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By-Laws. Directors shall be elected to serve for a term of one
(1) year. In the event of a vacancy, the remaining director(s)
shall appoint a replacement to serve the balance of the term.
Section 3. The Developer, its grantees, successors or
assigns, shall have the right for the periods of time hereinafter
provided to appoint directors of the Association as follows:
(1) Until the time that Developer has closed the sale of
fifteen per cent (158) of the units in the first
condominium, Developer may appoint all members of
the Board of Directors.
(2) When unit owners other than Developer own fifteen
per cent (15$) or more of the units in the first
Condominium, the unit owners other than Developer
shall be entitled to elect one-third (1/3) of the
members of the Board of Directors.
(3) Unit owners other than the Developer shall be
entitlec? to elect not less than a majority of the
me~r~ers of the Board of Directors when the first
of the following occurs:
a. Three (3) years after sales have been closed by
the Developer on fifty per cent (50$) of the
units in the Condominiums; or
b. Three (3) months after sales have been closed
by the Developer on ninety per cent (90$) of the
units in the Condominiums; or
c. When all of the units in the Condominiums have been
completed, some of them sold, and none of
the others are being offered for sale by the
Developer in the ordinary course of business; or
d. When Developer elects to terminate its control
of the Association.
So long as the Developer holds for sale in the ordinary -
course of business at least one (1) of the units in the
Condomiriiums, the Developer shall be entitled to appoint not less
than one (1) member of the Board of D~rectors .
Section 4. Within sixty (60) days after unit owners other
than the Developer-are entitled to elect one-third (1/3) of the
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.
Section 5. The Developer shall be entitled at any time to
remove or replace any Director originally selected by the
Developer.
' Section 6. Any employee or agent ot
,.awner, such as Developer, shall be eligible
Director of the Association. The Directors
serve until the first election of Directors
their number occurring before the first ele~
by the Developer.
-4-
a business entity
to serve as a
herein named shall
and any vacancies in
ction st~all be filled
FEE. KOBLEGARD & TEEL. P. A.
PO TOOF IG[ BOX f000 w~~~ Q+~ ~~
FORT PtERG[, FLORIOA 33450
Tct[~HO-+[, (~051 461•5020
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