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The Purchaser ~!e:ctbe: s shall elect their tap (2) Directors at
a special ^eeeti.^.q to Se called by t!~e Condo:~inium Association
=or suc:Z purrose (the "Initial Election Meeti^g"), and the
Developer shall des=gnate the re:~a'_:~ing :brae (3) Directors
at s•sch Initial Election Keeling. T!:e In::ial Elected 3oar::
s::all succeed the : first 3oa_.. Lyon their elector. er desi~a^ tio^ .
SLb;;ect to the provisions o: Paragrap:: e` this ar_icle <<IZZ,
the I. filial Electbd 3oard shall serve unt? i the next A^r.~sa?
~Ie:nbers Keeling (as cefiae~? iz tae 3y--Laws) , wi:ereupoa =he
:Hein: ers of the 3oarc of Di_ec~ors .shall ce elected c: ~esi~-
nated.in tae same manner as the Z::iti3? Eoarc, to •ait:
t•~ro (2) by Purchaser Ke.*nbe: s and the ~e . t 3) by tze Deve? ape: .
Sixty (60) days after the "'~sraover Date" (as
hereinafter defines) , tap of the Developer's three (3)
designated Directors shall be succeened by Directors electec
by the Purchaser Me?.nbers. The "Turnover Date" is the earliest
to occsr o` the following
A. Three (3) years after fifty perce::t (50~) o:
the Un? is that will be operated ulti.;~ately by the Con~omi ni:~•n
association have bean conveye~ by Developer to Owners othe_ .
than Developer, •ahich conveyances shall be evidenced by the
recorcing of instrtuaents of conveyance to the respective
Purchaser Members is the Public Recores of St. Lucie Couatv_,
Florida; or
B. Three (3) months after ninet percent (90~) of
the Lnits that will be operated ultimately by the Cor_domiaiun
Association have been conveyed by Bevelooer to Owners other
tha.-~ Developer, which conveyances shall be evidenced 5y the
recording of instr•:ments of conveyance to the respective -
Purchaser Members in the Public Recozcs of St. Lucie County,
orida; or
C. 'nlhen all of the Gnits twat aili be ooerat?c
ultimately by the Condominium Association :rave Dee^ co:^pletec
(as evidenced by tze issuance of a Certi`icate o: CccLpa:.c•~
for all of same) and none are being of_erec for sale bf the
Developer i.^. the ordina.y course of business.
D. Wren some o f t'.:e L'nits have beer. cor.. e • ec tc
pu=chasers and rore o: the others are being corst=•.:cc=c c=
o_fered for sale in the ordinary course o` business.
Zvi:h:1 .^e six.v ;50) days after the 'Turnover Date, o
3oarc o f Directors s::a'_ t call a s:.ecia? :nee`.in~ o: t o
~embe.s (t.e ":~a;orit_~ Elect~on }!eet_:~c") for _::e p•~rpose o;
lire eseccio:: by t^e ?u.:.baser ~ier.L7ers of Directors to sLCCeec
:moo o: .^e Deve?oper's desicnated D:=ec=ors.
~ . ,:at? _ s ._-e set ``-o= '==='='p o"
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327 P~E~?22