member thereof until such time as his ownership ceases for any reason, at which time his membership in the Association shall automatically cease. ,Successors in interest and assigns shall automatically, upon becoming record owners, be a member of the Association. The common business, affairs and management of the Project shall be conducted by the Association as provided in this Declaration and the Bylaws. 2.2 Controlling Effect of Declaration. The Owners covenant and agree that the administration of the Project shall be in accordance with the provisions of this Declaration and the Bylaws. In the event that any of the matters in the Bylaws are in any way inconsistent with any matters in this Declaration, then any such matters in this Declaration shall prevail. 2.3 Owner Compliance with Declaration and Association Documents. Each Owner, tenant or occupant of any portion of a Building within the Project shall comply with the provisions of this Declaration, the Bylaws, riles and regulations and resolutions of the Association, all as lawfully amended from time to time; and failure to comply with any such provisions, decisions or resolutions shall be grounds for an action to recover sums due for damages or for injunctive relief. 2.4 Transfer of Association Membership. The membership in the Association held by any Owner shall not be transferred, pledged or alienated in any way, except that such membership may be (i) pledged to a lending institution as additional security for a loan which is also secured by the Building or Parcel; or (ii) transferred upon the transfer of such ownership. Upon the lease, sale or other transfer of a Building or Parcel, either the Owner who transfers the Building and/or Parcel or the transferee shall promptly notify the Association in writing of the name and address of the transferee, the nature of the transfer and the Parcels and Buildings involved, as well as such other information relative to the transfer and the transferee as the Association may reasonably request. The rights of Owners in this Declaration may be assigned by Owners to any successor to all or any part of Owners' interest in the Project by an express assignment incorporated in a recorded deed transferring such interest to such successor. An executed copy of the instrument'of transfer shall accompany said notice. All transfers shall be subject to this paragraph, including, but not limited to, transfers occurring by reason of sale, lease, gift, devise or inheritance. Any attempt to make a prohibited transfer is void and will not be reflected upon the books and records of the Association. In the event the Owner of any Parcel or Building shall fail or refuse to transfer the membership registered in his name to the transferee of such Parcel or Building, the Association shall have the right to record the transfer upon the boobs of the Association and issue a new certificate to the transferee, and thereupon the old certificate outstanding in the name of transferor shall be null and void as though the same had . been surrendered. A membership in the Association shall survive the death of a member and may be transferred in the manner herein provided. EXHIBIT E: Page 5 of 24