HomeMy WebLinkAbout1491 the conveyance by Developer of fifteen (15$) percent of the Total Apartments
to Apartment Owners other than Developer ("Purchaser Members") , the Pur-
chaser Members shall be entitled to elect one-third (1/3) of the Board, which
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election shall take place at a special meeting (the "Initial Election Meeting") to
be called by the First Board within sixty (60) days of such conveyance of
fifteen (15$) percent of the Total Apartments to Purchaser Members. The
Developer shall designate the remaining Directors on the Board at the Initial
Election Meeting . The Director to be so elected by the Purchaser Members _
and the Directors to be designated by Developer are hereinafter collectively
referred to as the "Initial Elected Board" . The Initial Elected Board shall
succeed the First Board upon their election and designation. Subject to the
provisions. of Paragraph D. herein, the Initial Elected Board shall serve until
the next "Annual Members Meeting" (as described in the By-Laws) whereupon
one-third (1/3) of the Board shall be elected by all the Purchaser Members
and the remaining members of the Board shall be designated- by the Developer.
Directors shall continue to be so elected and designated at each subsequent
Annual Members Meeting until such time as the Purchaser Members are entitled
to elect not less than a majority of the Directors of the Board .
D . Purchaser Members are entitled to elect not less than a majority of
the Board upon the happening of any of" the following events, whichever shall
first occur (the "Majority Election Event"):
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1. Three (3) years after fifty (50°x) percent of the Total
{ Apartments have been conveyed to Purchaser Members as evidenced
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3 by the recording of instruments of conveyance amongst the Public
Records of St. Lucie County, Florida; or
2. Three (3) months after ninety (90$)' percent of the Total
Apartments have been conveyed to Purchaser Members as evidenced
by the recording of instruments of conveyance amongst the Public
Records of St. Lucie County, Florida; or
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RUDEN, BARN ETT, McClOSKr 6 SCHUSTER, ATTORNErS AT IAW. 25 SOUTH AN DRE wS AVENUE, PORT LAU OERDA ~E, PlOR~OA
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