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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Wyndham Park Declaration Page 5 (1) Arbitration. The interpretation of the Declarant as to the application of these restrictions or any rule or regulation promulgated by the Board, shall be binding upon all Lot Owners until the Declarant has sold and conveyed all Lots. Thereafter, in the event of any dispute between Lot Owners as to the application of these restrictions or any rule or regulation promulgated by the Board, the party aggrieved shall submit a complaint in writing to the Board specifying the dispute. The Board shall set a time, date and place for a hearing within sixty (60) days thereafter, and give written notice to each party no less than three days in advance of the hearing. The Board shall hear such evidence on the dispute as the Board deems proper and render a written decision on the matter within thirty (30) days of the hearing. No action at law may be instituted by either party to such a dispute unless arbitration pursuant hereto has first been had. ARTICLE II. OWNERS' ASSOCIATION Section 1. Establishment of Association. The Association has been formed to be and to serve as the Owners' Association for the Subdivision. As of the date hereof, the Declarant is presently the sole member(s) of the Association. Section 2. Membership. Membership in the Owners' Association shall be limited to the Declarant and the Lot Owners. Every person or entity who is or becomes a record owner of a fee-simple interest in a Lot is a Lot Owner and shall be a member of the Association. The foregoing is not intended to included persons or entities who hold an interest merely as security for the performance of an obligation. Membership shall be appurtenant to and may not be separated from ownership of any Lot, and transfer of a Lot shall automatically transfer membership to the transferee. Section 3. Voting Rights. Prior to the Turnover Date, all voting power in the Association shall be vested in the Declarant. From and after the Turnover Date, each Lot Owner, including the Declarant, shall be entitled to one vote for each Single-Family Lot owned in fee simple, two votes for each Twin-Single Lot owned in fee simple. Section 4. Board of Trustees. The Board initially shall be those three persons named as the initial Trustees pursuant to the provisions of the Articles, or such other person or persons as may from time to time be substituted by Declarant. The three initial Trustees shall be Frederick T. Forster, Thomas W. Schwade, and Walter T. Krumm III. Because of the substantial financial undertakings of the Declarant, the Declarant shall continue to control the makeup of the Board until the Turnover Date selected by the Declarant. From and after the Turnover Date, there shall be six Trustees elected by the Lot Owners, which Lot Owners shall include the Declarant as the owner of any unsold Lots. The terms of the six trustees shall be staggered so that the terms of one-third of the Trustees will expire and successors be elected at each annual meeting of the Association. Thereafter, at such annual meetings, successors to the two trustees whose terms then expire shall be elected to serve three-year terms. Section 5. Authority. The Board shall have all the authority to manage, maintain, repair, replace, alter and improve any Common Areas owned by the Association and do all things, and exercise all rights provided by the Association Organizational Documents and permitted by Ohio Law that are not specifically reserved to Lot Owners, and assess and collect funds for the payment of all costs and expenses incurred in connection therewith. Prior to the Turnover Date, the Board shall not enter into any contract affecting the Association after the turnover date, unless terminable without penalty on ninety-day notice.
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