Ownership and Voting Rights

Section 5: Ownership of Common Elements and Common Surplus and Share of Common Expenses; Voting Rights

5.1 Ownership Shares. The undivided share in the Common Elements and Common Surplus appurtenant to each Residential Unit, as well as the undivided share of the Common Expenses to be paid with respect to each Residential Unit, shall be computed on the following basis:

• (a) The allocation of fractional shares in the Common Elements and Common Surplus, and the fractional share of the Common Expenses, appurtenant to each Residential Unit is set forth in Exhibit “B” as attached hereto and made a part hereof by this reference. The allocation of fractional shares has been established by the Developer in the following manner: The approximate area of each Residential Unit has bccn measured

• (i) in square feet based upon the interior surface of the walls bounding the Unit.
• (ii) The total of the Unit Area of all Residential Units has been computed and is hereinafter referred to as the “Total Unit Area”.
• (iii) Residential Unit to determine the allocation of percentage shares for each Residential Unit as set forth on Exhibit No. “B” to this Declaration.
• (iv) Notwithstanding the computations contained in sub‐paragraphs S.l(a)(i), (ii) and (iii) above, the Commercial Units and Parking Units shall be responsible for their share of the expenses of maintenance, operation and repair of the Condominium Project as set forth in the Estimated Operating Budget attached as Schedule 3 to this Declaration. Under no circumstances shall the Commercial Units or the Parking Units be responsible for any expenses associated with the maintenance, operation or repair of any of the Common Elements serving the Residential Units only. The Board of Directors of the Association shall have the authority to set the budget for the Condominium Project each year, including that share of the expenses to be borne by the Commercial Units and the Parking Units; provided, however, as set forth above, under no circumstances shall the Commercial Units or the Parking Units be responsible for any portion of the common expenses for the maintenance of the Common Elements serving the Residential Units only.

• (b) The foregoing methods of calculation were undertaken in order to establish a fair and equitable method of allocating assessment percentages to Units within the Condominium and every purchaser of a Unit, whether from the Developer or otherwise, hereby agrees to be bound by such calculations and hereby irrevocably waives the right to assert that the formula used or the measurements made were unfair, inequitable, or otherwise in error.

5.2 Voting. Each Unit Owner shall be a member of the Association. Each Unit shall be entitled to one vote to be cast by its Owner in accordance with the provisions of the By‐Laws and Articles of Incorporation of the Association. The total number of votes shall at all times be equal to the number of Units submitted to the condotninium form of ownership under this Declaration. Membership in the Association shall automatically terminate upon the termination of ownership of a Condominium Parcel, and the subsequent owner(s) taking title shall automatically become entitled to membership.