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4810-5342-0509, v. 2 64 ARTICLE 15 ANNEXATION AND DEANNEXATION OF PROPERTY 15.1 Annexation. Any of the Annexable Property may be annexed to and become subject to this Declaration by any of the methods set forth hereinafter in this Article. Declarant intends to sequentially develop the Annexable Property on a phased basis. However, Declarant may elect not to develop all or any part of such real property under this Declaration in increments of any size whatsoever, or to develop more than one such increment at any given time and in any given order or develop such real property as a separate community. Although Declarant shall have the ability to annex the Annexable Property, Declarant shall not be obligated to annex all or any portion of the Annexable Property, and the Annexable Property shall not become subject to this Declaration unless and until a Supplementary Declaration covering it has been recorded. 15.2 Annexation Without Approval. All or any part of the Annexable Property may be annexed to and become subject to this Declaration and subject to the jurisdiction of the Association without the approval, assent or vote of the Association or its Members, provided that: 15.2.1 The proposed Annexation is in substantial conformance with a detailed plan of phased development submitted to the DRE with the application for a Public Report; 15.2.2 The proposed Annexation will not result in a substantial and material overburdening of the common interests of the then existing Owners; 15.2.3 The proposed Annexation will not cause a substantial increase in Assessments against existing Owners that was not disclosed in the Public Reports under which pre-existing Owners purchased their interests; 15.2.4 For each Condominium to be annexed for which a rental program has been in effect by Owner for a period of at least one (1) year as of the date of conveyance of the first Condominium to a First Owner in the annexed Phase, Owner shall pay to the Association, before or concurrently with the first close of escrow for the sale of a Condominium within the annexed Phase, an amount for each month or portion thereof during which the Condominium was occupied under such rental program that shall be established by the Board for reserves for replacement or deferred maintenance of Association Property Improvements necessitated by or arising out of the use and occupancy of the Condominiums under the rental program; and 15.2.5 Each Supplementary Declaration effecting the Annexation contemplated under this Section must be executed by Declarant. For purposes of this Section, the issuance of a Public Report shall conclusively be deemed to be satisfaction of the criteria set forth above. 15.3 Supplementary Declarations. The annexation authorized under the foregoing Sections shall be made by filing of record by Declarant, of a Supplementary Declaration which shall extend the plan of this Declaration to such property. A Supplementary Declaration may also be recorded for any of the purposes described in Sections 1.76 (Supplementary Declarations). 15.4 Mergers or Consolidations. Upon a merger or consolidation of the Association with another association, the Association’s properties, rights and obligations may, by operation of law, be transferred to the surviving or consolidated association, or, alternatively, the properties, right and obligations of another association may, by operation of law, be added to the properties, rights and obligations of the Association as a surviving corporation pursuant to a merger. The surviving or consolidated association may administer the covenants, conditions and restrictions established by this Declaration within the Community, together with the covenants and restrictions established upon any other property as one plan. 317