Every Unit Owner shall be a Member of the Association. Memberships in the Association shall not be assignable, except by transfer of title of a Lot and every membership in the Association shall be appurtenant to and may not be separated from the fee ownership of such Lot. Ownership of such Lot shall be the sole qualification for membership in the Association.
Transfer of Membership Interest. Any transfer of membership interest shall be in writing and shall be delivered to the Executive Board before any Unit purchaser may vote. However, the Unit seller may remain liable for all charges and assessments attributable to the Lot until fee title to the Lot is transferred. In the event any Unit Owner should fail or refuse to transfer the membership registered to the purchaser of such Unit upon transfer of fee title thereto, the Executive Board shall have the right to record the transfer upon the books of the Association.
The Executive Board shall have the right to charge a reasonable Limited Common Assessment against any purchasing Unit Owner, and such Unit Owner’s Lot, equal to the cost to the Association of effectuating any such transfer of membership upon the books of the Association.
Vote Distribution. Members shall be entitled to one (1) vote for each Unit in which they hold the interest required for membership. When more than one person holds such interest or interests in any Unit, (“co-owner”), all such co-owners shall be Members and may attend any meetings of the Association, but only one such co-owner shall be entitled to exercise the vote to which the Unit is entitled.