Class B Member. The Class B membership shall cease and terminate upon the first to occur of (a) the date upon which the written resignation of the Class B members such is delivered to the resident agent of the Association; (b) one hundred twenty (120) days after ninety-five percent (95%) of the Lots in the Development Area have been conveyed to Owners other than Declarant; or (c) ten (10) years after the date of recording of the first conveyance of a Lot to an Owner other than Declarant (the applicable date being herein referred to as the "Applicable Date").
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Sources: Declaration of Covenants and Restrictions, Declaration of Covenants and Restrictions