Article 2
Members
2.1 Members. The corporation shall be made up of its members. Membership is appurtenant to ownership of a Lot in the Bailey Acres A Cluster Subdivision Project. Membership shall transfer with title to that Lot, and may not be assigned or transferred except in conjunction with the title to a Lot.
2.2 Multiple Ownership. There is only one membership appurtenant to each Lot in Bailey Acres. In the event that any Lot is owned by more than one person or entity as tenants in common or joint tenancy, the persons owning an interest in the Lot shall decide among themselves who will cast the vote for the Lot and how it will be cast. Only one vote will be accepted from each lot. In the event of a disagreement among the owners of any Lot on how to cast the vote appurtenant to that Lot, the Association will accept no vote from that Lot. Even though the ownership of a Lot is deadlocked and unable to vote, if any Owner of that Lot is present at any meeting, the Lot may be counted as present for purposes of determining a quorum.
2.3 Secured Parties. Persons or entities claiming or holding an interest in any Lot merely for purpose of securing an obligation, such as banks or other mortgage lenders, are not considered Members of the Association and shall have no right to participate in voting or other matters presented to the membership; provided, however, that if such a secured party takes possession of the Lot under the security interest, the membership in the Association will transfer to the party taking possession.
2.4 Leases. Persons in possession of a Lot as lessees of the Owner are not Members of the Association. Membership will remain with the Owner. The Owner may give proxy to the lessee. If a lessee appears at a meeting and the Owner is absent, the Lot will be counted as present for purposes of determining a quorum, even though no vote will be accepted without a written proxy.