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herein provided except pursuant to the provisions of Article ~~II~
Section 5 hereof. Likewise after the Unit Owners have
elected a director or directors, such other director or
directors still to be designated by the Developer need not
be Unit Owners in the condominium.
Section 2. The original members of the Board of nirectors
shall~e those persons set forth in the Articles of Incorporation
and shall hold office until the last Fric~ay in .Tanuary~ 1983~
or when the Developer elects to terminate his control of the
Con~ominium, or until the 1)nit ()wners other than the neveloper
are entitled to elect a director or directors, whichever shall
first occur, at which time the appropriate director or d~rectors
shall resign and his successor shall be electeci pursuant to
the provisions of this Section 2,
When Unit Owners other than the Peveloper own fifteen
percent (15%) or more of the Units that wil?. be operated
ultimately by the Association, the i?nit 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 Develoner 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 ninetv percent
(90%) of the Units that will be operated ulitmately by
this Association have been conveyed to purchasers, or when all
of the Units that will be operated ultimatelv by this Assoc~ation
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 oridinary course of business~
nY' when SniTIP flf t}1P 11t11 tC }laVV }1PP11 nnn~~n~iA~ tn n~ur~hu~orc 3r~
none of the others are bein~ constructed or offered ~or sale
by the Developer in the ordinary course of business; whichever
first~ occurs. ~
The Developer shall be entitl.ed to elect not 2ess
than one (1} member of the Board of Directors as long as
the Developer holds at least five percent (5%) of the i'nits
in the condominium operated by this Associat?.on and o~fers
them for sale in the ordinary course of business.
Within sixtv (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 ~nit or Units and of~ers
them for sale in the ordinary course of business, none
of the following actions may be taken without approval
in c,rriting by the Developer:
A. Assessment of the Developer as a t?nit Owner
for canital improvements or to finance the filing or processin¢
of a cause of action against the Developer.
B. Any action by this Association that would be
detrimental to the sales of L1nits bv the neveloper; provided,
however, that an increase in assessments ~or Common Expenses
without discrimination against the Developer shall not be
deemed to be detrimental to the sales of the units.
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