HomeMy WebLinkAbout1724 the Units that will be operated ulti:~a*_el:: by.tze Condominium
Association.
C:po^ tze Developer's ~esicnation E~:e::_, t'~e :se:ti~e=s o` t~:e
3oar3 0`_ D__ectors eiecte~ by Purcaas_r Me:~bers s;:all aiecr
successor Di:ec:.ors to :ill ~he vacas c.~ ca•~sed by the resig-
^ation or re^:ovai of t::e Developer's desi;::a;.ed D:r:ctor.
T::is successor Director shall serve? u:~;.il t::e next rnual
:•!embers ~leaLirq aac u:.til his successor :.s el2cad and
gualified.
7 . At eac:: Anrua? ~iem'~ers ~iee ti::5 ::eld su se~'1er. = to
the Developer's ~esiyaation Event, al? o? t~:e Directors
shall be elected by t::e Members of t:Ze COndomi^ium ?ssociation.
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i~iD~~tlr TCATIO~I
Every Director and every office. 'o. the Condomi;.i•,sri
association (and the Directors and/or officers as a group)
shall to indemni=iad by tae Condominium Associatior. agai:~st
all expenses and liabilities, including counsel fees (at all
trial and appellate levels) reasonably incurred by or i.;tposed
upon him or them in connection •aith any proceeding or Litiga-
tion or settlement _n which he may become involved by reason
of ;z?s being or having been a Director or officer of the
Condominium Asscciation. '.he foregoing provisions for
indemni:ication shall apply whether or not he is a Director
or officer at the ti:ae sucz expenses are _acur.ed. Not:~rith-
standinc *_he above, in tF:e event of a settlement, the inde:~u:i -
rication provisions ~.erein shall rot ::e automatic and shall
apply only when tae 3oarc of Directors aaproves such sett?e-
rent and authorizes rei:nburse:~ent for tae costs arc experszs
I~ of t::^.e settlement as ? n the best interest o: tae Cordoniai c:m
~ Association, and ?a instances where a Director or office=
ad.•tits or is ~ad~udged guilty of gross m_s=easance or :nal=ca-
j sauce in the perfo:.aa::ce of his daties, the incemnific3_ior:
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~ provisions o: t^ese Articles s ail_ not apply. Other-~sise,
~ ;.he foregoing ric::ts to inde.~nn::icatior. s ;all be is acci tion
to and aot exclusicz of ary and ali riy:zt o~ iace:nnifica~ioa
to whic a Dirsc:o: or oficer mav_ be eatitied •ahetzer av
sta_ste or co.;i::.or. ? aw.
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