Annexation & Future Development
ANNEXATION AND FUTURE DEVELOPMENT
12.01 Annexation. For so long as Declarant has authority to appoint and remove Directors and Officers of the Association, additional real property may be annexed to the Property by the Declarant without the consent of the Class A Members. Such annexation may be accomplished by (i) filing in the deed records of Tarrant County, Texas, an approved subdivision plat describing the real property to be annexed to the Property and by including on such subdivision plat a statement that expressly sets forth the Declarant’s intention to make such annexed real property subject to the provisions of this Declaration; or (ii) filing an amendment to the Declaration that has been consented to by the owners of the real property to be annexed if such real property is owned by someone other than Declarant; or (iii) amending the existing subdivision plat to include the real property to be annexed. Each Owner, by acceptance of a deed to his or her Lot, shall be deemed to have consented to and approved of all such amendments to the Declaration, amendments to any existing subdivisior plats and new subdivision plats placed of record that are to be subject to the provisions of thir Declaration. At the expiration of Declarant's right to appoint and remove Directors and Officers oz the Association, no real property may be annexed to the Property unless such annexation is approver by a two-thirds (2/3) vote of the Members of the Association who are present in person or by proxy and voting at a meeting of Members duly held in accordance with the provisions of the Bylaws of the Association.
12.02 Future Development. Notwithstanding any other provision contained herein to the contrary, and subject to applicable zoning regulations, Declarant shall have the right, for so long as Declarant has the authority to appoint and remove Directors and Officers of the Association, to annex meal property according to the procedure set forth in Section 12.01, which real property may be developed as office, retail, commercial property, apartment complexes, condominiums, attached townhomes, or single family residences. At the time of such annexation, Declarant shall determine, on an equitable basis, the proportional share of the Assessments payable by and the number of votes allocated to such property, which determination will be based upon the degree to which the Occupants of said property have the right to use and are benefited by the Common Areas. Such determination shall be made by amendment to this Declaration, which shall not require the approval of any Member or third party. Notwithstanding the foregoing, in no event shall the Owner(s) of such property annexed pursuant to this Section 12.02 be entitled to more than one (1) vote per 4 apartment units, with respect to an apartment complex.