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Association, reserving, however, such supervisory control as
it deems necessary.
Section 5. The Condominium Association is authorized
to purchase in the name of the Condominium Association any
Condominium Parcel offered for transfer to a person or entity
not approved by the Condominium Association as required by
the Declaration of Condominium pertaining to such Condominium
Parcel and the Board of Directors are further authorized to
purchase a Condominium Parcel at a foreclosure sale of any
nature; provided, however, that the expenditure of funds for
such purposes has been authorized by a vote representing
two-thirds of the total membership interest in the Condominium
Association; or provided that funds for such purposes have been
made avialable by one or more Condominium Parcel owners for
whose benefit the Condominiuin Association has agreed to take
title, subject to further sale as authorized by such Declaration
~f Condom~nium.
ARTI(Z,E X
AUTHORITY AND RIGHTS OF DEVELOPER
Developer, INDIWE CONDOMINIUM, INC., has reserved to
itself and its designated agent, appointees and assigns, until such
time as provided in the A rticles of Incorporation of the Condominium
Assoication, the exclusive management, operation and controZ of the
Condominium Association, and the responsibility for performing all
of the Condominium Association's obligations and functions, which the
Developer may accomplish directly, or indirectly, by virtue of
Developer's right to appoint directors as hereinbefore provided and as
provided in thc 1lrticles of Incorp4~ation. Therefore, any provisions
of these By-Laws, and the Articles of Incorporation of the Condominium
Association, and in the Declaration of Condominium of INDIWE
CONDOMINIUM, INC. which are ~i~ conflict with the provisions herein
for the benefit of the Developer, shall be superceded by such provision
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a~~K350 PAcE1`704
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