HomeMy WebLinkAbout2667 Provided, however, that until the last. Monday in January,
1986, or until the Developer elects to terminate its control of
the Condominium, or until Unit Owners other than the Developer
are entitled to elect a director or directors, whichever shall
first occur, all directors shall be designated by the Developer
and need not be Unit Owners in the Condominium and may not be
removed by the members of the Corporation as elsewhere herein
provided except pursuant to the provisions of Article VII, Section
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 be those persons set forth in the Articles of Incorporation
and shall hold office until the last Monday in January, 1986, or .
when the Developer elects to terminate his control of the Condo-
minium, 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 shall
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
(15$) or more of the Units that will be operated ultimately by
the Association, the Unit Owners other than the Developer shall
be entitled to elect not less than one-third (1/3) of the members
of the Board of Directors of the Association. Unit Owners other
than the Developer shall be entitled to elect not less than a
majority of the members of the Board of Directors of the Association
three (3) years after fifty percent (50$) of the Units that will
be operated ultimately by this Association have been conveyed to
purchasers, or three (3) months after ninety percent (90$) of the
Units that will be oper-ated ultimately by this Association have
been conveyed to purchasers, or when all of the Units that will
be operated ultimately by this Association have been completed,
some of them have been conveyed to purchasers, and none of the
others are being offered for sale by the Developer in the ordinary
course of business, or when some of the Units have been conveyed
to purchasers, and none of the others are being constructed or
offered for sale by the Developer in the ordinary course of
business, whichever first occurs.
The Developer shall be entitled to elect not less than one
j (1) member of the Board of Directors as long as the Developer
~ holds at least five percent (5$) 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
z actions may be taken without approval in writing by the Developer:
(a) Assessment of the Developer as a Unit Owner for capital
8 improvements or to finance the filing or processing of a cause of
action against the Developer.
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g~ 321 2b'63