HomeMy WebLinkAbout1295 5 hereof. Likewise after the Unit Owners have elected a director
or directors, such other director or directors still to be desig-
nated by the Developer need not be Unit Owners in the Condominium.
Section 2. The original members of the Board of Directors.
shall e t ose persona set forth~in the Articles of Incorporation
and shall hold office until the third Wednesday in February,
1986, or when the Developer elects to terminate his control of
the Condominium, or until the Unit Owners other than the Developer
are entitled to elect a director or directors, whichever shall
first occur, at which time the appropriate director or directors
shell resign and his successor shall be elected pursuant to the
provisions of this Section 2.
When Unit Owners other than the Developer own fifteen percent
(158) or more of the Units that will be operated ultimately by
-the Association, the Unit Owners other than the Developer .shall
be entitled to elect not less than one-third (1/3) of the members
of the Board of Directors of the Association. Unit Owners other
than the Developer shall be entitled to elect not less than a
majority of the members of the Board of Directors of the Association
three (3) years after fifty percent (508) of the Units that ;gill
be operated ultimately by this Association have been conveyed to
purchasers, or three (3) months after ninety percent (908) of the
Units that wi~l~be operated ultimately by this Association have
been conveyed to purchasers, or when all of the Units that will
be operated ultimately by this Association have been completed,
some of them have been conveyed to purchasers,, and none of the -
others are being offered for. sale by the Developer in the ordinary
course of business, or when some of the Units have been conveyed
to purchasers, and none of the others are being constructed or
offered for sale by the Developer in the ordinary course of
business, whichever first occurs.
The Developer shall be entitled to elect not less than one
(1) member of the Board of Directors as long as the Developer
holds at least five percent (58) of the Units in the Condominium
operated by this Association and offers them for sale in the
ordinary course of business.
Within sixty (60) days after Unit Owners other than the
Developer are entitled to elect a member or members of the Board
of Directors,. the-Association shall call and give not less than
thirty (30) days nor more than forty (40) days notice of a meeting
of the Unit Owners for this purpose. Such meeting may be called
and the notice given by any Unit Owner if the Association fails
~ to do so.
If the Developer holds a Unit or Units and offers them for
~ sale in the ordinary course of business, none of the following
actions may be taken without approval in writing by the Developer:
(a) Assessment of the Developer as a Unit Owner-for capital
improvements or to finance the filing or processing of a cause of
action against the Developer.
(b) Any action by this Association that would be detrimental
to the sales of Units by the Developer; provided, however, that
an increase.in assessments for~Common Expenses without discrimina-
tion against the Developer shall not be deemed to be detrimental
to the sales of units.
~ Prior to, or not more than 60 days after, the time that Unit
Owners other than the Developer elect a majority of the members
of the Board of Directors of the Association, the Developer shall
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