HomeMy WebLinkAbout1492 3. When all of the Total Apartments have been completed (as
evidenced by the issuance of a Certificate of Occupancy for all of
same) and some have been conveyed and none of the others are _
being offered for sale by the Developer in the ordinary course of
business; or
4. When some of the Total Apartments 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.
E. The election of not less than a majority of Directors by the Purchas- ,
er Members shall occur at a special meeting (the "Majority Election Meeting")
to be called by the Board within sixty (60) days of the Majority Election
Event.
F. At the Majority Election Meeting, Purchaser Members shall elect four
(4) of the Directors and the Developer, until the "Developer's Resignation
Event" (as that term is described in Paragraph I herein) shall be entitled to
designate three (3) Directors. Developer reserves the right, until the De-
veloper's Resignation Event to name the successor, if any, to any Directors it
has so designated .
i
G. The Board shall continue to be so elected and designated as de-
scribed in Paragraph F above at each subsequent Annual Members Meeting,
until the Annual Members Meeting following the Developer's Resignation Event.
H . The Initial Election Meeting and Majority Election Meeting shall be
called by the Association, through its Board, by written notice of such meet-
~ ing which shall be forwarded to all Members in accordance with the By-Laws;
provided, however, that the Members shall be given at least thirty (30) but
not more than forty (40) days' notice of such meetings . The notices shall
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also specify the number of Directors which shall be designated by Developer
and the number of Directors to be elected by the Purchaser Members .
I. Upon the earlier to occur of the following events ("Developer's
= Resignation Event") , the Developer shall cause all of its designated Directors
'y to resign:
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~ RUDEN, BARN ETT, McCIOSKT 6 SCHUSTER, ATTORNEYS AT IAW, 25 SOUTH ANDREWS AVENUE. SORT IAV DE ROALE. FlOR10A